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.

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linoleum floors: Mar 25, 2012; Please. Let me tell you all about how you're all idiots. I am of superior intellect here. Go suck some dicks. You have all fucking stupid opinions. This is my fucking opinion.

I think that graph is bullshit

# ? Feb 21, 2021 12:36

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# ? Apr 19, 2024 22:35

qhat: Jul 6, 2015

I also think it is quite bullshit

# ? Feb 21, 2021 17:28

EngineerJoe: Aug 8, 2004; -=whore=-

I'm renewing my mortgage this week and got 1.65% 5 year fixed.

# ? Feb 21, 2021 17:37

tagesschau: Sep 1, 2006; Guten Abend, meine Damen und Herren.

qhat posted:

I also think it is quite bullshit

If you're going to claim that numbers from FRED are "bullshit," maybe you should provide your reasoning.

# ? Feb 21, 2021 17:38

leftist heap: Feb 28, 2013; Fun Shoe

People have been saying "yeah well just wait till interest rates rise and all these people will be hosed" for so long now. I'm not one to believe that the status quo lasts forever but...

# ? Feb 21, 2021 23:25

leftist heap: Feb 28, 2013; Fun Shoe

What if the simple explanation for the housing bubble was inflation targeting this whole time

# ? Feb 21, 2021 23:29

linoleum floors: Mar 25, 2012; Please. Let me tell you all about how you're all idiots. I am of superior intellect here. Go suck some dicks. You have all fucking stupid opinions. This is my fucking opinion.

tagesschau posted:

If you're going to claim that numbers from FRED are "bullshit," maybe you should provide your reasoning.

My reasoning is it's a graph presented with no context on an internet forum from some place called 'fred'

# ? Feb 22, 2021 00:13

linoleum floors: Mar 25, 2012; Please. Let me tell you all about how you're all idiots. I am of superior intellect here. Go suck some dicks. You have all fucking stupid opinions. This is my fucking opinion.

Sorry my mistake. FRED. capital letters = authority

# ? Feb 22, 2021 00:16

Arivia: Mar 17, 2011

linoleum floors posted:

Sorry my mistake. FRED. capital letters = authority

FRED, you say?

# ? Feb 22, 2021 00:22

linoleum floors: Mar 25, 2012; Please. Let me tell you all about how you're all idiots. I am of superior intellect here. Go suck some dicks. You have all fucking stupid opinions. This is my fucking opinion.

hosed Real Estate Data

# ? Feb 22, 2021 00:27

Oakland Martini: Feb 14, 2008; Refugee from the great account hijacking of 2008

It's the St. Louis Federal Reserve's data repository. It's probably the single most reputable economic data source out there. That said I, I believe the graph is probably for the us, not Canada, based on the label.

# ? Feb 22, 2021 00:35

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

Good evening. I'm mostly sharing this because of the incredible image.

https://twitter.com/JohnPasalis/status/1363484454501691394?s=20

# ? Feb 22, 2021 03:53

Boot and Rally: Apr 21, 2006; 8===D; Nap Ghost

Sassafras posted:

Haven't seen anything terribly interesting in Canada last few days, so here's a different USA chart-tweet along the same lines:

https://twitter.com/SolidusMax/status/1363297444927266820

I guess Canadian interest rates have upticked a bit, "best possible" mortgage rates allegedly up 0.15%.

The underlying document for this chart is here. There is raw data here called FOR which incorporates changes in the way financing/money works in the US since 1990s and it doesn't seem to have changed as much. The bulletin explains why.

Details aside, there is strong emphasis on the fact that the ratio is in aggregate, so this could just be another indicator of rising inequality. It also means that even if it reflects some doings transpiring in poo poo markets like (I assume) Ohio, it doesn't mean much for hot markets like California. Or I guess Vancouver because this is a Canada thread.

