Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

We're getting desperate here:
http://www.vancouversun.com/business/real-estate/Realtors+prep+Lunar+Year+upswing+sales/7934733/story.html

quote:

Sales in Metro Vancouver�s real estate markets have slowed, but realtors are still gearing up for the Lunar New Year period when, in recent years, the region has seen a bump in transactions associated with an influx of visitors for the holiday.

�It�s hard to say what�s going to happen this year, but I expect we will see a bump in sales activity during the month of February,� said Cameron McNeil, president of project-marketing firm MAC Marketing Solutions.

However, McNeil said Asian buyers have been more active in the Metro Vancouver market in recent weeks than they were through the middle of 2012.

And:
http://bc.ctvnews.ca/year-of-the-snake-nets-condo-sales-developers-1.1150505

quote:

Chris Lee, who moved to Vancouver from China two years ago, said she and her sister are looking to buy a hip downtown condo, and now that their parents are in town for two weeks celebrating Chinese New Year, they have financial help.
�If we like this place we have to tell them and they make the decision,� Lee said. �Usually Chinese people like to buy during this time.�

But then they were caught lying about who these two people actually were (they were employees of the MAC Marketing company) and admitted to it on Facebook:
https://www.facebook.com/MacMarketingSolutions/posts/539317876088443

I cannot wait for more stories like this. :allears:

# ¿ Feb 14, 2013 17:00

Adbot: ADBOT LOVES YOU

# ¿ Apr 23, 2024 11:48

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

SpaceMost posted:

Does Vancouver have some ordinance about not building condos or apartment buildings? If a lovely bungalow is cresting $1,000,000 then maybe it's time to start tearing down the suburbs and putting up tower blocks.

The poo poo-storm that erupted when the city allowed densification along the Cambie corridor is indicative that a lot of the neighbourhoods will fight tooth and nail to prevent it.

I agree however, densification is the solution for the long term.

# ¿ Feb 22, 2013 19:35

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Didn't Texas suffer the least when the banks started to implode? I seem to recall that their laws allowed them to weather the storm far better than the rest of the states save for one of the Dakotas. It doesn't explain Florida though.

# ¿ Feb 23, 2013 01:57

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Dr. Witherbone posted:

So, this just came up on CBC.

A 16% drop in house sales, with only a one percent drop in housing prices. I don't know much about real estate or market crashes, but isn't a 16% drop in demand enough for a bigger reflection in prices?

I mean, is this just realtors burying their heads in the sand and insisting that things will get better? Also, at the CREA insisting that if you ignore Vancouver then everything is peachy. Even I know that's ridiculous. Ignore part of the market and the overall market is better!!!!!!

I don't think it's atypical. Here's a graph for comparison for the United Kingdom:

Housing prices were still rising a bit and then plateaued briefly while sales were dropping.

Lain Iwakura fucked around with this message at 18:30 on Mar 15, 2013

# ¿ Mar 15, 2013 18:28

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Baronjutter sounds like the type that wants to live in a gated community.

Anyway, it's possible to rent decently but you need to look hard enough and be lucky. The place I presently live in is a 12-year old building in New Westminster not far from downtown that charges me $900/mo for a 1-bedroom that faces south towards the river on top of a hill, located on the top-floor of the 4-story building. It's around 600 sq. feet and has washer, dryer, and dishwasher. In addition, gas heat is included with the place.

So far there is no mould issues, no insect or rodent issues (minus a wasp nest that formed on my patio), and the worst problem I have is that my rear end in a top hat neighbour a floor below me who seems to forget that sound waves can travel. This building is 100% rental stock.

The real problem that Baronjutter seems to ignore is that there is a lack of new rental housing developments. It's beginning to change but even still it's going to be a long-time before we start to see "modern" rental units more common in the Metro Vancouver at least.

# ¿ Mar 18, 2013 22:46

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Having lived in Surrey for most of life and moving north of the river to somewhere where there is decent transit has demonstrated to me that anyone who lives south of the river (such as Cultural Imperial) has no bloody clue.

Transit sucks south of the river because there is a demand to have low-density housing. As a result, roads are the only effective way to get around the city. Due to this, buses become inefficient due to the fact that they have to travel long distances to get people anywhere.

As a result of these distances, they become inefficient because they do not carry a lot of people at any given time and then take forever to get from A to B, causing people to prefer their vehicles because they are faster. This is the tragedy of the suburbs.

Extending SkyTrain or whatever around Surrey is pointless right now because the city has yet to reach the critical mass required to make rapid transit function. Light rail is a stop gap, but it won't improve commutes because it'll just end up as a bus replacement as Surrey has yet to make their city centre a large area for jobs. It's definitely improving but Surrey needs to get its poo poo together first before we can proceed.

