COVID and the housing market

[mimico_polak]

Can the housing market please crash

You do understand that if there is a market crash....EVERYTHING ***** the bed right? There’s probably a good chance you, along with hundreds of thousands of others, will lose their jobs, the entire economy tanks....but yes, let’s hope for that.

Millions of people become broke in their retirement years, entire industries can collapse. LoL

The problem is that the Canadian economy is so intertwined with housing we’re all ****** if this thing fails.

oh yes, and good luck buying a house in a crash if you’re not cash heavy.

 

[Priller]

Isnt that everything? Fire all the media and politicians and the world would mostly be a better place.

While I know this was said in jest, I can't resist pointing out that in both cases, they are a distorted reflection of us. The 'media' is purely a product of what we watch and/or click on, and politicians are a result of who we actually vote for.

In some ways, news media is more like that than ever, as it has been monetized and chases ratings and clicks just as much as any fake reality show or prime time drama. If we want better news, we need to demand it, and pay for it.

As for politicians, I've said it before, but a truly honest one would never get elected. Needing to appeal to a broad base forces obfuscation and generalities to allow for the illusion that everyone will be catered to.

 

[GreyGhost]

As for politicians, I've said it before, but a truly honest one would never get elected. Needing to appeal to a broad base forces obfuscation and generalities to allow for the illusion that everyone will be catered to.

So if we can only elect liars with no moral compass aren't we all better off to eliminate democracy theatre and just have civil servants running the country?

 

[油井緋色]

So if we can only elect liars with no moral compass aren't we all better off to eliminate democracy theatre and just have civil servants running the country?

We could just make politicians accountable for what they say.

They should have clear SLAs they must hit based on the above. If they don't, it comes out from their pay.

While I know this was said in jest, I can't resist pointing out that in both cases, they are a distorted reflection of us. The 'media' is purely a product of what we watch and/or click on, and politicians are a result of who we actually vote for.

In some ways, news media is more like that than ever, as it has been monetized and chases ratings and clicks just as much as any fake reality show or prime time drama. If we want better news, we need to demand it, and pay for it.

As for politicians, I've said it before, but a truly honest one would never get elected. Needing to appeal to a broad base forces obfuscation and generalities to allow for the illusion that everyone will be catered to.

The CNN boss was on Twitch a few weeks ago saying "people like to panic."

A friend recently sent me an article saying "Tech companies who supported BLM have the least black workers." I asked her why that matters? She pointed out the companies are hypocritical.

And the sky's ******* blue lol

There are far more pressing matters to deal with that have longer reaching effects...like maybe stopping Rogers and Bell from lobbying so we can break up their oligopoly, creating more jobs and better prices. But that's harder to write an article on. Somebody's gotta die so we can sensationalize it by pulling them emotional strings.

I'm also really ******* cynical so excuse me lol

 

[GreyGhost]

We could just make politicians accountable for what they say.

They should have clear SLAs they must hit based on the above. If they don't, it comes out from their pay.


The CNN boss was on Twitch a few weeks ago saying "people like to panic."

A friend recently sent me an article saying "Tech companies who supported BLM have the least black workers." I asked her why that matters? She pointed out the companies are hypocritical.

And the sky's ******* blue lol

There are far more pressing matters to deal with that have longer reaching effects...like maybe stopping Rogers and Bell from lobbying so we can break up their oligopoly, creating more jobs and better prices. But that's harder to write an article on. Somebody's gotta die so we can sensationalize it by pulling them emotional strings.

I'm also really ******* cynical so excuse me lol

Hahaha, JT's head would spin when he realised not even his trust fund could save him from the tens of billions he owed us. I don't think it would finally hit home until he was in line at the salvation army wondering what happened.

 

[Deleted member 50930]

You do understand that if there is a market crash....EVERYTHING ***** the bed right? There’s probably a good chance you, along with hundreds of thousands of others, will lose their jobs, the entire economy tanks....but yes, let’s hope for that.

Millions of people become broke in their retirement years, entire industries can collapse. LoL

The problem is that the Canadian economy is so intertwined with housing we’re all ****** if this thing fails.

oh yes, and good luck buying a house in a crash if you’re not cash heavy.

It's got to happen

 

[mimico_polak]

It's got to happen

So what level do you want? 20...30...50% drop?

 

[Deleted member 50930]

So what level do you want? 20...30...50% drop?

I'm not sure, all the experts have different opinions on how to fix this.

Recent article

Canada’s Housing Market Is Out of Control

House prices and rents in Canada are skyrocketing. There’s only one solution to the social crisis this has caused: a massive expansion of public housing, releasing people from dependence on a rigged market.

www.jacobinmag.com

 

[GreyGhost]

I'm not sure, all the experts have different opinions on how to fix this..

Can't be fixed. Even at a 50% drop housing would be unaffordable for median income. That would also trigger a bloodbath dropping median income substantially. Gov't needed to step in long ago and stop housing running away. They chose to be spineless fools and here we are. No way back.

 

[Deleted member 50930]

Can't be fixed. Even at a 50% drop housing would be unaffordable for median income. That would also trigger a bloodbath dropping median income substantially. Gov't needed to step in long ago and stop housing running away. They chose to be spineless fools and here we are. No way back.

Ya, then we are heading for property values like Singapore, South Korea, China etc.

Good luck folks

 

[油井緋色]

It's got to happen

Just gonna say...I understand how you feel because I was there and felt the same way.

Then I got a place.

You know what feels really good? Pushing past all the noise and whining about not being able to get a home, then getting one, and looking at the noise from the other side. You and I both know you want it to crash so the entry bar is lower (aka. easier.)

If my stumbling ass that graduated 4 years late pulled it off with no family help, so can you.

