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.

namaste friends: Sep 18, 2004; by Smythe

ChairMaster posted:

As hosed up and hilariously awful this tiny house garbage is, it seems kinda hosed up to stop people from doing it without providing literally any other affordable option anywhere at all in the city.

how far does this go? Because no one can come up with a comprehensive plan to house people in vancouver we're now going to start building out affordable tent cities?

gently caress that poo poo. Don't loving act like raising the foreign buyers tax to 30% isn't possible or increasing land transfer taxes by 300% are ~unsustainable~

# ? Jun 13, 2017 23:44

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# ? May 29, 2024 06:41

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

Reset property assessments to sale price on transfer, flog anyone who tries to hide it behind a trust.

# ? Jun 14, 2017 00:01

quaint bucket: Nov 29, 2007

namaste faggots posted:

http://www.bnn.ca/video/canadians-a...ok&_gsc=qtEs6fL

Might as well make it an emoticon at this point.

# ? Jun 14, 2017 00:01

namaste friends: Sep 18, 2004; by Smythe

from ben rabidoux's twitter.

i love how this is legal.

# ? Jun 14, 2017 01:17

Rime: Nov 2, 2011; by Games Forum

Meanwhile, in the Vancouver Rental Market:

$1,225 a month for a windowless shed?

quote:

Would you pay $1,225 a month to rent a shed?
A Craigslist rental listing that attracted ridicule and disbelief on social media over the weekend has also caught the attention of the City of Vancouver�s manager of development, buildings and licensing.
�Our property use inspectors have opened a file on this and plan to re-inspect to see if they in fact do stop renting it,� Kaye Krishna wrote in an email to Metro after being informed of the listing, which showed what appeared to be a windowless shed advertised at 525 square feet, with �a small loft space for a bed,� a washroom with a shower and a fridge, hotplate and sink, but no stove.

The owner of the East Vancouver property, who confirmed he was the �Jake� from the Craigslist ad, said the June 9 listing was a mistake and has now been removed. He said it was originally posted by a property caretaker who believed the building was a coach house; but when the owner looked inside the shed, it was clear �there was nothing there� in terms of wiring or plumbing.
When Metro visited the property, contractors were renovating the shed, although the owner said he had no intention of turning it into a coach house. He currently has a development application in to the city to build a six-storey rental building on the property, which would replace the three-story house that currently sits on the property at Adanac and Commercial Dr.

Property records show the property was acquired in 2016 by Park Drive Investments and has an assessed value of $1.765 million.
With Vancouver�s vacancy rate at under one per cent, and with soaring land prices also putting pressure on rental rates, it�s important that would-be renters use common sense and make a report to the city�s information line, 311, when they see something that looks unsafe, Krishna said.
For Krishna, there are several red flags with this listing, aside from the lack of windows: what appears to be unprofessional wiring and the lack of a proper kitchen. (Hotplates are only allowed in SROs, Krishna said. The city has also made allowances for units as small as 250 square feet, but only in the Downtown Eastside.)
�Really people are only allowed to rent legal dwelling units, and there are a lot of rules around them � and it can be confusing,� she said, adding that municipal building and permitting rules are in place to keep people safe. �I think this is a great opportunity for us to focus on good, consumer-focused guidelines on how to find good, liveable spaces and what some key indicators might be for folks.�

Yeah, better shut down those tiny homes so that people can rent shitholes like this out of desperation. For sure. :fuckoff:

# ? Jun 14, 2017 01:33

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Why is either one of those death traps ok to you?

# ? Jun 14, 2017 01:40

Rime: Nov 2, 2011; by Games Forum

ocrumsprug posted:

Why is either one of those death traps ok to you?

Death traps?

# ? Jun 14, 2017 05:46

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

"My tiny house only has one room with only one exit, so it is like a hundred times safer than that slum."

- checks out

# ? Jun 14, 2017 05:54

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

ocrumsprug posted:

"My tiny house only has one room with only one exit, so it is like a hundred times safer than that slum."