If you want to bitch and moan about how transit works in the suburbs, evaluate why you live out there and what you give up as a result. If you want that nice plot of land at a reasonable mortgage, then the suburbs are for you because you cannot get that nice plot north of the river. If you want that decent transit, then you're going to pay more and get less. I don't want a big home so living near transit works for me and is well within my means. Good transit only works when there are enough people around to ride it.

Also, I do own a vehicle too and it stays in the parkade for 21 days out of the month.

# ¿ Mar 22, 2013 02:32

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Just remember that Bosa is of the same cut as MAC Marketing which took its two marketing drones to try and say that Chinese New Year is a hot time to buy property if you're visiting from China.

# ¿ Sep 12, 2014 21:27

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

etalian posted:

Yeah it sort of owns being debt free and also not having to visit home depot every few weeks/call a contractor to fix annoying house problems.

Also no more weeding the lawn, sealing the driveway or having to mow it during the summer.

I'd hate to mow a driveway in the summer in addition to sealing it.

Ditto on this. I see home ownership as a way to shackle me. As it stands I'd like to be able to jump ship to Europe (dual nationalities) and not have to worry about the home I left behind.

# ¿ Sep 14, 2014 17:08

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Was just wandering around Kensington Market/Chinatown in Toronto today...

# ¿ Sep 17, 2014 02:59

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

The Bank Of Canada Thinks There�s A Massive Amount Of Discouraged Workers

quote:

When Bank of Canada Governor Stephen Poloz held a press conference on Tuesday, there was one remark in particular that stood out: the rather elevated number of Canadians he believes have left the labour force because they�re discouraged.

�We estimate there is something like 200,000 youths who have withdrawn from the work force, we believe for discouragement reasons,� he said, ��and perhaps another 100,000 or so in the prime-age category, maybe more, who are also discouraged.�

According to a spokesperson from the Bank of Canada, the governor�s comments were drawing on internal research performed earlier this year. 200,000 discouraged youths is the approximate sum of the decline in youths participating in the labour market (157,000), the increase in the number of employed youth (28,000), and the increase in the number of involuntary part-time workers (47,000) from their pre-recession peaks.

Yeah. Strong and stable economy.

# ¿ Sep 18, 2014 21:25

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

https://www.youtube.com/watch?v=MbzUPjc0N_g

Notice the age of the commercial: May 2012.

They're playing the poo poo out of this on City, CTV, and Global in Vancouver right now.

It's a mediocre building--so mediocre that it looks similar to its neighbouring building, a social housing project.

# ¿ Sep 19, 2014 19:58

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

It's hilarious to see the whole renter vs. owner argument come up even in my own family. My sister and her brother-in-law recently got married and as a result ended up with something like $30,000 in gift money to put a downpayment on a home. Based on assumptions from conversing with the two, they probably have $12,000 or so available prior to that (if they're lucky), and they're assuming with their $42,000 in savings that they'll have enough money to buy a home somewhere in Surrey. Their expectation is to get a 3-bedroom, bi-level home is going to be pretty interesting once they get told that their $80,000 combined income will barely get them a tiny shack.

Meanwhile I get accosted by them and other family members when my girlfriend and I (who have a combined income more than 1.5 that and soon possibly more) talk about not buying for a few years just because the market is bonkers and is due for a nasty correction.

Like I wouldn't mind owning my own home but I've gotten by for the past decade on renting and it has yet to fail me. For my sister and brother-in-law, it appears to be that they have the mentality that they're nothing until they own the place.

# ¿ Sep 23, 2014 00:06

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Baronjutter posted:

My friend was just telling me her dad has like 50k with her name on it for when she wants to buy, but she doesn't want to buy right now. He keeps mentioning the grant, but it only applies to buying a home. Just trying to help her start building equity.

My parents, who have nothing to give, were almost ready to re-mortgage their house to give me a lump sum so we can try to buy something. Boomers think their kids are going to die on the streets if they don't own a home asap.

I'd take the $50,000 and invest it into my RRSP and then let it go from there. Is she in her 20s? He'd be crazy to not let her do that.

# ¿ Sep 23, 2014 00:51

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

ocrumsprug posted:

That was one of the CMHC original missions wasn't it?

That and to provide affordable housing until Mulroney decided to change it up.

# ¿ Sep 23, 2014 04:25

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

A fun game I like to play when walking around downtown Vancouver is to see how many units are occupied as opposed to not. Generally I just see the opposite side of this tower at the Hotel Georgia but today I was able to see this.

