You have a fundamental misunderstanding of how insurance works, which is common amongst many people. A requirement to provide insurance (legally) is that insurance companies are hedged by one another. If you just give money to some idiot on the street in richmond, then yeah you probably fucked up.

But assuming you have the correct coverage, through a reputable (legal) insurance company, they can and will pay. I'm not saying they wont try some greasy stuff to get out of paying, but you need to be smart and make sure you have the right coverages, and protect your interests.

Katrina is a prime example, insurance paid out after katrina was like $40+ Billion dollars. in the aftermath of course rates rose, as companies realized the potential, this was justified considering what happened later (rita).

In their eyes, your house might be worth nothing, but the land is where the value is. Therefore, you're still wealthy enough to not need support. O'Canada :awwyeah:

Leaky condos would be the argument on the other side

I'm surprised that it is only a 0.5% hike as well, instead of a 0.75% hike. I was really expecting a 0.75% hike too.

Freeland has recently shifted her tone from emphasizing Canada's strong economic recovery as the pandemic wanes and the low unemployment numbers to warning of some tough times ahead. She was quoted for saying:

"Mortgage payments will rise. Business will no longer be booming," Freeland said. "Our unemployment rate will no longer be at its record low."

so I'd say at least our Finance Minister isn't blind to what is happening out there. Still, the BoC has indicated before that it is easier to correct an overly aggressive rate hike than to make up for one that is too soft, and that is why I was still expecting the 0.75% hike instead of the 0.5% hike that we get. I guess we'll see what happens up ahead in December.

Then you have a case like this one.

https://globalnews.ca/news/9222710/b...oung-children/

I hope there is more to the story cause that is really F'd up if that was the case.

That bylaw isn't wrong, 1 bedroom allows 2 people/2 bedroom allows 4 people. Should've flown under the radar (ask for forgiveness instead of permission). Also wonder if their realtor actually read the bylaws and notified the buyers, I assume, no, otherwise this story wouldn't exist

I wonder how far this will go.
With the current housing situation, I wonder if the government will step in and do something.

https://www.redfin.ca/bc/burnaby/887...home/155191292

Thoughts on a home with a reverse floor plan? Meaning the upper level is the living/dining room and main floor where you walk into the house are the bedrooms.

I thought it was pretty interesting. Not sure if I would like that, but it might work? I'd be curious to actually see this space in person.

Well it's got 3 kitchens, so it's meant to be rented out.

Soundproofing better be A++. As a land lord, last thing I want my family to hear at bed time would be my tenants' night time business. FailFish

The tenanted suite looks like would be the lowest of the 3 levels.

So from top to bottom you'd have:

2: Main Suite Living Room
1: Main Suite Bedrooms
L: Tenant suite

I think the living room on the top floor is a neat idea, especially with the views of that location.

Although the modern box style and concrete slab of a backyard would never work for me personally. (I need gardens, grass and trees)

Well, I chose to lock in at 5.37% yesterday for 3 years. My logic was that I was going to be at 5.2% by end of year one way or another (I was at 4.2% yesterday) and I figured there was going to be another increase early next year so even if rates come back down in 2024/2025 I'll be around break even compared to riding it out. By fixing I don't have to think about it for 2.5 years (I can renew 120 days out). Worst case I might have overpaid by .5% - a price I'm willing to pay against even more increases.

Also, I said a while back that if my payments hit $10k/mo that I'd have to start an OnlyFans where I show people my butthole for money and fixing now avoids that fate for both sides.

I had to list a TH in S. Surrey earlier this year. Strata found out it was tenanted and forced the owner to vacate the renter, single dad with 2 young kids, due to the complex already at rental cap. I know of 3 other units in the same complex that had to do the exact same. I felt so bad for the single dad I ended up helping find another TH for them to move into

How the hell would the strata know how many kids you have before you bought it or if it's rented out when you sell unless it was written on the listing? :pokerface:

I can't say for sure how strata found out regarding the family but in my instance, strata was sneaky. They redid all the roofs and overcharged every unit. Once done, they knocked on all the doors and asked who to address for the rebate cheque. They cross referenced and outed the over capped tenants.

What assholes. This kinda of stuff is racism and classism packed in one - minorities and low income folks are the most likely to need to pack more people in than others.

And this is why I say don't buy buildings with rent caps or restrictions sounds like a bunch of Karens :rukidding:

accidentally clicked page 1

GUYS this thread is exactly 10 years old lol

anyone know if he ever did? KEKW

Love the headline from the article that started the thread: https://www.cbc.ca/news/canada/briti...ices-1.1142304

Garth Turner's predictions turned out worse than a clock cause at least a clock is right twice. I bought into his fear mongering back then and missed out on opportunities to buy real estate (to live or invest in).

For what it's worth SFHs have roughly doubled in 10 years so maybe Garth will finally be right this year.

Buying a SFH when this thread started would have been the best investment you ever made

10x 964s would have been better. My crystal ball was broken.

I legit lost close friends over what Garth said back then. I knew quite a few ppl working in casino's, in real estate and immigration lawyers back then and they were all telling me of the flood of shady money entering the RE market.

Friends wanted the data on it and that Garth was completely right. Got so heated that I had to leave a 2009 Thanksgiving dinner so punches wouldn't be thrown :lol

bored of housing bubble. we should all buy yachts and go live on those instead.
https://comb.io/6Q6c2T.gif

I wish I could find the thread that preceeded this one where 4444 was talking about Garth.

I really want to ask him if he is still living in the same place with the same LL.

Based on the local news and what I see on the news from the US, many LL's are finding ways to kick tenants out so they can re-rent at a higher price.

I think this was that other real estate thread from earlier 2012

https://www.revscene.net/forums/6702...slowing-5.html

LOL at the 2nd post:

Only if it's that junker I posted the other day: https://realtylink.org/en/apartment~...w=Summary&uc=2