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.

T.C.: Feb 10, 2004; Believe.

Subjunctive posted:

Then how are people determining its effects? It seems well-established that it's a big problem, but I can't tell how it's known.

There's no real data. It may be a contributing factor to some degree, but I really can't believe it's a significant causal factor. Locals are participating fully in the market at these prices too. Even if you managed to stop foreign investment, I don't see how that changes the market significantly.

I could be wrong, but who the hell knows?

I am, however, convinced that people grab on to the foreign ownership thing because it's way easier to blame an outside group for your problems.

# ? Feb 5, 2016 07:21

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# ? May 19, 2024 00:55

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

Unregulated money laundering of looted Chinese assets (at the behest of the same monied developers that run the City of Vancouver across the board) is just the doodoo cherry on top of the poo poo sundae known as the Vancouver housing crisis.

But those developer pricks are the root of all the problems. They are the reason there are no three bedroom condos, and the reason that we constantly pray at the altar of supply side economics, and the reason we have gigantic wood frame death traps and condos with windows that will fall out any second, and massive unfunded maintenance liabilities, and municipal governments selling off land for one-off benefits, and, and, and, and, and forever.

# ? Feb 5, 2016 07:26

tagesschau: Sep 1, 2006; D&D: HASBARA SQUAD
THE SPEECH SUPPRESSOR

Remember: it's "antisemitic" to protest genocide as long as the targets are brown.

peter banana posted:

It is, in fact, a right in Canada to live wherever you want.

It isn't a right, though, to live wherever you want in Canada if you can't actually afford to live there.

A lot of people confuse "this is a thing that I would like to have" with "my rights are being violated if I don't get this thing."

# ? Feb 5, 2016 08:58

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

Subjunctive posted:

Then how are people determining its effects? It seems well-established that it's a big problem, but I can't tell how it's known.

When you go from a multi-ethnic blue collar city to one where everyone is suddenly millionaire mainland Chinese it's pretty easy to piece together what is happening. I've seen it first hand over the last 28 years. We have the highest luxury good spending per capita on the continent and no economy.

You can say "but we have no dataaaaaaaaa" forever but no one cares anymore, the city is lost.

# ? Feb 5, 2016 09:09

DariusLikewise: Oct 4, 2008; You wore that on Halloween?

cowofwar posted:

Pretty certain most farming is done on industrial and large factory farms. The romanticized idea of the family farm is all but a memory.

Also I'm not sure what a pre-automobile centric small town would be other than the exact same thing but with horses and wagons. It's not like people used to live in high density wooden condos before the invention of the internal combustion engine.

The majority of meat is produced in factory farms. Crop farming is still mostly done on family owned farms in Manitoba and Saskatchewan. A lot of the decline in farm operators is usually just one family selling farmland to their neighbours and consolidation of existing land.

# ? Feb 5, 2016 15:34

vyelkin: Jan 2, 2011

Hey guys help me convince my wife's friend not to buy a condo in Calgary using her entire savings as a down payment and thinking of it as a 20 year investment even though she's planning on leaving the city in two years and works in the oil industry.

e: forgot to mention that she uses the classic "well rent is so high and when I'm renting my money's just disappearing forever so I might as well be making mortgage payments instead right?????"

# ? Feb 5, 2016 15:34

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

vyelkin posted:

Hey guys help me convince my wife's friend not to buy a condo in Calgary using her entire savings as a down payment and thinking of it as a 20 year investment even though she's planning on leaving the city in two years and works in the oil industry.

e: forgot to mention that she uses the classic "well rent is so high and when I'm renting my money's just disappearing forever so I might as well be making mortgage payments instead right?????"

Point out that rents are going down at the moment, so it would be an extremely lovely investment in two years when she ends up moving and presumably finds a tenant to rent the condo. That, combined with the fact that her own rent should be fairly low right now, makes it a very bad idea to buy an investment condo in Calgary at the moment.

# ? Feb 5, 2016 15:48

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

vyelkin posted:

Hey guys help me convince my wife's friend not to buy a condo in Calgary using her entire savings as a down payment and thinking of it as a 20 year investment even though she's planning on leaving the city in two years and works in the oil industry.

e: forgot to mention that she uses the classic "well rent is so high and when I'm renting my money's just disappearing forever so I might as well be making mortgage payments instead right?????"