I think I could count with my two hands how many appeared to be actually occupied based on this side.

# ¿ Sep 23, 2014 20:54

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Baronjutter posted:

Best place on earth, for me to poop on!!!

So great that BC's economy is too good for foreign companies to invest in.

# ¿ Sep 25, 2014 15:20

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

http://globalnews.ca/map/1384836/

Does anyone know how to use this map (data is from 2005, but still useful) to combine it with condo prices and payday loan places? I am sort of curious.

# ¿ Sep 25, 2014 18:07

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

I am going to just leave this right here.

# ¿ Sep 26, 2014 17:39

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

http://m.theglobeandmail.com/life/h...hboard/follows/

quote:

Jeffrey Ho, owner of Blight’s Home Hardware, has noticed that several of the neighbours along his section of Dunbar Street have moved out, their storefronts remaining empty.

His business is long established, so he’s in good shape, but he does wonder what’s happening around him.

“The convenience store across the street shut down. We have a couple of empty stores on the next block that used to be furniture places and they’ve moved on,” he says. “I don’t know if it’s the landlords not giving a reasonable rent or the stores are not getting business. It’s a bit weird. But I can’t dwell on the past, or I’d be in trouble,” he adds, laughing.

Real estate agent John Gust sold a large commercial property up the block a year ago, but the building’s four retail spaces remain unrented. Even the large Starbucks across the street, at Dunbar and 18th Avenue, moved out, and its space remains empty.

“There’s just not a lot of flow through that section of Dunbar,” Mr. Gust says.

West side neighbourhoods such as Dunbar and Kerrisdale are feeling the effects of the massive housing transformation around them, says David Wachsmuth, an urban geographer who arrived in Vancouver a month ago. As houses are purchased to only stand empty, the spin-off problems are slowly making their way through communities. Empty houses are bad for neighbours, and they’re especially bad for business. Without foot traffic, how is a mom-and-pop shop to survive?

“It’s perverse for a big city like Vancouver to be sapping its own strength by allowing houses to be vacant,” he says.

Mr. Wachsmuth has worked with affordable housing groups in Toronto, and most recently he completed his PhD at New York University, where he studied cities such as Detroit, Baltimore and Philadelphia.

But those American cities are suffering from abandonment due to a depressed economy. In Vancouver, the vacancy problem is due to a major real estate boom, which has its own set of problems.

“Every house that’s vacant is one less customer, so there is no doubt that there’s a connection there,” says Mr. Wachsmuth, who is a post-doctoral researcher on issues such as house vacancy at the University of British Columbia. “Cities are vital and economically healthy because of density. When a lot of people are on the streets, and they interact with each other, buy things, sell things – that density is the strength. The more vacant housing you have, the more you are stopping that strength. A mom-and-pop shop fundamentally relies on having a customer base in the immediate area.”

Vancouver’s empty-house syndrome is caused by speculation, or treating houses as commodities, without regard for community livability.

“Speculation fuels vacancy,” he says. “Investment pulls housing off the market, and then the demand problem becomes worse. And that can be corrosive.”

The numbers of vacant houses are not yet known. But the anecdotal evidence is clear to see. Anybody who lives on Vancouver’s west side will know of a vacant house in their neighbourhood.

James Macdonald, an urban planner who works around the world, helped start theBeautiful Empty Homes blog to document the vacant Vancouver houses. The city’s vacancy rate is low – and yet perfectly livable houses are boarded up and empty. After a period of time, as the house falls derelict, it is ultimately demolished to make way for a bigger house, which often stands empty as well.

“On my street, there are houses built in the last 10 years, and they are definitely empty. A lot of them get sold every year or two. It’s an asset class, and people are moving money in and out,” says Mr. Macdonald, who rents a house in Dunbar. “Absentee landowners pay property tax, but that’s a fraction of the tax base and also all the community and business opportunities – all the things that matter for the economic vitality of the city.”

Mr. Gust puts it this way: “People who live here are going to restaurants and hockey games and everything else – they are contributing. But a lot of wealthy people are treating us as a resort town. Big money wants to go where it wants to, and Vancouver is on the list. And it’s a shame for people who live here. I think 10 years from now, we will regret it if we don’t do something.”

It’s not just empty houses that are bad for small business – the big new houses that replace them are bad, too. When a house gets torn down on the city’s west side, the house that replaces it is much larger. On average, it is 77 per cent larger, according to data provided by Landcor Data Corp. In Kerrisdale, the average new house built is 85 per cent bigger. Oftentimes, that huge house will sit empty, or only occasionally used.

