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Apparently (its official) none of it was true.

http://www.theglobeandmail.com.....le1458206/

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“Freelance reporter, Olympic critic turned back at Canadian border
By soundoff Sun, Feb 7 2010 COMMENTS(132) Soundoff
Martin Macias, an independent reporter from Chicago, was detained by officials at the Vancouver International Airport before being deported, anti-Olympic activists say. Macias was set to cover the political events during the Olympic Resistance Network’s anti-Olympic convergence until Feb. 11.

Katie Mercer”

Zieg Heil Canada

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“We’ve gotten a lot of press this weekend”

No doubt because the rest of the world is beginning to realize that we’re NUTS!

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http://www.calculatedriskblog......anada.html

We’ve gotten a lot of press this weekend.

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Yeah, I’d happily lend out money too if someone else guaranteed that they’d cover the loss in case of default.

I’m getting a really bad feeling about what this year is going to bring us.

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http://online.wsj.com/article/.....17666.html

Excerpts from the article:

Housing Rebound in Canada Spurs Talk of a New Bubble

In Canada, nearly 40% of gross domestic product historically is generated by exports, mainly to the U.S., where economic weakness persists. To stimulate its economy, the government has focused on the domestic slice. In an effort to boost internal consumption, it has kept a key interest rate near zero—resulting in exceptionally low mortgages rates—and has offered various financial incentives and tax credits.

Consumers have responded. Average home prices in Canada have risen 23% from their trough in January 2009. Home-sales volumes are up 70% over the same period.

Canada’s central bank and finance ministry say there isn’t currently any reason for alarm.

But some economists who are concerned point out that home prices are rising far faster than other measures of economic health. The 2009 price increase of more than 20% came as personal income in Canada fell nearly 1% and total employment was 1.4% lower than the year earlier. In a December report, the Bank of Canada warned that household debt—largely mortgages—was 1.42 times disposable income during the second quarter of 2009, a record high.

Another possible danger: Because Canadian banks typically reset adjustable-rate mortgages every few years, those who are buying now at low rates will likely see increases soon. Toronto-Dominion Bank forecasts suggest that the rate to which many Canadian mortgages are pegged, the prime rate, could nearly double by the end of 2011. The Bank of Canada warned in its December report that if interest rates increase as expected, by mid-2012 about 9% of Canadian households could have so much debt that they’d be “financially vulnerable.”

“This is exactly what happened in the U.S., when affordability had moved way out of whack with prices,” says David Rosenberg, an economist who witnessed America’s housing bubble at Merrill Lynch in New York, and now sees similar trends up north from his post at Toronto-based wealth-management firm Gluskin Sheff.

In October 2008, the Bank of Canada made the first of a series of rate cuts that eventually lowered the target for its key overnight lending rate to 0.25%, which in turn reduced banks’ prime rate—the basis for calculating variable-mortgage rates in Canada—to 2.25% by April 2009. In Canada, nearly all mortgages have rates that adjust at least every few years. Currently, rates on some loans have fallen to 2% or lower.

Ms. Gerard has been buying and renting out apartments for years. In 2009, she went into overdrive, buying six units in six months, with mortgages at rates ranging from 2.45% to 3.95%. She says she “maxed out” on the last mortgage, which pushed the family’s ratio of debt service to income into the mid-40% range—above the level many Canadian lenders are comfortable with.

Ms. Gerard says she bought all the properties for below the asking prices. “Money is growing on trees these days, lending rates are so low,” Ms. Gerard wrote in December in an online forum for real-estate investors. “There are loads of properties to choose from, and the banks want to lend!”

Ms. Gerard, the housewife in Red Deer, says she hopes to buy a seventh unit in a few months—after she pays down enough of her credit-card debt to qualify for another mortgage.

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The rents are tanking hard and fast, even downtown

Note that the last time nominal rents declined in any sector in Vancouver was the 1930′s.

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I don’t think BC can hope for this in real or nominal terms because prices are so far gone. Canada-wide, maybe there’s a better chance.

Can’t happen for a Canada-wide average, and I doubt even for the median, because BC, Alberta, and Toronto amount to well over 1/2 the RE valuation in the whole country. And Ottawa and Montreal have gotten pricey lately too.