# ? Feb 22, 2021 06:36

rgocs: Nov 9, 2011

https://www.straight.com/news/vancouver-real-estate-market-crackles-with-buyers-paying-more-than-500000-over-listed-price-of

quote:

Vancouver real estate: market crackles with buyers paying more than $500,000 over listed price of detached homes

Forget whatever illusions remain about affordable detached homes in Vancouver.

Nowadays, buyers are willing to pay more than $500,000 over the listed price of single-family homes.

A good example is 2930 West 28th Avenue.

Keller Williams Realty VanCentral listed the MacKenzie Heights area home on February 2, 2021 for $2,399,000.

The 80-year-old home with three bedrooms and four baths got a new owner after seven days on the market.

On February 9, a buyer picked up the two-storey home with a basement for $2,950,000.

The selling price was $551,000 over the listed price.

The transaction was tracked by Zealty.ca, a real-estate information site owned and operated by Holywell Properties.

According to the site, the sold price of 2930 West 28th Avenue was 23 percent more than its listed price.

B.C. Assessment placed the 2021 value of the property as of July 1, 2020 at $2,411,000.

The Straight regularly asks realtor David Hutchinson of Sutton Group-West Coast Realty about what’s happening in the market.

Hutchinson, who has been in the business for two decades, is often sought by media organizations for his observations and insights.

Interestingly, Hutchinson cites a recent deal in which a buyer also paid over $500,000 on top of the listed price.

RE/MAX Select Properties listed 3355 West 12th Avenue on February 6 for $1,988,000.

The small Kitsilano area home comes with four beds and two baths.

After five days, a buyer picked up the 76-year-old home.

On February 11, the property changed hands for $2,502,850.

This means that the purchase price was $514,850 more than the listed price.

Zealty.ca notes on its site that the sold price was 25.9 percent over its original asking price.

“Representing buyers ain't easy these days,” Hutchinson said.

The long-time realtor noted that buyers find properties that may not be ideal, but look like a “perfect deal”.

“We go see it, consider an offer, and then we realize it's going into multiple-offers,” Hutchinson said.

Buyers give it their best shot, often attaching no conditions to their offer, and then hope for the best.

“One buyer ultimately gets the home. The others are left dissappointed and back on the hunt,” Hutchinson said.

He also noted there are buyers who have been waiting from the sidelines, and ready to make a move once prices go down.

Unfortunately for them, the “bottom fell out, and the market spiraled in the other direction, which was up”.

“With selling prices of over a half-million dollars over asking, the days of any kind of dreamy affordability seem to be gone,” Hutchinson said.

# ? Feb 22, 2021 10:30

McGavin: Sep 18, 2012

Welcome to being priced out forever.

# ? Feb 22, 2021 10:46

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

Cold on a Cob posted:

My agent got a text while we were walking from our car to our first showing today telling us it was conditionally sold. Lol.

Update: Second showing they wouldn't let us in. Like key was missing from the lockbox and knocking on the door was ignored, we could hear people inside laughing. It was bizarre.

Third showing was a townhouse that reeked of cat piss and hadn't been updated since 1988. 700k asking price.

Cat piss townhouse sold for a bit over asking price.

A few 1BR condos in my neighbourhood sold for ~550k.

I'm loving done.

# ? Feb 22, 2021 13:39

mila kunis: Jun 10, 2011

Cold on a Cob posted:

Cat piss townhouse sold for a bit over asking price.

A few 1BR condos in my neighbourhood sold for ~550k.

I'm loving done.

Move to a better country, that's my plan

# ? Feb 22, 2021 15:52

Baronjutter: Dec 31, 2007; "Tiny Trains"

Did my BC spec tax thing today. God it was easy, I remember so many people complaining about this new incredibly onerous and confusing process they had to do. You get a letter with a code on it, you put this code into a website, confirm your details, click a couple check boxes that say yes you live here, yes you earn your money here, yes this is your primary residence. Done, it took all of 2 min.

Also we need to double or triple the spec tax.