And if it is used, even part of the year, the big house phenomenon alters the demographic that supports small business. Studies have shown there is a correlation between people who buy big houses and their tendency to travel by car to shopping malls and big box retailers, says Mr. Wachsmuth.

“If you look at the trend toward tearing down houses and making them bigger, that’s a trend that moves in the opposite direction of walkability of neighbourhoods,” he says. “Small retailers generally rely on foot traffic. In neighbourhoods where the houses are getting bigger, people do more driving. There is a strong correlation between people who have more money and people who drive more.”

As well, sparsification – his word for the opposite of densification – occurs when multifamily housing, such as a house with a basement suite, is converted to single-family housing. That trend also means less foot traffic.

“There are a whole host of factors that correlate with empty houses and demolitions.”

When the demographic no longer values the mom-and-pop shop, the big chain retailer moves in. Kerrisdale is seeing that trend get under way. Mr. Gust says rents have become unaffordable as a result – as high as a whopping $60 a square foot, including tax. That kind of rent makes it difficult for the mom-and-pop business to survive.

What can be done to help save small businesses, keep neighbourhoods livable, walkable and thriving? That is a matter for the city – and it’s not difficult, Mr. Wachsmuth says. They just need to address the problem, like so many other cities have.

The city could easily adopt a “use it or lose it” bylaw to deter homeowners from leaving their houses abandoned for years on end.

“The big, low-hanging fruit is a vacancy fee. Other cities have done this successfully and it’s not a crazy idea,” he says.

It’s standard now for cities with empty house issues to charge an escalating annual registration fee for vacant properties, Mr. Wachsmuth says.

So far, during this election time, only the Green Party and COPE have made a vacant home fee part of their campaign platforms. Neither the Non-Partisan Association nor Vision Vancouver has announced a plan to combat the problem.

“Developers are always very powerful in city politics,” he says. “For politicians to push back against them, they need to know there is support from the community.”

There are many other deterrents, he adds. San Diego imposes fines every 90 days for vacant properties that don’t have a rehabilitation plan registered with the city. Portland conducts quarterly inspections at the property owner’s expense. Winnipeg homeowners must keep a vacant property clean and in good shape, and if they apply for a vacancy permit, they pay a higher fee each time they re-apply. Los Angeles keeps an interactive database of vacant homes.

Vancouver could implement any of these ideas to offset a problem that will continue to grow and impact both community and small business.

“It doesn’t have to be hard to deal with,” Mr. Wachsmuth says. “If you switch things around so that keeping your building vacant takes some work, and some expense, you are making it a little less likely that absentee homeowners will want to do that. And in the meantime, the city generates revenue. It’s a win-win.”

Until the city tracks vacancies this poo poo will continue.

# ¿ Oct 7, 2014 00:24

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Lexicon posted:

Ha! You think VI is parochial and inwards looking now?! I can only imagine how far they'd take it as a province.

At least we'd see an attempt to get a bridge built.

Haha. Just kidding. I know the technical problems in addition to economic ones.

# ¿ Oct 9, 2014 21:36

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Rime posted:

Banks are not innocent in feeding this. I had to fight to get multiple non-solicitation notices put on my account at TD, as the tellers would pester me incessantly to up the limit on my visa from $1500 to $30,000.

I don't need thirty thousand dollars on a credit card. Nobody in this country needs that.

What's really loving messed up is that my salary is only $36k annually, yet their automated system is still saying to force that credit down my throat like I'm some sort of consumer fois-gras dish.

Plenty of people are not as fiscally responsible as I am, take those credit "upgrades" without a second thought, and that's how we have the largest personal debt bubble in the developed world.

ScotiaBank is in my mind one of the worst offenders for promoting this attitude. Their slogan "you're richer than you think" does a very good job at making people believe that they can pull money out of thin air without having to work hard for it.

A friend of mine applied for his fourth credit card and was pissed off that while he makes more than I do that the amount of credit he got was something like 1/3rd that I got for the very same card. Except the difference between him and I is that I only have two and the one he and I both share is being used by me for work-related expenses because I cannot be bothered to mix my personal and work finances--also raking in points from work expenses is absolutely awesome.

His mentality is a bit weird though because he started saving for a home at 16 and amassed enough money that by the time he was 26, he bought his first condo in Vancouver with something like 40% down on a 25-year mortgage.

Meanwhile I call up my credit card issuer to tell them to cut the maximum on my personal credit card and they start to raise a stink.

# ¿ Oct 15, 2014 20:53

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Cultural Imperial posted:

"The only way we're going to get affordability is supply" - Bob Rennie

https://www.youtube.com/watch?v=Th5qxYOSrpk

Vote DJ GREGOR ROBERTSON Y'ALL

I cannot wait to see Rennie fall.