If you mean there might not be a nominal decline going forward in Thunder Bay or Trois Rivieres, yes that may well be the case.

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Even if prices don’t increase it is possible, albeit unlikely, that “dumb” money can keep prices flat for a while, as long as it is a small part of the global economy. I don’t think BC can hope for this in real or nominal terms because prices are so far gone. Canada-wide, maybe there’s a better chance.

Personally I’d never take that bet but what choice does the government have but to try? The Fonz jumped the shark because the show was dead if he didn’t.

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And it took a British journalist one day to notice “the Orwellian attempts at image control”? Was Ron Benzce and Tony Parsons too busy doing fluff for Concord Pacific. You guys do know that the time on the ‘NewsHour’ is for sale right?

So, the local media is not telling the truth about the ‘Shitty of Vanpukebucket?’ Tell me it ain’t so!!

I had a meeting with a banker yesterday to get a jumpstart on my tax file details. he confirmed that they don’t have any business that is not flogged to the CMHC, no matter what the downstroke. People who have refused to take the insurance even with 25 to 35% down are sent packing.

I assume to mortgage brokers which is why the MBA is so fiercley lobbying the Federal Finance Ministry to stay the changes to the RE legislation in the budget. The banks are bloated and turning down business and the MBA is rolling in the left over swill.

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What is truly frightening, and I urge you all to call some property managers and/or landlords from the paper, craiglist etc.

The rents are tanking hard and fast, even downtown, none of the sparsely furnished and overpriced olympic rentals are moving and in two weeks the already anemic demand for furnished rentals will drop 75%

So now there are double the rental units available with lots and lots of new ones coming and an inverted demand curve.

If you can rent a new one bedroom downtown for $1200 versus paying $1850+Strata Fees, taxes etc. now then what will happen to these fooles, er, investors when interest rates go back up to 5,6, 7, 8 % and the rent remains stagnat for a decade?

If you want a preview take a look at what happened in Las Vegas..

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It is with deep sorrow that I need to inform you of the upcoming cancelling of the annual Pamplona Bull Run.

http://en.wikipedia.org/wiki/Running_of_the_Bulls

It has been reported that this year the run has been cancelled due to the sudden migration of the bulls from their native Spain to an obscure condo blog in Vancouver.

The reason for the migration of the bulls is still unknown, but our sources tell us that sudden panic has spread among the bulls, causing them to drop everything and move.

Apparently, running around streets horning people in the back is no longer their main concern as they suddenly realize they might be slaves to the bank for the coming 35 years.
In a last attempt to reverse their fate, they have all congregated in the blog-bear-cave trying to see how many actual bears are there, hoping that the bears will be able to carry the burden for them in the coming years.

The bulls are secretly hoping to raid the bears stashes of food as they know said bears have been accumulating it since 2003.

Our experts mammal biologists mention that the bulls do actually have a good chance in succeeding in such a scheme due to past observations by biologists south of the border, where the bears where raided and their accumulated stash was mostly given to the bull leaders in Wall street.

Best regards

arit

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The argument was that Chinese move here and BUY property for the “free” and QUALITY health care and education. I’m saying if that is the sole reason they BUY here, they’re idiots. There are lots of other idiotic reasons for buying inflated real estate prices besides access to health care and education.

You are getting negative scores, dude.

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Please explain why it is impossible to have flat nominal prices on a national basis going forward

Because nobody is going to pay carrying costs of twice rental value (even at the present rock bottom interest rates, which must eventually increase), if there is no prospect of capital gains.

How obvious can you get.

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WHOOOOOO!!!!

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WHOOOOOO!!!!!

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Whoooo!! Whoooo!! Whoooo!!

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you really are stupid aren’t you?

you are supporting “economics” argument – do you realise that?

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Guys any city that you can walk across the downtown core in twenty fucking minutes is not ‘a big city with big city problems’ this is spin from developers who want you to accept the idea that you have to live in a shoebox. It is spin from the shitty council to convince you that 40% more condod can be built on the same site so that they can boost revenues while screwing you because your too stupid to understand the story.

The hype that ‘real estate can never go down in Vancoupuke is self delusion. I suggest people that actually believe anything that they hear of LIARTV get thier heads examined.

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http://www.youtube.com/watch?v.....r_embedded

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