# ? Feb 22, 2021 15:56

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

Here's a random anecdote from a random article about bidding wars in the GTA:

quote:

Just last weekend I showed an absolutely disgusting townhouse in a not so great part of Brampton. By disgusting I mean every wall was COVERED in filth, a kitchen that hadn�t seen a cleaning product in years, potential �fecal matter� on some of the rugs, and I am sure there had to be a bug infestation in there somewhere. We had to cut the showing short because it was just AWFUL and we didn�t want to touch anything. It was a complete gut job, everything had to go. It was listed for $425k. Just the previous week a nearly identical property in the same townhouse complex sold for $510k but it move-in ready condition (though the new listing had 3 parking spaces instead of 2 that the other had). My logical mind still valued this one less because of the extensive renovation that would be required before moving in. This mess of a property ended up getting 15 OFFERS and sold for $25,000 MORE than the nearly identical unit in much better shape that had sold just a week before.

Source, if anyone cares: https://www.torontocondos.org/how-to-win-a-bidding-war/

# ? Feb 22, 2021 18:21

Femtosecond: Aug 2, 2003

Baronjutter posted:

Did my BC spec tax thing today. God it was easy, I remember so many people complaining about this new incredibly onerous and confusing process they had to do. You get a letter with a code on it, you put this code into a website, confirm your details, click a couple check boxes that say yes you live here, yes you earn your money here, yes this is your primary residence. Done, it took all of 2 min.

Also we need to double or triple the spec tax.

Yep it's been no big deal at all, has put thousands of units on the market and generated tens of millions of dollars, but continues to make the rich furious because it specifically targets the ultra wealthy and denies them of their pied a terres that they feel they deserve. This is why it alone appeared in the Lib policy book last election as a core NDP housing policy the Libs would roll back.

Rob Shaw writes of the lingering criticism in the (Liberal mouthpiece) The Orca:

quote:

Is the Speculation Tax working? Depends who you ask.

New data on B.C.�s speculation tax continues to fuel debate over whether the tax is one of the most effective pieces of housing legislation in recent memory, or a bungled bit of populist policy that keeps getting worse with time.

Which version you believe probably has something to do with the party you voted for in the last election.

And unfortunately, the new numbers are unlikely to change the minds of most partisans.

The data showed British Columbians are now the largest group of people paying the province�s speculation tax. More locals with second condos and homes are getting dinged by the spec tax than foreign owners, other Canadians or satellite families.

That�s a huge shift from when the tax started in 2018 and was dominated by wealthy foreign owners who purchased properties (mainly condos in Metro Vancouver) and left them vacant as investments to flip in the future.

Part of this is excellent news for the New Democrat government.

The speculation tax appears to have scared away foreign owners of vacant properties, with their numbers dropping 48.9 per cent in the second year of the new fees.

Almost 3,500 vacant, foreign-owned, properties have been sold or rented in the first two years of the speculation tax.

That�s a remarkable achievement, one the NDP could trumpet if it wanted to. Yet those figures were nowhere to be found in the government�s press release.

Instead, they were buried halfway through a technical briefing document quietly linked at the bottom of the media release under the �learn more� section.

That�s likely because the success of the speculation tax in driving out foreign owners of vacant properties is a double-edged sword.

Once foreigners aren�t around to blame for that particular pressure on the still-unaffordable housing market, the uncomfortable reality begins to set in that perhaps British Columbians are the real speculators and vacant landlords after all.

No government wants to touch that one.

It�s one thing to blame foreign buyers and try to tax them. Both the previous BC Liberal government, and the current NDP government, have been only too happy to go that route.

It�s another thing altogether to target local voters, especially in Metro Vancouver, where the bulk of the vacant properties sit.

That leaves the NDP government with a choice: Declare victory and scrap the tax, or carry on and risk voters realizing the speculation tax is slowly turning into a wealth tax on those financially successful enough to own a second home?

Wealthy property owners have never been traditional New Democrat supporters.

It was an easy choice for Premier John Horgan when asked on Thursday.

�It�s an avoidable tax,� he said.