# ¿ Oct 16, 2014 16:42

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

So this poo poo showed up in the mail today.

Of course it is a $350,000 condo in Langley.

# ¿ Oct 28, 2014 02:37

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Baronjutter posted:

So it's been a few years since BC changed the code to allow 6 stories wood frame. This was slightly controversial as the maximum has always been 4 story, then you have to go to non-combustable construction. The excuse for it though was that wood engineering has come a long way, and with a sprinkler system the fire risk was very low. But the main pushes came from the "affordability!" and "BC jobs!" angles. They said by allowing 6 story wood frame buildings it would massively cut costs and we'd see a boom of 6 story apartments not unlike in the 70's with the boom of 4 story wood apartments. Also, BC makes lumber so we should be patriotically supporting the lumber industry and building a province out of wood.

A few years later I'm getting a lot of unofficial feedback and analysis from builders and developers about the change.

It hasn't done jack poo poo for affordability. Land remains the biggest part of why everything is expensive so reducing construction costs is just a drop in the bucket. That is IF it reduced construction costs, they haven't,at least according to the builders I've talked to. 6 story wood requires so much engineering, so much "engineered wood products" and extra hardware (the extra hardware is extremely expensive) vs normal timber framing that it's basically a wash. Some builders say they're going to keep giving 6 story wood a chance, it's new and maybe once the industry gets more experience doing it costs will come down, but others have sworn off it already.

Oh. It's going to get better.

http://www.vancouversun.com/Vancouver+architect+advocate+wooden+skyscrapers+Michael+Green+makes+speak+global+conference/6704546/story.html

quote:

A Vancouver architect with a passion for building wooden skyscrapers will make a bid to become one of the presenters at a major ideas conference in California next year.

Michael Green is one of 23 people hoping to secure a place at the TED2013 conference in Long Beach as an official speaker.

[...]

Green wants to change the way buildings are constructed by championing a shift to materials � like wood � that have a minimal impact on the environment.

�[Wooden skyscrapers are] provocative and interesting,� he said in a telephone interview. �Fifty per cent of climate change issues are related to the building industry. Concrete and steel have huge carbon and energy footprints whereas wood is rapidly renewable.�

TED is in my mind a giant, self-congratulatory circlejerk full of asinine ideas like this. Fire departments do not have ladders that can exceed ten stories or so and they want to build 20+ story wooden skyscrapers? Might as well make them out of used tires.

# ¿ Oct 29, 2014 21:29

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

If we are going to aim to density more, modeling everything on the Japanese works seeing they don't design their contemporary buildings to last more than a few decades.

# ¿ Oct 30, 2014 01:42

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Shifty Pony posted:

Its Cross-Laminated Timber. Basically glorified plywood, but instead of using thin 1/8" sheets of wood they use dimensional lumber and glue them together. Here's a picture:

You glue them together off-site then swing it into place with a crane making a house Ikea-style. To be fair it is incredibly strong stuff, exceeding structural steel on a per-weight basis. But it is still wood and suffers from all the natural degradation that comes along with that. Imagine if your skyscraper got termites.

Termites are easier to deal with than fire though.

# ¿ Oct 30, 2014 04:35

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

https://www.youtube.com/watch?v=lLhg8YxlzlU

The one thing I can say about wooden structures is that when designed correctly, they can withstand some intense earthquakes without much damage. When I worked in an old, retrofitted concrete building in downtown Vancouver, I did experience a quake while on its top-floor (seven stories) and found myself not interested in staying inside in the event of a larger quake occurring.

# ¿ Oct 30, 2014 04:45

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Yeah. I have given up on being polite when I leave the train--body checks are the norm from me now.

Also gently caress anyone from south of the river on transit--they're generally the worst.

# ¿ Nov 12, 2014 06:19

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Baronjutter posted:

You know what's really unfair? Property owners only getting 1 vote in elections. Shouldn't they have more votes based on their properties? What if you live in Saanich but own a rental condo in Victoria, shouldn't you be entitled to a vote because money? What if you live in Langford but own a chain of stores in Victoria, Saanich, Langford, and Oak bay? You should obviously get 4 votes since you have a connection to each city.

This is currently a serious discussion going on on the right/libertarian Victoria BC forums I read. It's absolutely appalling that a bunch of left wing renters and retired people can keep voting in left wing candidates when most of the city's business owners would vote right wing but can't just because they don't live in the city. What hosed up world do we live in where some "student" who only RENTS in Victoria gets to vote but a rich person who lives in Uplands but owns an office in Victoria is limited to just 1 vote. This is why things are bad!

