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half cocaine posted:I don't understand people who only look at the mortgage payment when buying property. The most expensive purchase of your lifetime and the total cost, including borrowing doesn't matter. Who are these people? Even in Toronto's crazy market I don't know anyone that doesn't "look at" the total price of a house.
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Mar 22, 2020 06:54
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Well I think with the economy collapsing we are going to find out if anything can change the Vancouver and Toronto housing markets. If this cant, probably nothing will
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Mar 22, 2020 16:58
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sleep with the vicious posted:Well I think with the economy collapsing we are going to find out if anything can change the Vancouver and Toronto housing markets. If this cant, probably nothing will We've done nothing to prevent foreign capital from taking advantage of a record low Canadian dollar and the likelihood of mass-foreclosures from people losing their jobs. If anything this is going to result in the largest transfer of residential property from Canadian to International hands, ever. Similar to how vast amounts of property was acquired by investment firms following the 2008 crash in the USA, leading to the 2010's housing crisis in America. This is only going to make things worse, because our politicians are dependent on sucking international dick for spare change.
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Mar 22, 2020 17:18
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Rime posted:We've done nothing to prevent foreign capital from taking advantage of a record low Canadian dollar and the likelihood of mass-foreclosures from people losing their jobs. If anything this is going to result in the largest transfer of residential property from Canadian to International hands, ever. What are you talking about. Uhh Foreign buyer tax? Speculation tax? I think we've done 'more than nothing' The interest in the sort of expensive, detached property that that class of foreign buyer was buying in has fallen off a cliff. Developers are completely changing the product they're making and pivoting away from hyper luxury. It worked.
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Mar 22, 2020 20:45
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Speaking from experience, the people I know who are buying property, or who are telling others to buy property, are citing the collapse in interest rates coupled with an underestimation of the economic impact of the coronavirus. People think they will still have their job in a few months and now they can finally get cheap credit (because I guess 3% APR isn't cheap I guess??). Do not underestimate the human condition's capacity for complete stupidity.
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Mar 22, 2020 21:20
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It’s far too early to know how this will play out. There are fairly reasonable scenarios where prices could crater, and other reasonable scenarios where prices rocket to the moon. (Relative to wages in Canada)
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Mar 22, 2020 21:37
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In a time of extreme uncertainty, it might not be the best time to take out the biggest debt in your life, basically.
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Mar 22, 2020 21:41
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You guys should take a look at Vancouver Craigslist rentals.
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Mar 22, 2020 22:04
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What about them?
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Mar 22, 2020 22:24
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qhat posted:What about them? There's no housing supply problem anymore.
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Mar 22, 2020 22:57
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I had actually looked at rentals this morning coincidentally as I'm looking to move in about 2 months, prices still don't seem to have come down significantly yet, at least for 1bdrm apartments. I'm hoping they will though.
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Mar 22, 2020 23:27
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It's been a week since this poo poo started going down, it's going to take a bit longer than that for prices to start coming down.
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Mar 22, 2020 23:30
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HookShot posted:It's been a week since this poo poo started going down, it's going to take a bit longer than that for prices to start coming down. Don't underestimate how leveraged most Airbnb owners are. https://mobile.twitter.com/IamShaneMorris/status/1241703904154247168 Same can be seen in Vancouver, sort by furnished and new listings over last week. It's insane. This whole crisis is going to provide ironclad support for what a lot of people have been saying for years.
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Mar 22, 2020 23:35
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And we haven't even hit one monthly rent payment date yet. April 1 and may 1 could be big inflection points At the same time, the Canadian housing market has done nothing but defy reality for years now, so
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Mar 22, 2020 23:38
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Rime posted:Don't underestimate how leveraged most Airbnb owners are. That prices will only keep going up because they only keep going up?
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Mar 22, 2020 23:38
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I'm not saying they're not going to go down quickly, I'm saying they're not going to have gone down after seven loving days, guys.
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Mar 22, 2020 23:53
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There's a 2 br for rent in Vancouver house for 3800/month.
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Mar 23, 2020 00:06
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HookShot posted:I'm not saying they're not going to go down quickly, I'm saying they're not going to have gone down after seven loving days, guys. P.much this. That's why I think I might be lucky to have my lease end in 2 months since I reckon that's when there will start to be big movements in prices as current landlords begin to get desperate and more people try to escape the market.
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Mar 23, 2020 00:08
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My real estate agent told me a (very large) group of agents in Ottawa was holding back listings for 2 weeks. Sooo I’m expecting a bit of a dump at the start of April.