�This is something if you don�t want to pay it there are mechanisms in the marketplace you can avail yourself of � you can sell the property to someone who wants to live in it, or you can rent it out to someone looking for a place to live.�

Horgan said an �overwhelming number of British Columbians support this tax� and reiterated that 99 per cent of them don�t actually pay it.

He also brushed aside the idea that the $88 million in revenue generated in 2019 is important, even though it�s likely money a future B.C. government may need one day in the distant post-pandemic future as it seeks to rebalance its budget.

�It was not designed to be a revenue driver, it was designed to be a housing initiative,� he said.

�And I think it�s been successful.�

Backstopping the premier are the NDP partisans who�ve proven highly effective in framing the online debate about the speculation tax as a kind of class warfare.

If you are wealthy enough to own a second property, you deserve to pay an extra tax, they argue � even if the government initially said British Columbians wouldn�t be penalized by the speculation tax, and even if targeting locals with second homes wasn�t the stated rationale for the tax in the first place.

If you still think that�s unfair, then here�s a social media dogpile of people who make lower incomes than you who�d be happy to take your house and pay your taxes.

That defence is working for the NDP. For now.

But as B.C.�s housing market continues to ramp up to new record levels of prices and sales, it�s going to be increasingly difficult for Horgan to argue that the speculation tax is having any real impact on housing prices or rental vacancies, which were the main reasons for its creation in 2017.

Even Monday�s press release was a stretch.

�The tax has contributed to the ongoing moderation of the housing market and has not negatively impacted housing supply,� it read.

That was directly contradicted by the Ministry of Finance�s own financial update in December, which showed home sales and average prices in November reached levels not seen since 2016 when the B.C. housing market was so red hot that the then-NDP opposition was demanding immediate government intervention.

That defence is working for the NDP. For now.

There is no �moderation� occurring in B.C.�s housing prices at all, and certainly not because of the speculation tax.

The jury is still out, however, on the rental market. It�s possible the speculation tax did create new rental units that otherwise wouldn�t have been available. Rents in Victoria and Vancouver continue to trend upward, not downward. And the overall vacancy rate has not improved by any meaningful amount.

If the government intends to defend the tax for the long-haul, it�s going to have to find more tangible benefits to highlight within a red-hot market that shows no signs of cooling.

All this is to say: We haven�t heard the last of the speculation tax.

Oh, and check your mailboxes. Government starts mailing this year�s declaration forms next week.

The tax obviously worked extremely well in putting thousands of units onto the market and reducing foreign interest in Vancouver real estate. Of course housing remains unaffordable and house prices in 2020 have been spiking and so opponents of the spec tax have been going "aha! see it didn't work!" as if there wasn't currently a global pandemic and lock down effects which have completely upended the tea table and changed everything since when the tax was implemented. Even supply side left yimbys who talked down on the the spec tax, presumably because it was drawing attention away from their favoured housing solutions, have joined in with the right in gleefully pointed out that prices are rising, in hopes of proving that no, they weren't owned. We're all supposed to forget that prior to the global pandemic, in 2019 prices in Vancouver poo poo the bed and were down 15% and stagnating.

Of course that foreign buyers put their pied a terres up for rent and this generated several thousand vacant apartments overnight is just the tip of the iceberg impact of this spec tax. The other side of the iceberg is the unreported massive changes to the development industry in terms of what sort of product they are now producing as a response to the tax.

Prior to the spec tax developers in Vancouver were almost exclusively building condos, and companies like Westbank were bringing in starchitects like Kengo Kuma to create buildings that were marketed in Monocle magazine to a rich global audience amongst boat and watch ads. Of course the ads noted the sales offices in major asian cities.

Now that's completely gone. Developers are now building purpose built rental (PBR), not high end condos. Westbank has even started converting their already approved condo projects into rental.

This is the real significant change.

Ironically for the supply side yimbys that were pushing for more PBR development while also trashing the foreign buyer/spec taxes, these taxes have probably been more effective than anything else in encouraging PBR to get built.