Please share the source.

# ¿ Nov 18, 2014 17:25

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Furnaceface posted:

Try losing your brother over this poo poo.

I blame it on his idiot friends and coworkers who all rushed out to drop 350k on terribly built Pratt homes in this lovely city. He felt like the odd man out and the social pressure to keep up finally caught up with him I think. I think the other part is that he has a kid and a second on the way, and apparently if you still rent while having children you are some kind of monster that wants your child to grow up deprived and without a future. And because no one in my family approved of his choice, and instead offered words of caution instead, we are now the bad guys for trying to hold him back. My brother is normally a very stable and responsible person, especially financially, but for some reason the housing thing seems to get past the filters and Im terrified that he is going to get burned.

e: Yes I realize 350k doesnt seem like much to you big city folks, but relative to the average income in this city its pretty high. Barrie is a really horrible place.

I cautioned my sister to not buy a house for now but her and her husband have dove in and moved into a $320k place in Langley. For now I am happy for her but deep down I know that they're going to suffer for this mainly because they don't make that much--I make slightly more than them combined.

It is better to not fight with families or friends on this because it is their matter in the end.

# ¿ Dec 5, 2014 17:52

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Cultural Imperial posted:

https://twitter.com/prudent_theta/status/541958866368729088/photo/1

so when do the alberta layoffs begin? i cannot wait to see fort mac become a ghost town

# ¿ Dec 8, 2014 16:10

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Rime posted:

Pack it up, That's far below the cost to operate the existing projects, let alone the ones under construction. If that holds steady for six months our unemployment figures for 2015 are going to be .

Can you say "snap election" for April?

# ¿ Dec 8, 2014 16:50

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

PT6A posted:

You seem unusually gleeful about something that pretty much everyone in the industry recognizes as a temporary disruption. The next two to three months will likely continue to be bad, but no one I've talked to, in or out of the industry, seems particularly worried about the issue over the long term. But, by all means, continue to look at spot prices and masturbate with self-satisfaction if that's what does it for you.

Quoting this for when three months rolls around and one of us is incorrect.

# ¿ Dec 8, 2014 17:06

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Hal_2005 posted:

Yes, thats the rough ghist of it. I just saw the PM's. I basically said, without derailing too much is that things are alot more correlated than what people think it is like. And as an aside, when you, as the central banker of Canada decide to raise rates; the most at risk peoples will get thrown under the bus, namely youth and marginal workers. Each one of those cases I said, were things which happen when we see a correction leg of the business cycle, but many are not aware of those type of how something abstract like a federal overnight rate (which is what banks can rent money at, to then loan to you at a fee & profit) will affect your ability to get a job, save for a home, qualify for a loan, plan for retirement or even enter the labor market in a steady job.

The thread was started because people were noticing the average price of a home or secondary market home was growing out of their income bracket. The choice was, people could chose to buy now (many could not) or hope for cheaper prices later. Many chose to not spend and take their chances later. Well, later came. Rates are going up, and if you can afford a house now, you will wait until the market cools and try your luck at buying a started home, which for most is their most and only valuable asset. That home is often purchased on leverage (mortgages) and your ability to finance it totally depends on 1. if you are making money 2. you are in a growing economy 3. if the market is going up.

Now normally this happens, in fact it does for nearly all the post-war 1950-2001 period. Only then, it stops. In countries like Japan or Spain, it never restarted really. That choice, your ability to control your financial investment or consumption habits is an option, and it decays as you get older. Many just assume, "hey, I'll get rich someday" and you constantly either defer or you accept you will never get to the affordability level set by the market; a market filled with tons of stagnant buyers who bought a house at the top, and have no inclination to sell at your price level unless forclosed. And we all saw how well a housing led recession led to the growth areas of Florida, Los Angles and Nevada 7-years later, right ? Same thing happened in Calgary, Vancouver and most of the west post-1980. In that last time Canada had a recession of this scope we nearly lost our credit rating, and only after the Mulroney government pulled in David Dodge to pull a Paul Volker, whereby he had to structurally reset our markets and they pulled an Abenomics and rebuilt our labor industry over the course of 5 years did we ever grow again at our true growth rate. Inbetween 1987 and 1997, Canada barely budged. And as the various Quebec drama's proved, it had detrimental and far reaching consequences, well beyond the NEP rhetoric and junk bond mania which happened mostly out of our internal market controls. If you think I'm full of poo poo, go to your local Canadian branch and ask what your local bank manager what the 2020 rate on the canada savings bonds are. That's roughly the growth rate we all are expecting. As a rough approximation, a guy called Lucas did some math, and said that for a rough point of GDP, or if we have zero inflation, you get 0.5% more employment of the population at 'middle class'. Hiking rates, retards growth. So: if the economy is only chugging along now at a pathetic 1.2%/year, as of last week, and our inflation is 2.3% per year (definitely more if you buy cheese, video games or rent anything), then your economy is currently slowing down, and will only slow down harder when they raise rates. Which means more of your middle class, or those seeking middle class life will have their savings (assets) thrown lower down the foodchain, all to quell; inflation. This is a pretty dovish (ie: humanistic) view of what happens, but it's largely true in Canada's case as an export, small pop. economy.