The time to buy is now lest you be locked out of the market forever.

# ? Feb 5, 2016 16:02

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

vyelkin posted:

Hey guys help me convince my wife's friend not to buy a condo in Calgary using her entire savings as a down payment and thinking of it as a 20 year investment even though she's planning on leaving the city in two years and works in the oil industry.

e: forgot to mention that she uses the classic "well rent is so high and when I'm renting my money's just disappearing forever so I might as well be making mortgage payments instead right?????"

"Seems like a great investment!! Prices in Calgary can't go down right? Hey wife we should buy an investment condo in Calgary before every other savvy investor catches on, let's just double check the math first."

# ? Feb 5, 2016 16:10

vyelkin: Jan 2, 2011

I spent like half an hour last night walking my wife through the many reasons why buying this condo is a bad idea, but I think it was too much to send over text at 11 PM so it would just be helpful to get a relatively concise thread consensus that we could tell her friend and hopefully this thread can help me save someone from poor investment decisions!!!

# ? Feb 5, 2016 16:14

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Being a retard with a broken brain who makes terrible choices is de rigeuer in Calgary at the moment, so don't expect a whole lot of success even if you present a well-reasoned and concise argument.

# ? Feb 5, 2016 16:31

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

Land transfer tax on buying and realtor commission on selling will destroy any profits you would make over two years even if mortgage interest and strata fees were equal to rent which I doubt is currently the case. Opportunity cost is lost gravy.

I guess the smartass comment would be "Don't put all your eggs in one basket. In a city that has one basket. In a province that has one basket. And all those baskets are on fire right now."

If she replies that she's synergizing, just sever.

# ? Feb 5, 2016 16:45

namaste friends: Sep 18, 2004; by Smythe

vyelkin posted:

Hey guys help me convince my wife's friend not to buy a condo in Calgary using her entire savings as a down payment and thinking of it as a 20 year investment even though she's planning on leaving the city in two years and works in the oil industry.

e: forgot to mention that she uses the classic "well rent is so high and when I'm renting my money's just disappearing forever so I might as well be making mortgage payments instead right?????"

At this point I'd rather see people burn their savings up than waste my breath

# ? Feb 5, 2016 16:47

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

You need to synergize your grass root strategy so as to horizontally aggregate your agility in Real Estate Ikantski. What don't you understand :confused:

# ? Feb 5, 2016 16:48

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

~~Black's~~ LORD Black's house is for sale

https://www.realtor.ca/Residential/Single-Family/16561648/26-PARK-LANE-CIRC-Toronto-Ontario-M3B1Z7-Bridle-Path-Sunnybrook-York-Mills

# ? Feb 5, 2016 16:52

namaste friends: Sep 18, 2004; by Smythe

Lord black of crossharbour to you knave

# ? Feb 5, 2016 16:54

Helsing: Aug 23, 2003; DON'T POST IN THE ELECTION THREAD UNLESS YOU JOE BIDEN

I'm disappointing to see Lord Black uses a rather regular old step ladder to access the books on the higher shelves of his library. I assumed he'd have one of those fancy ladders-on-rails installed.

Or maybe he has a manservant who gets on hands and knees and then Lord Black steps on the guy's back to reach the top shelves.

# ? Feb 5, 2016 17:22

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

Helsing posted:

I'm disappointing to see Lord Black uses a rather regular old step ladder to access the books on the higher shelves of his library. I assumed he'd have one of those fancy ladders-on-rails installed.

Or maybe he has a manservant who gets on hands and knees and then Lord Black steps on the guy's back to reach the top shelves.

Obviously it's the latter

# ? Feb 5, 2016 17:30

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

vyelkin posted:

e: forgot to mention that she uses the classic "well rent is so high and when I'm renting my money's just disappearing forever so I might as well be making mortgage payments instead right?????"

I hope you replied that a mortgage is just renting money from a bank.