Femtosecond fucked around with this message at 19:44 on Feb 22, 2021

# ? Feb 22, 2021 19:42

qhat: Jul 6, 2015

https://www.cbc.ca/news/gopublic/wire-transfer-fraud-1.5917139 posted:

Vivien Zheng says she will never forget the phone call that led to losing her family's entire life savings � $340,000.

The 43-year-old was rushing to her job, selling jewelry behind the counter in a downtown Vancouver department store, when her cellphone rang.

The caller said she was an employee at the Chinese Consulate in Vancouver, read off Zheng's driver's licence number, and told her she was a suspect in an international money-laundering scam.

Not really debt related but holy poo poo how stupid can one person be? Part of me wants to think she's in on the scam and playing victim as a cover for something, it's hard to believe that these scammers had her brand new drivers license info unless she's extremely loose with her personal details.

# ? Feb 22, 2021 21:02

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

qhat posted:

Not really debt related but holy poo poo how stupid can one person be? Part of me wants to think she's in on the scam and playing victim as a cover for something, it's hard to believe that these scammers had her brand new drivers license info unless she's extremely loose with her personal details.

You only hear about the ones that fall for it. Even if they have a .1% success rate, that's a lot of cash in the end.

# ? Feb 22, 2021 21:08

Sassafras: Dec 24, 2004; by Athanatos

Femtosecond posted:

Yep it's been no big deal at all, has put thousands of units on the market and generated tens of millions of dollars, but continues to make the rich furious because it specifically targets the ultra wealthy and denies them of their pied a terres that they feel they deserve. This is why it alone appeared in the Lib policy book last election as a core NDP housing policy the Libs would roll back.

Rob Shaw writes of the lingering criticism in the (Liberal mouthpiece) The Orca:

The tax obviously worked extremely well in putting thousands of units onto the market and reducing foreign interest in Vancouver real estate. Of course housing remains unaffordable and house prices in 2020 have been spiking and so opponents of the spec tax have been going "aha! see it didn't work!" as if there wasn't currently a global pandemic and lock down effects which have completely upended the tea table and changed everything since when the tax was implemented. Even supply side left yimbys who talked down on the the spec tax, presumably because it was drawing attention away from their favoured housing solutions, have joined in with the right in gleefully pointed out that prices are rising, in hopes of proving that no, they weren't owned. We're all supposed to forget that prior to the global pandemic, in 2019 prices in Vancouver poo poo the bed and were down 15% and stagnating.

Of course that foreign buyers put their pied a terres up for rent and this generated several thousand vacant apartments overnight is just the tip of the iceberg impact of this spec tax. The other side of the iceberg is the unreported massive changes to the development industry in terms of what sort of product they are now producing as a response to the tax.

Prior to the spec tax developers in Vancouver were almost exclusively building condos, and companies like Westbank were bringing in starchitects like Kengo Kuma to create buildings that were marketed in Monocle magazine to a rich global audience amongst boat and watch ads. Of course the ads noted the sales offices in major asian cities.

Now that's completely gone. Developers are now building purpose built rental (PBR), not high end condos. Westbank has even started converting their already approved condo projects into rental.

This is the real significant change.

Ironically for the supply side yimbys that were pushing for more PBR development while also trashing the foreign buyer/spec taxes, these taxes have probably been more effective than anything else in encouraging PBR to get built.

Down 15% and stagnating is a fairly credulous interpretation of the lowest point on detached, in a low volume month, in a graph that is naturally pretty jaggy. SVT was announced with the Feb 20th 2018 budget, I'm not sure/checking about how much detail was available at the time.

Detached wasn't the least bit stagnant except for the whole "topping out in 2016" thing, and the market was hot as heck well pre-pandemic.
Attached stayed hot well past announcement, dipped a bit then came back with detached -- it's worth noting in both cases that interest rates were higher for all of 2018 and came back down in 2019.
The "thousands" of units would be predominantly condos which moved what, 6% peak to trough?

