I can tell you they didn't contact us to build prefab materials factories, so forget access to materials and buildings produced at the scale of their delusions.
I am so grateful for a realtor many years ago for educating me on leaseholds when I was buying my first condo. I remember him saying "I wouldn't touch one with a 10 foot pole" I ended up buying a strata in not as a prime location (then). Fast forward several years and an aquaintence bought a leasehold condo in the west end. We all tried to talk her out of it, but she went ahead and now 8 years later she is being faced with several huge assessments for building repairs and has been told there are more coming.
It's great to know that the government is ensuring that we will have sustainable slums in our community for generations to come. One suggestion: they might sell better if they sold them as "iconic" government housing. I've heard from reliable sources that this is an effective marketing technique, will little upfront cost. . .
Good points Owen, We were previusly looking at leasehold condos and townhouses up at SFU because it's a a great place to live and we work near Burnaby mountain or at home (hybrid). The problem is like you said it would have been a bad investment, so for that reason we decided to by a freehold strata unit off the mountain although still in Burnaby. I was surprised that the cost of these SFU leadhold condos are only a little bit less than freehold strata units in Burnaby. Like maybe 10% less if even that. My BC Assessments shows the majority of the value on the land so what's the point. Likely the same story at UBC as I heard they havel leasehold units there too.
The assessments are higher on those properties because of the proximity to top class Universities. It can be served as a residence for your children, rental market strong, since its University endowment land, there is little to no risk of penalty. Rent can easily go for $3000+ there. For that alone, it is worth the price.
It is practically impossible to build the housing targets that Trudeau is estimating we need. I work in the construction industry and the resources are simply not there.
Will be interesting to hear Owen's next video on the changes to allow 30 year mortgages and mortgage insurance on 1.5 mill properties. Seems to me that instead of creating conditions to enable developers to make homes they are just allowing people to drown themselves in more debt (and for longer) for the same amount of stock that is available now. My guess is this change will not help young people but have the opposite effect. It will help banks, since they can lend more and the big loan is guaranteed by the gov (i.e. the tax payer). Hi, I'm from the government and I'm here to help you...
Same genius move his old man Pierre did when he meddled in the Alberta oil patch with the creation of Petro Canada, there isn't an imaginative thought in this kids head
Hi Owen, do you care to make a video about the UHT? I have just been slammed with an 8K late filing penalty (4 properties x 2k). My accountant didn’t give me a timely heads up and since this is the 2nd year since existence it wasn’t engrained in me yet. Our 4 properties are 100% rented so we don’t owe any taxes. It feels so wrong for being charged so much for basically sending back a blanc form. This government makes owning properties so difficult that I seriously consider throwing my hat and just invest in stocks if it wasn’t for my kids. Thanks
Agree, that's where this is all going as usual, tax increases as the bureaucracy grows, doing things for 10 times the cost that the private sector could have done if the bureaucrats actually understood the conditions that the private sector needs to thrive. Government projects and employment based on taxation do not increase the country's economy, what new and growing non-government revenue will be taxed to pay for all this? I never hear any plan to actually grow the economy, just keep increasing the taxes on the current (and seemingly shrinking) economy.
After living in US, the whole 'leasehold' and crown land seems laughable to me. Reminds me of British monarchy. In US, its hard to find leasehold properties.
Housing is a private sector issue. If there is a demand for housing, then that demand will be met with supply. That's how a free market works. Why is there a shortage? Rent controls, and laws that overly protect the tenant (ex. eviction laws). The government has made allocating capital into building rentals too risky with not enough reward. Better to put your capital to work in the equity market or starting businesses in less regulated industries. We need a free housing market. The cure for high prices is high prices. The trouble is that people don't understand basic economics and politicians are expected to do something, when the best thing they can do is simply step away.
I can tell you they didn't contact us to build prefab materials factories, so forget access to materials and buildings produced at the scale of their delusions.
It's all just a socialist wild dream with zero chance of ever happening.
JT is the worst thing that's happened to Canada since WW2.
Near unfettered immigration is one of the largest roles the federal government plays in this crisis.
I believe in Santa Claus! But I've never gotten presents from him.