# ? Feb 5, 2016 17:32

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Ikantski posted:

I hope you replied that a mortgage is just renting money from a bank.

Rent to Own :eng101:

# ? Feb 5, 2016 17:33

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

jm20 posted:

Rent to Own

One quick law to solve the bubble: ban the word mortgage and force banks to call it renting money.

# ? Feb 5, 2016 17:36

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Ikantski posted:

One quick law to solve the bubble: ban the word mortgage and force banks to call it renting money.

But what about the people that brag about 'buying' a new house on Facebook after they get the keys? Think of the social media implications sir

# ? Feb 5, 2016 17:41

Sage Grimm: Feb 18, 2013; Let's go explorin' little dude!

There should be no pride in acquiring a new house. This is how we got here in the first place! :v:

# ? Feb 5, 2016 17:52

leftist heap: Feb 28, 2013; Fun Shoe

Franks Happy Place posted:

Unregulated money laundering of looted Chinese assets (at the behest of the same monied developers that run the City of Vancouver across the board) is just the doodoo cherry on top of the poo poo sundae known as the Vancouver housing crisis.

But those developer pricks are the root of all the problems. They are the reason there are no three bedroom condos, and the reason that we constantly pray at the altar of supply side economics, and the reason we have gigantic wood frame death traps and condos with windows that will fall out any second, and massive unfunded maintenance liabilities, and municipal governments selling off land for one-off benefits, and, and, and, and, and forever.

I think this diminishes the role of municipal, provincial and federal governments in failing to even consider reigning in developers in the slightest.

# ? Feb 5, 2016 18:04

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Sage Grimm posted:

There should be no pride in acquiring a new house. This is how we got here in the first place!

Why not? You should have pride about where you live, whether you rent, own it with a mortgage, or own it outright.

# ? Feb 5, 2016 18:25

Fried Watermelon: Dec 29, 2008

jm20 posted:

But what about the people that brag about 'buying' a new house on Facebook after they get the keys? Think of the social media implications sir

People should feel bad for admitting they took out a way too big mortgage for a lovely house in a lovely neighbourhood.

True happiness is to kill your ego and embrace the true nature of things

# ? Feb 5, 2016 18:29

Helsing: Aug 23, 2003; DON'T POST IN THE ELECTION THREAD UNLESS YOU JOE BIDEN

There has never been a better time to buy a house in Ireland:

And great news, the ultimate man cave is now on the market.

quote:

Northern Ireland Selling Cold War-Era Nuclear Bunker For $850K (PHOTOS)

BALLYMENA, Northern Ireland (AP) � It has no windows � but offers unrestricted views of Armageddon.

Northern Ireland is selling its Cold War-era nuclear bunker, an underground installation with room for 235 beds that sellers imagine could be transformed into a tourist attraction or blast-proof storage facility.

Journalists took a tour Thursday of one of Northern Ireland's strangest real estate offerings. For 575,000 pounds ($850,000), the successful buyer could acquire a 46,363-square-foot (4,300-square-meter) grass-topped building discretely situated on 3.74 acres (1.51 hectares) of rolling fields northwest of Belfast.

Northern Ireland's leaders have decided they can survive without the bunker, which was built in the 1980s to protect key government and legal figures from a Russian nuclear strike. The facility includes a conference room and broadcasting suite. Its existence was a state secret until 2007.

Now this is a house you can feel proud to own. And just refurbish the bathroom, get some new kitchen appliances and install granite counter tops and sell this baby in a couple years for twice what you bought it for.

# ? Feb 5, 2016 18:41

namaste friends: Sep 18, 2004; by Smythe

What's moral hazard chaps

# ? Feb 5, 2016 18:51

namaste friends: Sep 18, 2004; by Smythe

http://business.financialpost.com/news/economy/canadas-economy-loses-5700-jobs-unemployment-rate-hits-two-year-high

quote:

Alberta leads Canada�s job slump as nation�s jobless rate hits two-year high

Alberta continues to reel from the oil price shock as the province�s unemployment rate in January climbed above the national rate for the first time since December 1988.

The province lost 10,000 jobs in January, pushing its unemployment rate to 7.4 per cent � the highest since 1996 � from 7 per cent in December.