# ? Feb 22, 2021 21:24

Sassafras: Dec 24, 2004; by Athanatos

Sassafras posted:

Down 15% and stagnating is a fairly credulous interpretation of the lowest point on detached, in a low volume month, in a graph that is naturally pretty jaggy. SVT was announced with the Feb 20th 2018 budget, I'm not sure/checking about how much detail was available at the time.

Detached wasn't the least bit stagnant except for the whole "topping out in 2016" thing, and the market was hot as heck well pre-pandemic.
Attached stayed hot well past announcement, dipped a bit then came back with detached -- it's worth noting in both cases that interest rates were higher for all of 2018 and came back down in 2019.
The "thousands" of units would be predominantly condos which moved what, 6% peak to trough?

Mortgage rates are generally in the vicinity of GOC 5Y + 1% but lag a bit when bond rates fall ... did anything else POSSIBLY happen that correlates to prices from 2015 to 2018?

Sassafras fucked around with this message at 21:54 on Feb 22, 2021

# ? Feb 22, 2021 21:51

Femtosecond: Aug 2, 2003

Sassafras posted:

Down 15% and stagnating is a fairly credulous interpretation of the lowest point on detached, in a low volume month, in a graph that is naturally pretty jaggy. SVT was announced with the Feb 20th 2018 budget, I'm not sure/checking about how much detail was available at the time.

Detached wasn't the least bit stagnant except for the whole "topping out in 2016" thing, and the market was hot as heck well pre-pandemic.
Attached stayed hot well past announcement, dipped a bit then came back with detached -- it's worth noting in both cases that interest rates were higher for all of 2018 and came back down in 2019.

If you want to go around fishing for graphs that really show the measure of what was going on in the short one year of 2019 before the pandemic changed everything look for sales numbers. Sales were pulling back and volume was piling up. eg. Vancouver home sales fall nearly 40 per cent in January, as prices pull back

Price declines lag sales, so if there was going to be any significant decrease in house prices, it was gonna be due to a sufficiently long period of depressed sales and accumulating volume. IMO we were starting to see that. Condos I was watching in Chinatown for example sat around all summer and the listings were being terminated instead of selling. The place I bought in autumn 2019 was on deep discount.

And then of course the pandemic happened, people realized that working from home in their shoebox condo was gonna be painful, interest rates went to zero and the situation entirely changed.

This is my whole point really. We can never really know what the mid and long term impact of the spec tax on prices could have been since the entire situation so radically changed so quickly. The shift in housing preferences and low interest rates easily dominated whatever impact the spec tax had.

Anyone who points to current prices and sales and makes any comment on the spec tax is being insincere in not mentioning the pandemic.

Sassafras posted:

The "thousands" of units would be predominantly condos which moved what, 6% peak to trough?

That prices shrugged off thousands of units appearing overnight goes to show how weak the supply side argument that simply adding more supply would lower prices is.

YIMBYs treat every mid rise building that gets approved by council as some sort of major victory. If we measured the amount of units brought in by this policy as some sort of fairly typical 100 unit 5-6. story mid rise condo building, well this policy created 35 of those over night! Seems like a big victory for creating more supply to me but YIMBYs on twitter still need to disparage the spec tax to this day because they were on the wrong side of the argument and can't give up.

# ? Feb 22, 2021 22:16

Less Fat Luke: May 23, 2003; Exciting Lemon

https://twitter.com/blogTO/status/1363906425181855748

Brand new loving build and they couldn't be arsed to make hot water work.

# ? Feb 23, 2021 04:09

qhat: Jul 6, 2015

I love living without indoor plumbing. Brings me back to the 1800s.

# ? Feb 23, 2021 04:24

Beelzebufo: Mar 5, 2015; Frog puns are toadally awesome

Less Fat Luke posted:

https://twitter.com/blogTO/status/1363906425181855748

Brand new loving build and they couldn't be arsed to make hot water work.