When people do not understand that "decay" I wrote about above (and all the intricacies that follow after that initial 2 sentences) they indefinitely save, which is what is happening in Japan and the EU, which is why, as I said in my first post; having some finance knowledge and understanding on just what "deflation" brings to your quality of life is critical. Perhaps one of the most critical things you should learn in the math classes between algebra and how to buy a car with a 0% down layaway. But many dont, and it has not been mentioned in the thread, despite a huge number of pages; which is why I wanted to bring it up before turning off for the night.

That expectation that things get better is pretty important. Its called inflation expectations, or animal spirits to the economic dorks. Many think jobs, and high quality jobs just come out of somewhere; but if you look up Paul Krugman's work, before he went all loony, he wrote a bunch of work on just how trade works. In an export led country like Canada, where nearly all our sectors are massively inefficent vs. indian, chinese or Latin American labor, which works for an 1/8th, and pays zero labor cost will practically ensure the chance of Canada returning to the Quality of jobs formed as at 2014, for 80% of Canadians will never happen for a good 20 years after this "soft landing". If you, as a 14-30 year old goon does not make that you really pissed off, then it really should. That was my message, because of all the things which make Goon or goon led communities really angry, having guys straight up say: "Hey, guys? do you see Europe's growth rate? Settle in, thats the new normal". Yet the thread, since its inception is only focused on the current market, and has never abstracted or even thought about what the post-"correction" will mean for their lives.

I hope that makes a bit more sense, and explains why i wanted to sperg out for the thread.

Right on the loving mark.

# ¿ Dec 16, 2014 08:09

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

http://www.theprovince.com/news/fraser-valley/Park+protest+eyed+Surrey+booming+Clayton+Heights/10525688/story.html

quote:

A Surrey neighbourhood is so upset with a proposed reduction in on-street parking that some residents are considering physically blocking construction.

Scott Anderson, one of the organizers behind parkingforclayton.com, said Monday that a �park-in� protest is possible for Sunday. Residents would park in the 72 Avenue corridor all day to block traffic in the booming Clayton Heights area.

Such a protest would show opposition to the city�s plan to widen 72 Avenue and remove parking as part of project that also includes widening 193 and 196 streets.

�It�s just outrageous,� said Anderson, 44, of the changes he alleged were sprung on unsuspecting homeowners.

Anderson�s group put up its website parkingforclayton.com on Sunday and by Monday morning there had been more than 8,000 visits to the site.

Surrey councillor Bruce Hayne is aware of the parking problem.

�We have met with staff and they are looking at some options,� Hayne said in an email.

Council was to vote Monday on awarding the contract, said Hayne, �but there may be an opportunity to do the work but continue to allow parking along 72 Avenue on an extended basis.�

There�s also the chance for potential parking on other streets, such as 74 Avenue, along with 194A and 196 streets.

Anderson has lived in the area for about three years. Before purchasing, he checked with the city to see if there were any construction plans for 72 Avenue.

He was told there was nothing in either the five- or 10-year plans.

Although 72 Avenue has unpaved shoulders, he could live with that, he said, because it included parking.

But Hayne said: �72 Avenue has always been planned as a four-lane arterial road. The timing of doing it now reflects the need to complete the intersection work at 196 (Street) to put in traffic lights.�

Here's the road from the article:

This is dumb as gently caress on the resident's part. They know when they move in that the street they're on is going to have X amount of parking spaces and that the road is destined to be a major thoroughfare. The gravel should be obvious as hell. When my parents went and bought a place in Surrey in a newly-developed area, the parking on the major road nearby disappeared after a year or two them moving in. These idiots bought homes inadequate for their needs and expected for the status quo to be kept on the right of way.

Also knowing the area, these homes have to have adequate parking for at least two vehicles. What the gently caress are they keeping in their garages? Their life sav... oh yeah probably not that.

The suburbs need to die and I hope these idiots get what they deserve.