- checks out

Well it's so poorly constructed I could push the wall out in a pinch, so there's that too!

# ? Jun 14, 2017 05:55

I would blow Dane Cook: Dec 26, 2008

Has ISIS claimed responsibility for the fire yet?

# ? Jun 14, 2017 06:04

namaste friends: Sep 18, 2004; by Smythe

Guys it's OK. Canadian innovation gives us wooden condos built out of magically fireproof wood

# ? Jun 14, 2017 06:14

blah_blah: Apr 15, 2006

Subjunctive posted:

Reset property assessments to sale price on transfer, flog anyone who tries to hide it behind a trust.

Your assessed value only determines what share of the (fixed) overall property tax pie you pay, so this is probably regressive if anything (assuming that more recent buyers are disproportionately younger/have less net worth than the typical homeowner).

# ? Jun 14, 2017 06:16

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

Rime posted:

Death traps?

Man that's hosed up. Just caught up on it.

If it's another case of lovely flammable cladding or broken sprinklers, whoever was profiting needs to hang.

# ? Jun 14, 2017 06:30

HookShot: Dec 26, 2005

There's also multiple reports that there were no central fire alarms in the building, only those in individual apartments.

# ? Jun 14, 2017 06:37

namaste friends: Sep 18, 2004; by Smythe

hey guys, you know grenfell tower was social housing?

:getin:

# ? Jun 14, 2017 06:40

I would blow Dane Cook: Dec 26, 2008

namaste faggots posted:

hey guys, you know grenfell tower was social housing?

You're saying that the solution is more supply?

# ? Jun 14, 2017 06:56

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

ocrumsprug posted:

"My tiny house only has one room with only one exit, so it is like a hundred times safer than that slum."

- checks out

They make tiny houses without windows? Things are grim indeed.

# ? Jun 14, 2017 11:15

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

the good thing about toronto community housing is the roofs all leak and theyre so damp and full of mold its like built in fire protection

# ? Jun 14, 2017 12:23

cowofwar: Jul 30, 2002; by Athanatos

http://www.cbc.ca/news/canada/toron...-says-1.4156491

# ? Jun 14, 2017 13:05

I would blow Dane Cook: Dec 26, 2008

Usually i'm in favour of double ending..

# ? Jun 14, 2017 13:08

Jordan7hm: Feb 17, 2011; Lipstick Apathy

That couple is loving brain dead.

But also real estate agents are scum.

# ? Jun 14, 2017 13:53

dev286: Nov 30, 2006; Let it be all the best.

Jordan7hm posted:

That couple is loving brain dead.

But also real estate agents are scum.

Why be underwater on one mortgage when you can be underwater on 30? It just makes sense!

# ? Jun 14, 2017 14:12

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

Invest with other peoples money*

*at 15% interest

# ? Jun 14, 2017 14:38

Rime: Nov 2, 2011; by Games Forum

namaste faggots posted:

hey guys, you know grenfell tower was social housing?

Formerly, it was now mixed-market. Some suites rented for $2500/month.

# ? Jun 14, 2017 14:39

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

cowofwar posted:

http://www.cbc.ca/news/canada/toron...-says-1.4156491

What are the odds that the real estate agent was also the seller or related to the seller lol

# ? Jun 14, 2017 15:00

mojo1701a: Oct 9, 2008; Oh, yeah. Loud and clear. Emphasis on LOUD!
~ David Lee Roth

Jordan7hm posted:

But also real estate agents are scum.

I've recognized the names of a few real estate agents in my area as being people I went to high school with. No surprise none of them were overachievers in any sense. One or two were outright idiots.

# ? Jun 14, 2017 15:01

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

DariusLikewise posted:

What are the odds that the real estate agent was also the seller or related to the seller lol

Pretty loving likely. If this was a standard deal the seller would be taking the buyer to court for lost profits once they complete a sale later (assuming it sold for significantly less than original offer), in addition to keeping that deposit. The seller would have no reason to play nice with their agent unless there's some sort of relationship there.