So are these scams or what. Like jesus I have never lived in an apartment that had nearly these issues and I've lived in student apts. in Sandy Hill in Ottawa. Laundry room never didn't look like a place you'd get murdered, complete with flickering flourescents, but I was never trapped in the elevator for an hour.

# ? Feb 23, 2021 04:52

Booourns: Jan 20, 2004; Please send a report when you see me complain about other posters and threads outside of QCS

~thanks!

Leaky condos Mk. 2 is gonna be great

# ? Feb 23, 2021 05:44

Alctel: Jan 16, 2004; I love snails

Less Fat Luke posted:

https://twitter.com/blogTO/status/1363906425181855748

Brand new loving build and they couldn't be arsed to make hot water work.

Hahaha holy gently caress.

My sailboat that I lived in for 7 years and cost me 15k had loving hot water.

# ? Feb 23, 2021 07:30

Sassafras: Dec 24, 2004; by Athanatos

https://twitter.com/TheHabistat/status/1359524333354274816?s=19

Adjusted for income, lol are Edmonton/Calgary ever cheap.

# ? Feb 23, 2021 11:00

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

The Little Death posted:

So are these scams or what. Like jesus I have never lived in an apartment that had nearly these issues and I've lived in student apts. in Sandy Hill in Ottawa. Laundry room never didn't look like a place you'd get murdered, complete with flickering flourescents, but I was never trapped in the elevator for an hour.

It sure feels like build quality is getting worse and worse. The condo building I rent in sued the builder twice in the six years it has been around for flooding issues and some weird chemical staining in the lobby.

The elevator is constantly breaking, the carpets on my floor are already threadbare, there's a waterfall near my underground parking stall every spring, etc. It's a poo poo building.

# ? Feb 23, 2021 14:25

Slotducks: Oct 16, 2008; Nobody puts Phil in a corner.

And people have the loving gall to ask me "why don't you just buy a condo? Start small, y know?"

# ? Feb 23, 2021 17:05

qhat: Jul 6, 2015

Leasing agreement is the best insurance contract you can sign in 2021

# ? Feb 23, 2021 17:16

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

We're going to wait and see if our landlord relists and if she does then we're going to rent elsewhere. It sucks eating a potential ~400/mo rent increase but there's just too much risk with a condo as it is, and now that they've doubled in price in like five years here the risk is magnified even more.

# ? Feb 23, 2021 17:19

leftist heap: Feb 28, 2013; Fun Shoe

I figured it was inevitable, but today it finally happened a developer approached my duplex neighbor about selling. I haven't talked to them yet so I have no idea what kind of offer they'd make. I'm amenable to the idea if the offer is good, but the problem is that the market is pretty bonkers right now so I'd be just stuck trying to find something in a crazy market.

Figured this would happen since multiple lots near me have been developed into townhouse complexes or stratas.

# ? Feb 24, 2021 00:50

qhat: Jul 6, 2015

Figure out clandestinely if your neighbours are going to sell to that developer and then hold out until you�re the last man standing

# ? Feb 24, 2021 00:55

EngineerJoe: Aug 8, 2004; -=whore=-

Just make sure you're not in a position to end up being a spite house

# ? Feb 24, 2021 00:59

Less Fat Luke: May 23, 2003; Exciting Lemon

And don't be like that family in Toronto who watched the other half of their duplex get demolished with no regard for things like walls.

Edit: Wasn't sure I could find it!

https://nationalpost.com/news/toronto/home-sweet-homewreck-this-is-the-worst-reno-story-you-will-ever-hear

# ? Feb 24, 2021 01:02

Adbot: ADBOT LOVES YOU

# ? Apr 19, 2024 22:35

leftist heap: Feb 28, 2013; Fun Shoe

qhat posted:

Figure out clandestinely if your neighbours are going to sell to that developer and then hold out until you�re the last man standing

He seems ambivalent. I think he'd take it for a good price but he said otherwise he's happy to stay there forever. That's basically how I feel. If someone's gonna give me a shitload over assessment then it's hard not to take the money and run.

# ? Feb 24, 2021 01:11

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

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