Canada overall saw 5,700 job losses in January, which edged up the national unemployment rate to a two-year high of 7.2 per cent. Economists surveyed by Bloomberg had predicted that the Canadian economy would add 6,000 new jobs in January and that the unemployment rate would remain unchanged.

�Canada�s job prospects are only just catching up to the malaise in the rest of the economy,� said Avery Shenfeld, chief economist. �[There is] likely more to come on that front as impact of a resource price slump trickles across the broader economy, and not surprisingly, it�s oil-centred Alberta where the bad news is hitting hardest.�

Employment was one of the few bright spots in the Canadian economy last year, with 158,000 new positions being filled even as provinces such as Alberta, Saskatchewan and Newfoundland and Labrador struggle with vanishing energy jobs.

David Madani, senior Canada economist at Capital Economics, said the oil price shock is now more broadly filtering into the labour market and he expects the unemployment rate to hit 7.8 per cent next year.

�The forthcoming Federal fiscal stimulus will help to buffer the economy, but probably no sooner than the second half of this year,� he said. �In the meantime the Bank of Canada will likely have no other choice but to cut interest rates further.�

Alberta has seen the most bleeding in employment, with January�s downtick bringing the 12-month job loss total to 35,000.

But it was a tale of two provinces for the month as Ontario continued to register strong job gains. The province saw an increase of 20,000 positions, the lone province in Canada to see an employment increase for the month. That brings the total number of jobs created in Ontario to 100,000 in the 12 months to January.

The province has been seeing benefits from a low Canadian dollar, lower oil prices and a strong housing market in Toronto. Manufacturing, construction and the real estate sector have all recorded big job gains in the past 12 months.

�The regional divergence is the dominant theme here, as Alberta is now weakening notably after at first holding up surprisingly well in the early stages of the oil price shock,� said Doug Porter, chief economist at BMO Capital Markets. �Meanwhile, unemployment in the non-oil producing regions remains quite stable, essentially stuck in the middle of an improving U.S. economy and a deteriorating resource economy at home.�

Hourly wages for permanent employees remained fairly healthy at 2.7 per cent in January, down slightly from 2.8 per cent in December but right on mark for the 2015 average. The Bank of Canada has said that wage pressure in the country remains high, but that some of that has moderated in recent months, despite the slack in the job market.

Growth in average hourly wages for permanent workers, an indicator followed by the Bank of Canada (BoC), moderated to 2.7% y-o-y after reaching 2.8% in December. Wage pressures remain high, but have moderated, despite the amount of slack in the labour market, according to the BoC.

Job losses continue to mount in the natural resources sector. While employment there was little changed in January, total jobs have declined 13,000 (3.6 per cent) in the 12 months to January, led by losses in Alberta.

And while manufacturing has seen a steady increase in Ontario, employment in the sector is essentially unchanged in the past 12 months as losses in Alberta have offset Ontario�s gains.

�Overall, a weak report, in line with our below consensus forecast but hardly a surprise given that Q4 showed virtually no GDP growth,� said Shenfeld. �Stay tuned for further weakness in employment in the coming months as employers right-size their workforce for a weaker output picture.�

TRADE

Canada�s trade deficit with the world narrowed in December to $585 million, from $1.6 billion in November.

Data from Statistics Canada released Friday showed that esports increased 3.9 per cent for the month while imports climbed 1.6 per cent. Export volumes were up 2.1 per cent for the month and prices 1.8 per cent.

But the last month�s gain wasn�t enough to close Canada�s trade deficit, which ballooned to $23.3 billion from a $4.8 billion surplus in 2014. Annual imports increased 4.4 per cent while exports decreased 0.9 per cent.

There were widespread export gains in December, with 10 of the 11 sections seeing an increase � only metal ores and non-metallic minerals posted lone decline

The biggest gains were in air craft and transportation equipment segment, which rose 26.4 per cent to $2.3 billion in December. Meanwhile, exports of passenger cars and light trucks rose 7.5 per cent to $5.9 billion, the highest export value since January 2000.