# ? Jun 14, 2017 15:07

namaste friends: Sep 18, 2004; by Smythe

https://www.theglobeandmail.com/real-estate/mortgage-rate-hike-could-be-on-the-horizon-for-canada/article35305179/?cmpid=rss1&click=sf_globe

quote:

Debt-laden homeowners face threat of rising interest rates

ROB CARRICK AND MARK RENDELL
The Globe and Mail
Published Tuesday, Jun. 13, 2017 9:23PM EDT
Last updated Wednesday, Jun. 14, 2017 6:57AM EDT

An economic growth spurt is bringing the prospect of higher mortgage rates at a time when many Canadians in the country�s largest cities are stretching to afford homes.

Some analysts expect the Bank of Canada will raise the rate it charges financial institutions to borrow money overnight this fall after the central bank�s No. 2 executive gave an upbeat assessment of the economy, saying growth has returned to most industries and regions. An increase in the overnight rate would immediately raise the cost of variable-rate mortgages and home-equity lines of credit.

Fixed-rate mortgages could rise even sooner. They are influenced by rates in the government bond market, which have soared in recent days. One of the most popular kinds of mortgages, a five-year fixed-rate loan, takes its cue from the yield on the five-year Government of Canada bond, which jumped to 1.15 per cent late on Tuesday from 0.92 per cent a week ago. That is a large enough increase to start putting pressure on lenders to raise mortgage rates.

The increasing likelihood of higher borrowing costs comes at a precarious time . Canadians have record debt levels, largely due to borrowing to pay escalating home prices in major cities, particularly Vancouver and Toronto. Many homeowners are already scrambling to make payments.

Canada Mortgage and Housing Corp. reported on Tuesday that the average scheduled monthly mortgage payment for new loans was $1,328 in the final three months of last year, an increase of 4.6 per cent from $1,269 in the same period in 2015. Households have been loading up on debt even as income growth stagnates.

The Bank of Canada has started to prepare the country for higher borrowing costs in the months ahead. After bullish comments on Monday from senior deputy Governor Carolyn Wilkins, economists and investors began moving up their estimates of when the central bank will increase rates for the first time since 2010.

�We believe it will be earlier than what the market is expecting,� said Benjamin Tal, deputy chief economist with CIBC World Markets Inc. �It�s more likely that you�ll see the Bank of Canada moving as early as October.�

Rates for longer-term fixed mortgages have already begun ticking upwards, said Robert McLister, founder of RateSpy.com, a mortgage-rate comparison website. However, the increases have been small so far, between 10 and 15 basis points. (A basis point is 1/100th of a percentage point.) It would take a larger increase than that to have a major impact on the real estate market.

�You need to see 150 to 200 basis points movement before you get a significant shakeup in the housing market, with people foreclosing,� Mr. McLister said.

Despite the recent surge in five-year bond yields, Mr. Tal said he expects mortgage rates will rise only gradually over the mid- to long term. They would be going up from extraordinarily low levels: Toronto-Dominion Bank, one of Canada�s largest mortgage providers, is currently advertising a four-year fixed mortgage at less than 2.5 per cent.

Still, with debt levels already high, the Bank of Canada will have to tread carefully, Mr. Tal said.

�The history of recessions in the postwar era is the history of overshooting,� he said. �Namely, central banks sit on very low interest rates for a long period of time, they wait and wait, and then they start raising very quickly because inflation is sneaking up on them. And when you raise quickly, you shock the market. �

�The issue with the housing market in Canada is not really higher rates, it�s rapidly rising rates,� he said, adding that he expects the Bank of Canada to take a gradual approach to rate increases. �You start early, you move by 25 basis points. I think that would be desirable.�

Mortgage default rates are currently very low, but that could change if interest rates shoot higher. More subtle risks to the economy include a pullback in the consumer spending that has sustained growth in recent years. People may also have less money to save, which suggests a shortfall in retirement savings in the decades to come.