Also from their petition site:

quote:

THIS PARKING PROBLEM IS NOT THE FAULT OF CLAYTON RESIDENTS!!
The city has profited by allowing builders to build zero clearance lots with huge houses and Coach homes with no driveways allowing the city to collect more taxes and promote unsustainable growth in the area. Clayton residents can no longer tolerate being punished by the city of Surrey planning department. We as tax paying citizens of Surrey feel we are being taken advantage of and find it unacceptable that the city has announced these plans with less than 8 weeks notice to the home owners in the area. Maybe they know this will be unwelcome news and felt throwing short notice to the people at Christmas will reduce the resistance.

Yeah. Like hell you did not know this would come. Also note the real estate ad at the bottom.

Lain Iwakura fucked around with this message at 16:53 on Dec 16, 2014

# ¿ Dec 16, 2014 16:44

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

The impression I get from this poll is the statement "define debt". Online polls are of course malarky but I have to wonder what level of truth there is here.

Of course in my case I have voted no because all of my gifts have been bought with cash. I do not recall the last time I used my credit card for a physical purchase either.

# ¿ Dec 16, 2014 17:38

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

It begins...

quote:

A Calgary recruiter in the energy sector says hiring has started to slow down and big companies are starting to let go of staff.

The price of oil closed at just over $56 per barrel on Wednesday, almost half of what it was just six months ago.

That free fall has led a number of companies to announce cuts to capital spending this week.

Husky Energy is cutting its capital budget by 50 per cent next year,

Whitecap Resources by 32 per cent and both Bonavista Energy and Penn West are cutting spending by about 30 per cent.

Jason Elvy, the Canadian business manager with JAB recruitment, said some large companies are making staffing changes.

�They are releasing numbers of staff. So instead of receiving multiple requisitions or job orders for these organizations it's the flip side, they're releasing multiple employees from the company,� he said.

"A lot of major organizations that are releasing some core staff because of the current situation. When I say core staff, these are long-term employees not necessarily short-term contractors."

Bill Gwozd, a senior vice president at Ziff Energy, said companies are reviewing their bottom lines.

�When you see commodity prices drop, quite often you'll see expenditures drop. When you see expenditures drop, people become concerned about their job.�

Elvy said projects that have already started are proceeding. But that's not the case for new ones.

"They're just either being shelved or they're being stopped completely until the market does change and the price of oil lifts,� he said.

When that will happen is anyone's guess, according to Calgary energy economist Judith Dwarkin.

"Worst case scenario is there could be more than a million and a half barrels per day of surplus supplies sloshing around. And that's very bearish for price,� she said.

The CBC should also loving make sure it can spell "energy" too.

# ¿ Dec 18, 2014 16:08

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Cultural Imperial posted:

oic

I like how my partner and I fall into the grey-coloured portion of the pie and yet don't dare imagine buying a house in Vancouver.

# ¿ Dec 21, 2014 19:29

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Kraftwerk posted:

I've been driving for Uber in 12 hour shifts during my winter vacation from work. I often discuss the housing bubble with some of my fares since most of them own condos in the south central part of Toronto in that stretch at Spadina-Fort York- Bremner.- Lakeshore. It's really amusing to listen to them acknowledge that yes we are probably in a housing bubble but Toronto is completely immune. Listening to these people almost convinces me there isn't a bubble at all and that real-estate will rise forever.

There's a guy who bought a condo on the east end on Sherbourne somewhere. $200/sqft was what he got it for. It's worth 500/sqft now. The numbers in this thread a certainly convincing but I have a feeling we aren't dealing with rational actors here. People want to live in Toronto. They especially want to live in those nice houses between St.Clair and Lawrence. One look out there makes me think this thread's warnings of a housing bubble are simply wishful thinking because we've all been marginalized from owning property due to our low incomes.

There seems to be plenty of people who can easily afford the kind of crazy real estate prices that are flying around here. As long as people can afford it the prices will go up. That being said I drove a development company employee who told me that even the "premium" builders are charging way above what you're actually getting. In spite of this people still eat that poo poo up and pay for it.

I don't think that you've read the whole thread or you're copying and pasting this from somewhere.

# ¿ Dec 23, 2014 08:24

Adbot: ADBOT LOVES YOU

# ¿ Apr 23, 2024 11:48

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

tagesschau posted:

Even now, bubble deniers keep pointing out that New York and San Francisco didn't see the kind of price drops that the hardest-hit places did. The thing they willfully ignore is that New York and San Francisco never had anything resembling the huge speculative runup you saw in places like southern Florida.

Toronto and Vancouver have had massive runups over the past decade. That alone is enough to make the comparison to New York not fit.

New York and San Francisco also have real economies.

# ¿ Dec 24, 2014 02:31

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

«‹›12 »