Imports increased 1.6 per cent to $45.9 billion in december, following three consecutive monthly decreases. Imports rose in 9 of 11 sections, with the largest gains in metal and non-metallic mineral products, consumer goods, energy products and electronic and electrical equipment and parts.

Energy product imports rose 7.9 per cent to 2.3 billion, with higher imports of crude oil and crude bitumen (+31.4 per cent) partially offset by lower imports of refined petroleum and energy products (-21.2 per cent). Overall, volumes rose 19.6 per cent while prices declined 9.8 %

Exports fell 1.5 per cent in the fourth quarter, while imports decreased 1.8 per cent. It was the first quarterly decline since Q4 2012.

Statscan revised November exports to be slightly higher than originally reported, saying exports were $43.6 billion for the month, compared with an earlier release of $43.3 billion. Imports were relatively unchanged at $45.2 billion.

Let me just take a moment to say, Alberta dearest, get hosed.

# ? Feb 5, 2016 19:12

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

I'm probably going to buy a house in Toronto in the next six months, so I guess I'm part of the problem. :negative:

# ? Feb 5, 2016 19:20

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Cultural Imperial posted:

http://business.financialpost.com/news/economy/canadas-economy-loses-5700-jobs-unemployment-rate-hits-two-year-high

Let me just take a moment to say, Alberta dearest, get hosed.

That's only on the books unemployment from people willing to stay in Alberta for EI. Job losses in that province are probably double with half of them fleeing back to other provinces.

# ? Feb 5, 2016 19:31

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

Subjunctive posted:

I'm probably going to buy a house in Toronto in the next six months, so I guess I'm part of the problem.

Just when we thought you couldn't type anything dumber in this thread...

# ? Feb 5, 2016 19:53

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Ikantski posted:

Just when we thought you couldn't type anything dumber in this thread...

Oh, with me there's always more and it's always worse.

If I can find a rental property that I like then I'd do that, but so far it hasn't been a fruitful search, and I'm somewhat constrained on a few factors.

# ? Feb 5, 2016 19:56

namaste friends: Sep 18, 2004; by Smythe

#YOLO I GUESS LOL

# ? Feb 5, 2016 20:09

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Cultural Imperial posted:

#YOLO I GUESS LOL

Yeah, it's basically "what is the least stupid way I can approach this stupid decision?"

It's going to be an expensive and probably wasteful thing.

# ? Feb 5, 2016 20:18

DariusLikewise: Oct 4, 2008; You wore that on Halloween?

Make sure you apply to be on TLCs "Income Property" and new show in the Fall "I can't afford my house"

# ? Feb 5, 2016 21:00

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

If you are absolutely dedicated to making the biggest single mistake of your life in spite of mountains of evidence blaring at you not to, then:

Buy something marginal (and therefore cheaper) like leasehold, owned co-op, whatever classes of house in Toronto that are less desirable. Whatever comes at a substantial discount because it's seen as less good than normal freehold SFH.

If you're going to get deep dicked for sure, minimize your leveraged exposure.

# ? Feb 5, 2016 21:19

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

DariusLikewise posted:

Make sure you apply to be on TLCs "Income Property" and new show in the Fall "I can't afford my house"

Sorry, by "rental property" I meant "place to rent instead of buy", but I used stupid words.

I'm not going to buy anything I can't afford, so that part is OK.

But my point is to buy a place to live, not something for which I depend or plan on appreciation.

# ? Feb 5, 2016 21:21

the talent deficit: Dec 20, 2003; self-deprecation is a very british trait, and problems can arise when the british attempt to do so with a foreign culture

Subjunctive posted:

Sorry, by "rental property" I meant "place to rent instead of buy", but I used stupid words.

I'm not going to buy anything I can't afford, so that part is OK.

But my point is to buy a place to live, not something for which I depend or plan on appreciation.

You should prob move to Montreal or Ottawa then

# ? Feb 5, 2016 22:37

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# ? May 19, 2024 00:55

James Baud: May 24, 2015; by LITERALLY AN ADMIN

James Baud fucked around with this message at 11:13 on Aug 25, 2018

# ? Feb 5, 2016 22:40

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