Even a modest increase in rates can have a big impact on finances in households that have large mortgages. At the national average house price of $559,317 in April, an increase in mortgage rates of 0.5 of a percentage point from today�s levels would boost monthly mortgage costs by $130 a month. This assumes a 10-per-cent down payment, a 25-year amortization and a starting mortgage rate of 2.5 per cent.

A decline in house prices caused by rising rates could cause further damage to household balance sheets. Rising prices have given home owners equity that they can tap into to refinance other debts and pay for big expenses such as home renovations. Falling home values would cut this off.

look this article is totally irresponsible because it kick off a mass selloff

lol at anyone who owns a house and can't afford $130 increase in mortgage payments

# ? Jun 14, 2017 15:39

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

namaste faggots posted:

lol at anyone who owns a house and can't afford $130 increase in mortgage payments

well, they probably can't really afford their current payments either

# ? Jun 14, 2017 15:48

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

namaste faggots posted:

https://www.theglobeandmail.com/real-estate/mortgage-rate-hike-could-be-on-the-horizon-for-canada/article35305179/?cmpid=rss1&click=sf_globe

look this article is totally irresponsible because it kick off a mass selloff

lol at anyone who owns a house and can't afford $130 increase in mortgage payments

Thing is, even if you can't, a $200 deficit in your monthly cash flow can be sustained on credit for decades, plural, before it finally sinks you.

Aa such minor increase in interest rates won't do anything fast directly (other than reduce max buyer bid a bit), need a recession and job losses to cause an outright crash involving mass foreclosures for normal homeowners.

Speculator sentiment and expectations, I suppose...

# ? Jun 14, 2017 15:52

Wasting: Apr 25, 2013; The next to go

quote:

Still, with debt levels already high, the Bank of Canada will have to tread carefully, Mr. Tal said.

Yeah the BoC shouldn't ignore consumer debt with its inflation mandate like it did for the last decade in the run-up to this mess. That would be unconscionable.

Death before loss of equity.

Wasting fucked around with this message at 16:02 on Jun 14, 2017

# ? Jun 14, 2017 15:53

Rime: Nov 2, 2011; by Games Forum

This city is all about quality construction, which cuts no corners and will never risk lives, eh guys?

# ? Jun 14, 2017 18:43

namaste friends: Sep 18, 2004; by Smythe

poo poo...imagine if it fell out somehow

# ? Jun 14, 2017 18:55

ianmacdo: Oct 30, 2012

Rime posted:

This city is all about quality construction, which cuts no corners and will never risk lives, eh guys?

Is that a load bearing broken off drill bit?

# ? Jun 14, 2017 19:09

Myriarch: May 14, 2013

Rate hike to 1.25%, one more hike expected later this year

# ? Jun 14, 2017 19:17

namaste friends: Sep 18, 2004; by Smythe

# ? Jun 14, 2017 19:20

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

At this stage I am beginning to think ItsHappening.gif is actually a talisman to ward off anything happening.

# ? Jun 14, 2017 19:45

Rime: Nov 2, 2011; by Games Forum

ianmacdo posted:

Is that a load bearing broken off drill bit?

Yup. Only one other bolt on the entire 15' length of the wrap around railing. Twentieth floor.

But hey, relax, I'm sure this is the only place that the skilled craftsmen who built this tower have decided to cut corners.

Rime fucked around with this message at 20:35 on Jun 14, 2017

# ? Jun 14, 2017 20:04

Reince Penis: Nov 15, 2007; by R. Guyovich

Myriarch posted:

Rate hike to 1.25%, one more hike expected later this year

I bet if you check Google analytics, searches for "what is a variable rate mortgage" are skyrocketing in Canada.

# ? Jun 14, 2017 21:19

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# ? May 29, 2024 06:41

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

PK loving SUBBAN posted:

I bet if you check Google analytics, searches for "what is a variable rate mortgage" are skyrocketing in Canada.

https://trends.google.com/trends/home/all/CA

https://trends.google.com/trends/home/b/CA

TBQH were all in on the tech boom, that is on a slide

# ? Jun 14, 2017 21:22

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