394 replies to this topic

[Nparker]

Meanwhile he continues to gaslight…

Worst. Prime Minister. Ever.

[max.bravo]

Meanwhile he continues to gaslight…. https://x.com/canind...QrcObpkhVXe97Jg

Raise the cost of owning so you have to rent a suite to own. Then make it so renting the suite is a huge liability. Makes sense. It’s got nothing to do with him. It’s all the evil landlord. Neo-Marxism in real time.

His “righteous indignation” about the difficult issues facing Canadians falls so very flat when he’s been the PM for the last 8 years.

It’s one thing to get fired up about problems Harper created. It’s really something else to get that passionate about your own failures as PM. Hard to watch.

Edited by max.bravo, 27 March 2024 - 02:50 PM.

[Mike K.]

Most recently the PM was criticizing the policies of Chrétien (a Liberal himself).

[dasmo]

They look like they were doing lines in the bathroom before the conference https://x.com/trudea...QrcObpkhVXe97Jg

[Tony]

If mortgage payers get positive financial credit for paying $2,000 a month should renters who pay $2,000 a month get the same equal positive credit?

[dasmo]

Oh my…. How about he just doesn’t steal more of our money at all….

[Tony]

Not answering the question.

I was not aware that this issue put renters at a potential disadvantage.

Seems like a good idea and does not spend any of our money.

[max.bravo]

If it’s such a great idea, why aren’t banks doing it already?

Is there a law preventing lenders from considering rent or something?

[dasmo]

Oh sorry I thought you were talking about the tax rebate. I don’t know about his renters bill of rights. I have read it. I suspect it full of inversions that will help no one though. I am all for protecting the rights of all people be it renters or landlords.

The idea of paying rent contributing to your social credit score makes sense. Pays rent, gets vaccinated on time every week, has pronouns in the bio. Green light to borrow money for the brain implant!

Sorry I was just watching The Creator.

Edited by dasmo, 28 March 2024 - 07:45 AM.

[Mike K.]

If mortgage payers get positive financial credit for paying $2,000 a month should renters who pay $2,000 a month get the same equal positive credit?

That’s because the mortgage payer has a relationship with a financial institution to make that payment. The renter does not.

But if we do go down this route, it will require the landlord to report the income to the CRA, meaning, the most affordable rents in our society will now rise in cost, to cover the tax obligation of the landlord. Or the landlord will remove the unit from the market, if maintaining it will yield a large taxation hit depending on how the income is structured. Incorporating the unit as a standalone business will carry a big financial burden, too, that will have to be covered by rent.

90% of our affordable housing supply is private housing. We have no idea how these policies will impact that supply, but any time there is an added cost to provide a service, it gets passed on to the end user, especially if landlords will have to pay income taxes on units they have not disclosed to the CRA.

[Nparker]

As I have said before, it is the goal of our socialist governments to eventually control the majority of all rental housing in Canada and to discourage private property ownership in general.

[Tony]

Landlords will have to report the income in someway and there is some cost to the landlord that will be passed on to all renters.  There must be costs to banks, mortgage companies, credit card companies etc. under the current system and these costs are being passed on somewhere.

 

There should be no additional tax obligations to the landlord if the unit is included in current tax reporting? If the landlord is not reporting the income they should be. If there are a large number of landlords not reporting then if it is reported there would be an increase government revenue.

 

If the additional costs mean that a landlord removes a property from the market, it would not probably remain empty but would be put up for sale. The unit would then be owned or rented. That could increase in the short term the number of residences available for sale.

 

Is not a large proportion of the affordable housing supply  done by organizations like co ops, and not for profit organizations.? Has providing credit improvements to renters been done anywhere that can provide some markers of the pros and cons?

 

There will be more paper work and opportunity to play the rules. 

 

Will the improved credit scores  for renters result in a significant increase in their ability to acquire a mortgage  to allow them to enter the market and will a significant number make a purchase?

 

Like most decisions that may seem simple but are complex there may be unintended consequences.

[Victoria Watcher]

I think we can all agree more regulations and beaurocracy, from the national level, will help with affordability. 