I am so grateful for a realtor many years ago for educating me on leaseholds when I was buying my first condo. I remember him saying "I wouldn't touch one with a 10 foot pole" I ended up buying a strata in not as a prime location (then). Fast forward several years and an aquaintence bought a leasehold condo in the west end. We all tried to talk her out of it, but she went ahead and now 8 years later she is being faced with several huge assessments for building repairs and has been told there are more coming.
Talk about "Corporate landlords!" That's all we need is more government involvement!
It's great to know that the government is ensuring that we will have sustainable slums in our community for generations to come. One suggestion: they might sell better if they sold them as "iconic" government housing. I've heard from reliable sources that this is an effective marketing technique, will little upfront cost. . .
Owen, it’s pure desperation as you know; Godspeed to them.
Good points Owen, We were previusly looking at leasehold condos and townhouses up at SFU because it's a a great place to live and we work near Burnaby mountain or at home (hybrid). The problem is like you said it would have been a bad investment, so for that reason we decided to by a freehold strata unit off the mountain although still in Burnaby. I was surprised that the cost of these SFU leadhold condos are only a little bit less than freehold strata units in Burnaby. Like maybe 10% less if even that. My BC Assessments shows the majority of the value on the land so what's the point. Likely the same story at UBC as I heard they havel leasehold units there too.
The assessments are higher on those properties because of the proximity to top class Universities. It can be served as a residence for your children, rental market strong, since its University endowment land, there is little to no risk of penalty. Rent can easily go for $3000+ there. For that alone, it is worth the price.
It is practically impossible to build the housing targets that Trudeau is estimating we need. I work in the construction industry and the resources are simply not there.
Thanks for the information & advice!
Our best scenario is getting the conservatives in charge
Will be interesting to hear Owen's next video on the changes to allow 30 year mortgages and mortgage insurance on 1.5 mill properties. Seems to me that instead of creating conditions to enable developers to make homes they are just allowing people to drown themselves in more debt (and for longer) for the same amount of stock that is available now. My guess is this change will not help young people but have the opposite effect. It will help banks, since they can lend more and the big loan is guaranteed by the gov (i.e. the tax payer). Hi, I'm from the government and I'm here to help you...
Fed cut rates 50 basis points!! BOC will keep cutting now 🎉
Same genius move his old man Pierre did when he meddled in the Alberta oil patch with the creation of Petro Canada, there isn't an
imaginative thought in this kids head
Hi Owen, do you care to make a video about the UHT? I have just been slammed with an 8K late filing penalty (4 properties x 2k). My accountant didn’t give me a timely heads up and since this is the 2nd year since existence it wasn’t engrained in me yet.
Our 4 properties are 100% rented so we don’t owe any taxes. It feels so wrong for being charged so much for basically sending back a blanc form.
This government makes owning properties so difficult that I seriously consider throwing my hat and just invest in stocks if it wasn’t for my kids.
Thanks
Not your accountant's job - your responsibility - own it.
1.5 million total cost 500sqft units coming your way. You the taxpayer will get bent over on this.
Agree, that's where this is all going as usual, tax increases as the bureaucracy grows, doing things for 10 times the cost that the private sector could have done if the bureaucrats actually understood the conditions that the private sector needs to thrive. Government projects and employment based on taxation do not increase the country's economy, what new and growing non-government revenue will be taxed to pay for all this? I never hear any plan to actually grow the economy, just keep increasing the taxes on the current (and seemingly shrinking) economy.
After living in US, the whole 'leasehold' and crown land seems laughable to me. Reminds me of British monarchy. In US, its hard to find leasehold properties.
Housing is a private sector issue. If there is a demand for housing, then that demand will be met with supply. That's how a free market works. Why is there a shortage? Rent controls, and laws that overly protect the tenant (ex. eviction laws). The government has made allocating capital into building rentals too risky with not enough reward. Better to put your capital to work in the equity market or starting businesses in less regulated industries. We need a free housing market. The cure for high prices is high prices. The trouble is that people don't understand basic economics and politicians are expected to do something, when the best thing they can do is simply step away.
First
Sorry, no. Haha
2545th