[BeaverFever]

$1:

Given your ideas on money management it's probably a sound choice on your part to avoid having any investments.

Meh is that all you got now, cheap insults?

Also, where did I provide any ideas on money management?

[BRAH]

Regina Regina:

BRAH BRAH:

What it comes down to is buying a home within your means.

True!
We bought a small affordable home that we paid off quick (9 years) then lived for free and saved till found one we liked. Paid cash for it and still didn't have a mortgage. I could never understand why someone would buy some huge place they can't afford thinking someday they can afford it.

I bought an afordable condo sold it at the right time making a decent profit which I put towards another affordable condo which is easier to sell that than a huge house that could spend months on the market.

[Freakinoldguy]

BRAH BRAH:

Regina Regina:

BRAH BRAH:

What it comes down to is buying a home within your means.

True!
We bought a small affordable home that we paid off quick (9 years) then lived for free and saved till found one we liked. Paid cash for it and still didn't have a mortgage. I could never understand why someone would buy some huge place they can't afford thinking someday they can afford it.

I bought an afordable condo sold it at the right time making a decent profit which I put towards another affordable condo which is easier to sell that than a huge house that could spend months on the market.

Strange because up here it's usually condo's that sit and houses sell.

[Unsound]

BartSimpson BartSimpson:

BeaverFever BeaverFever:

Umm nice try.

Nice try yourself.

BeaverFever BeaverFever:

First, I'm talking about a tax on the value of the home when you sell it, not on the ongoing property tax.

Don't you think landlords will take that tax of yours into consideration when they start to plan on selling a property?

Myself, I'd simply amortize the cost of the projected tax into my stated revenue goals and pass the cost on to my tenants.

No way in hell am I going to just eat it. Nor will anyone else. I'm not running a fucking housing program, I'm looking to subsidize my retirement.

Also, you're all upset about speculators making $$$ in an up-market but don't forget that when markets turn sour and speculators lose money the people who often benefit are first-time home buyers.

If I understood the plan correctly, you wouldn't pay the extra tax if you owned the property for more than 2 years, so you wouldn't be affected by it Bart. Unless you plan to sell revenue properties after less than 2 years of ownership.

[BeaverFever]

Well you have to live in it for 2 years, not just own it. Its the same rules as the capital gains tax, im not inventing it.

[Unsound]

BeaverFever BeaverFever:

Well you have to live in it for 2 years, not just own it. Its the same rules as the capital gains tax, im not inventing it.

In that case I don't like it. Long-term investors, as opposed to short-term speculators, are a good thing.

[BeaverFever]

Agreed but how to identify bonafide investors from speculators? So maybe there's another exception that can be invented if the investment property is held for say 8 years. I don't know what the magic number is but I think it's definitely north of 5 yrs.

[wildrosegirl]

BeaverFever BeaverFever:

Umm nice try.

First, I'm talking about a tax on the value of the home when you sell it, not on the ongoing property tax. I have no problem with owning income property - that actually seems to be fairly stable. And since nobody really builds apartments anymore, privately rented condos is the most of the new rental stock.

What I'm talking about is the people who buy property for express purpose of selling it a short time later without ever having lived in it, and expecting to double their investment in 5 years. That's why peple can't afford to buy their home.

That's called business. If you want to screw someone making a quick buck, go after taxing the shit out of the big corporations - not the little guy who works his ass off to scrape up the down payment for a second mortgage on a rental unit.
Most (and I mean most) of the people who can't afford to buy a home simply can't be bothered to manage their finances, live within their means and make sacrifices to put money aside It's this bullshit, instant gratification society we live. They'll bitch about living in a shitty rental, while their vehicle, holiday trailer, quad, snowmobile and Visa are the real reason they have no savings. People need to learn to prioritize, live within their means and get their shit together instead of doing what they're doing and playing the martyr.

[wildrosegirl]

Freakinoldguy Freakinoldguy:

Strange because up here it's usually condo's that sit and houses sell.

Everything sells here. It's crazy..

The only thing "sitting" on the market right now are the $700,000+ properties, and that just serves them right.

[BeaverFever]

wildrosegirl wildrosegirl:

BeaverFever BeaverFever:

Umm nice try.

First, I'm talking about a tax on the value of the home when you sell it, not on the ongoing property tax. I have no problem with owning income property - that actually seems to be fairly stable. And since nobody really builds apartments anymore, privately rented condos is the most of the new rental stock.

What I'm talking about is the people who buy property for express purpose of selling it a short time later without ever having lived in it, and expecting to double their investment in 5 years. That's why peple can't afford to buy their home.

That's called business. If you want to screw someone making a quick buck, go after taxing the shit out of the big corporations - not the little guy who works his ass off to scrape up the down payment for a second mortgage on a rental unit.
Most (and I mean most) of the people who can't afford to buy a home simply can't be bothered to manage their finances, live within their means and make sacrifices to put money aside It's this bullshit, instant gratification society we live. They'll bitch about living in a shitty rental, while their vehicle, holiday trailer, quad, snowmobile and Visa are the real reason they have no savings. People need to learn to prioritize, live within their means and get their shit together instead of doing what they're doing and playing the martyr.

None of what you describe is the case in Toronto, or as I understand, Vancouver. It's neither correct nor fair to say that people who can't afford housing in TO or Vancouver lack moral character. Similarly it's neither correct or sincere to portray the market speculators as "little guys". Maybe that's the case in your neck of the woods but not here. The housing bubble is a real problem here that's talked about regularly.

[wildrosegirl]

BeaverFever BeaverFever:

None of what you describe is the case in Toronto, or as I understand, Vancouver. It's neither correct nor fair to say that people who can't afford housing in TO or Vancouver lack moral character. Similarly it's neither correct or sincere to portray the market speculators as "little guys". Maybe that's the case in your neck of the woods but not here. The housing bubble is a real problem here that's talked about regularly.

I'll give you Vancouver and Toronto. Those cities do bring their own dynamic to the table.

Speculators can be any size. Us little guys aren't out to make millions, but you don't buy a rental property to lose money either. Keep the tax hikes directed at the big guys, will ya? Us little guys just want a few more bucks in the retirement pot.

[BeaverFever]

Well given the house prices here, the house flippers are mostly big guys. And as I said I wouldn't expect every city and town to have the tax, since housing markets are different everywhere

[bootlegga]

I find it hard to feel sorry for people who inflict this financial hardship on themselves.

It's all about priorities - if you want all the toys, then you shouldn't also expect to own a huge house unless you have a high six-figure income. Even in places like Vancouver and Toronto, it's a matter of living within your means. Sometimes that means renting for a decade while you save or buying in the suburbs first or buying a condo instead of a house.

[Freakinoldguy]

wildrosegirl wildrosegirl:

Freakinoldguy Freakinoldguy:

Strange because up here it's usually condo's that sit and houses sell.

Everything sells here. It's crazy..

The only thing "sitting" on the market right now are the $700,000+ properties, and that just serves them right.

That's a 300 square foot condo in Vancouver.

[BRAH]

Freakinoldguy Freakinoldguy:

Strange because up here it's usually condo's that sit and houses sell.

Location is everything.