Edited by Victoria Watcher, 28 March 2024 - 08:48 AM.

[Mike K.]

Is not a large proportion of the affordable housing supply done by organizations like co ops, and not for profit organizations.? Has providing credit improvements to renters been done anywhere that can provide some markers of the pros and cons?

There’s no credit score benefit greater than paying your credit card on time. The only reason mortgage holders see an impact on their credit is because they are in business with a bank. Tenants are in business with a landlord.

As with any such program, there will be a bureaucratic cost and it will end up on the renter’s lap.

A banker once told me, when discussing mortgage payments on time, that so what if you paid 100% of your mortgage payments on time, that’s your responsibility. We were discussing how missed payments are becoming a bigger issue, and how some individuals use their typical on-time payments as basis for leniency from the bank.

[dasmo]

 

Landlords will have to report the income in someway and there is some cost to the landlord that will be passed on to all renters.  There must be costs to banks, mortgage companies, credit card companies etc. under the current system and these costs are being passed on somewhere.

 

There should be no additional tax obligations to the landlord if the unit is included in current tax reporting? If the landlord is not reporting the income they should be. If there are a large number of landlords not reporting then if it is reported there would be an increase government revenue.

 

If the additional costs mean that a landlord removes a property from the market, it would not probably remain empty but would be put up for sale. The unit would then be owned or rented. That could increase in the short term the number of residences available for sale.

 

Is not a large proportion of the affordable housing supply  done by organizations like co ops, and not for profit organizations.? Has providing credit improvements to renters been done anywhere that can provide some markers of the pros and cons?

 

There will be more paper work and opportunity to play the rules. 

 

Will the improved credit scores  for renters result in a significant increase in their ability to acquire a mortgage  to allow them to enter the market and will a significant number make a purchase?

 

Like most decisions that may seem simple but are complex there may be unintended consequences.

 

Not being able to buy a home here has nothing to do with your social credit score. It has to do with the fact that it is unaffordable and rents are so high no one can save for the down payment. If you are paying your rent on time and have saved enough for a down payment you will have little problem getting a mortgage. You would need to be making at least $150,000/year living here and now.  I rented until I was 32. I even had a roommate all that time.  The bank loaned me the money. $200,000. Hahahah. I barely make more money than then. This is the problem, not the narrow scope of the social credit system we have in place now. 

[Victoria Watcher]

We have a ****ing clown country.



Schools say kids are compulsively using social media. But experts say they learned from the best

Several Ont. school boards are suing the social media giants for $4.5B

https://www.cbc.ca/n...rents-1.7158074

Not only are parents modelling social media habits to their children with their own excessive use — half of the parents surveyed in a new study admitted spending too much time on their phones, for instance — but they're also sharing information about their own kids online, said Emma Duerden, an assistant professor and Canada Research Chair in neuroscience and learning disorders at Western University.

"They're showing their children, 'This is what you do as an adult.'"

And those children are learning that their parents are getting a lot of attention from it, she said.

Edited by Victoria Watcher, 28 March 2024 - 01:17 PM.

[Tony]

Dasmo Not being able to buy a home here has nothing to do with your social credit score.

 

Your credit score ( not social credit score) affects  your ability to get a mortgage and the interest rate that you have to pay on a mortgage.

For some current renters an increase in credit score will make a difference and allow them to make a home purchase. 

If you have a good credit rating you may not be required to have as large a deposit  as a down payment and can borrow a larger amount if needed.

I bought my first house totally on borrowed money.

 

Renters buy houses all over Canada not only in the most expensive cities.

[lanforod]

Is it financially prudent to be able to buy 'my first house totally on borrowed money'? For either the purchaser, the lender, or society in general?

[Matt R.]

I'd bet a doughnut it worked out pretty well for Tony.

[Tony]

Sure did. I sold it for 90% more than it cost less than 5years later......... great Toronto house price boom period. Used the equity to buy a single family home that I then lived in for 24 years.

The most important element here is that I had a good enough credit score to allow me to do that.