 

[mimico_polak]

I’m cool with 30%. It’ll still be above where I bought, and then it would allow me to buy another property to be a landlord again.

And I’ll reiterate our private comments @george__ ... don’t listen to the Reddit folks. They all hate home owners and landlords until they become them.

 

[Deleted member 50930]

Just gonna say...I understand how you feel because I was there and felt the same way.

Then I got a place.

You know what feels really good? Pushing past all the noise and whining about not being able to get a home, then getting one, and looking at the noise from the other side. You and I both know you want it to crash so the entry bar is lower (aka. easier.)

If my stumbling ass that graduated 4 years late pulled it off with no family help, so can you.

Working-class will still suffer then .....

Blah I sound socialist oh well

 

[油井緋色]

Working-class will still suffer then .....

Blah I sound socialist oh well

We're ****** regardless.

Government printed $300b last year. Retiring boomers and gen x out number the working class (aka. government cannot pay pension lol.) Income gap is getting significantly worse (you're either $150k+ family income, or bust.)

Sky's always gonna keep falling. Just gotta keep going and block the noise.

 

[Priller]

So if we can only elect liars with no moral compass aren't we all better off to eliminate democracy theatre and just have civil servants running the country?

It's an imperfect system, but better than any alternative tested to date.

Personally, I'd like to see a more realistic approach around services vs taxes, as that's typically the biggest gap between promises and reality. To do that, we need to get away from the simplistic "this or that" thinking that dominates our political discourse. Public programs have pros and cons, private programs also have pros and cons. Despite many assumptions, one isn't naturally superior to the other, and each has its place. Each is also vulnerable to mismanagement and greed and needs vigilance to limit excesses.

The biggest danger is cynicism and apathy leading to a disengaged populace that doesn't punish excess on either side...

The CNN boss was on Twitch a few weeks ago saying "people like to panic."

Facebook's revenue shows there's plenty of profit in farming fear and outrage, even if you don't generate the content...

So what level do you want? 20...30...50% drop?

Just enough so *I'm* not underwater on my mortgage!

There is a very real danger around the sustainability of an economy where such a huge percentage of income goes into housing. Banks love it, but time will tell if it can be maintained in the long run. Water swirls around the toilet bowl for a while, but it disappears eventually...

Working-class will still suffer then .....

Blah I sound socialist oh well

Labels are dangerous, especially when applied with the simplistic fervour of US political discourse. There's nothing anti-capitalist about caring about the economic health of those with lower income. The assumptions about the cause and solutions to the problem may differ, but caring about the collective good doesn't have to be antithetical to belief in a capitalistic system. I would argue that one of the key failings of the current popular mode of US capitalism is it tends to minimise the overall benefits of helping others. That hasn't always been the case...

 

[油井緋色]

Labels are dangerous, especially when applied with the simplistic fervour of US political discourse. There's nothing anti-capitalist about caring about the economic health of those with lower income. The assumptions about the cause and solutions to the problem may differ, but caring about the collective good doesn't have to be antithetical to belief in a capitalistic system. I would argue that one of the key failings of the current popular mode of US capitalism is it tends to minimise the overall benefits of helping others. That hasn't always been the case...

The capitalistic system is ****** in the current form. Example: AMC and GME. Guys holding the money have too much power. Robinhood halted AMC yesterday because whoever has money told them to as the rally was done by retail traders. Playing field isn't equalized.

We also have companies lobbying (should be illegal) and taking over governments. USA is obviously controlled by FAANGs. What is Canada controlled by? Natural resource companies?

Not sure how to fix this in the long run but it opens the idea that communism is better for those who don't look into why communism is bad (TL;DR: human has to control resource, humans are corrupt, don't do communism lol.)

 

[timtune]

consider selling the second place there's talk of cap gains going from 50% to 75%. JTs got to pay for covid some how.

 

[nobbie48]

We're ****** regardless.

Government printed $300b last year. Retiring boomers and gen x out number the working class (aka. government cannot pay pension lol.) Income gap is getting significantly worse (you're either $150k+ family income, or bust.)

Sky's always gonna keep falling. Just gotta keep going and block the noise.

Government is a Ponzi scheme. The new investors needed to perpetuate the scam are our children and new immigrants.

Politicians would never get elected if they were honest in their campaign.

We are screwed. If everyone cut back, practising austerity, the stock market would collapse because it depends on infinite growth.

Tension and fears drive the markets. Content people don't spend on baubles. Make a person feel inferior and they buy new cars, clothes and other show-and-tell items.

Is it possible for an individual to fight it? Live modestly within your means and become financially stable.

Then when the Ponzi scheme is about to collapse the government takes your stuff to to dish out to the zombies.

IE: Granny is living in her lifetime modest house but the area has become exclusive. Property taxes based on market value assessment make it financially impossible for her to remain there. She sells, ends up with a bunch of cash and the vultures swoop in and pluck her eyes out.

 

[Priller]

The capitalistic system is ****** in the current form.

Yes, though the wacko US system isn't the only one (and theirs wasn't always like it is, it's been hijacked). Northern Europe and Japan have a different approach that seems to work okay, but requires most to play by the rules and pay their taxes. They also have major issues with aging populations, but that's a bigger discussion...

 

[BB722]

You do understand that if there is a market crash....EVERYTHING ***** the bed right? There’s probably a good chance you, along with hundreds of thousands of others, will lose their jobs, the entire economy tanks....but yes, let’s hope for that.

Millions of people become broke in their retirement years, entire industries can collapse. LoL

The problem is that the Canadian economy is so intertwined with housing we’re all ****** if this thing fails.

oh yes, and good luck buying a house in a crash if you’re not cash heavy.

That's the type of thinking that actually gives the confidence to go full ape mode in flipping houses as well, there's no way the govt will let it bust right? too much at stake?