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Mar 23, 2020 00:09
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Jordan7hm posted:My real estate agent told me a (very large) group of agents in Ottawa was holding back listings for 2 weeks. Sooo I’m expecting a bit of a dump at the start of April. Very cool to see crooks attempt to manipulate prices against a tsunami of supply that's about to hit their shores.
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Mar 23, 2020 00:13
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qhat posted:Very cool to see crooks attempt to manipulate prices against a tsunami of supply that's about to hit their shores. Yeah it’s gross. But many real estate agents are also over leveraged investors so there’s that.
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Mar 23, 2020 00:17
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Jordan7hm posted:Yeah it’s gross. But many real estate agents are also over leveraged investors so there’s that. Behold, a violin just for them:
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Mar 23, 2020 00:31
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https://vancouver.craigslist.org/van/apa/d/vancouver-apartments-tailored-to-your/7097466083.html https://vancouver.craigslist.org/van/apa/d/vancouver-cozy-cabin-charm-in-the-heart/7097440165.html When you're too desperate / lazy to change the copy from your AirBnB listing. Rime fucked around with this message at 00:41 on Mar 23, 2020 |
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Mar 23, 2020 00:34
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https://vancouver.craigslist.org/van/apa/d/vancouver-live-work-play-in-sty-at/7095435169.html Holy cow. https://vancouver.craigslist.org/van/apa/d/vancouver-brand-new-2-bed-2-bath-water/7066705215.html The layout of this unit is terrible.
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Mar 23, 2020 00:38
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Do people actually pay almost 4k for a 2bed unit? that seems extremely expensive unless you are loaded.
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Mar 23, 2020 00:51
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Jordan7hm posted:My real estate agent told me a (very large) group of agents in Ottawa was holding back listings for 2 weeks. Sooo I’m expecting a bit of a dump at the start of April. It wouldn't surprise me given people stupidity think this is done in 2 weeks.
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Mar 23, 2020 01:40
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half cocaine posted:https://vancouver.craigslist.org/van/apa/d/vancouver-live-work-play-in-sty-at/7095435169.html Seems wildly out of step with the market. I met a person that works in the rental industry recently and was quizzing them on what the market was like. He said it was stalling and declining. I described my ~750 sqft apt as an example and he said something like it would rent for $2100 in Yaletown. This one for $3200? yeah I dunno....
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Mar 23, 2020 16:29
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It might be that if you rent your investment condo on Airbnb and get 100$+\- a night, it can seem like a huge loss to rent at the real monthly rate. These exploitative sharks are trying to get through this without decreasing their income by a penny.
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Mar 23, 2020 17:12
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No new listings on Zolo or Redfin this morning. What's going on?
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Mar 23, 2020 17:28
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half cocaine posted:No new listings on Zolo or Redfin this morning. What's going on? Real estate agents are getting their clients to delay listing until April. They do that in markets that are catering to squeeze a few last drops of blood from the stone. Happened to my dad when the market crashed in Red Deer a couple years ago. Or they do it for some other reason, I don't know.
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Mar 23, 2020 18:32
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Even before this crisis there was a big for sale supply issue with so few listing. The people that were selling were only doing so because they had to. When I went to a few open houses months ago I often heard that the reason the home was being sold was for estate reasons.
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Mar 23, 2020 18:48
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Press F to pay respects https://twitter.com/taintberner/status/1242117190754721792
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Mar 24, 2020 04:02
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airbnb is a bigger plague than covid-19
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Mar 24, 2020 22:29
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Dreylad posted:airbnb is a bigger plague than covid-19 Need a cumulative mortality function comparing COVID-19 to AirBnB exposure please and thanks.
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Mar 24, 2020 22:31
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Dreylad posted:airbnb is a bigger plague than covid-19 Let them fight.
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Mar 24, 2020 23:24
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https://twitter.com/Nerwal85/status/1242810257870594052
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Mar 25, 2020 15:02
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That seems like an absurdist rule. Perhaps the thing to do is not carry a credit card balance so this isn't a problem. Setting up multiple accounts at multiple institutions so that if you get into arrears they don't come after your checking account seems a bit much.
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Mar 25, 2020 21:04
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https://twitter.com/aiukliAfrika/status/1242883847165001736
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Mar 25, 2020 23:38
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Plz post the followup where someone suggests they hold maintenance hostage but they can't because there's 3 construction workers who live in the building who are doing repairs for free. (Saw it in another thread and I so badly want it to be real)
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Mar 26, 2020 05:20
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https://twitter.com/aiukliAfrika/status/1242903950598209538
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Mar 26, 2020 05:24
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