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CREA wants federal government out of mortgage market

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343 Comments

..Ok, that’s not actually true, the Canadian Real Estate Association is actually just urging the federal government to leave everything as status quo so they can sell lots of houses, but it’s fun to imagine the first paragraph of this Globe and Mail article is meant to be taken literally:

The Canadian Real Estate Association has cautioned the federal government to stay out of the mortgage market until the effects of recent changes can be gauged, as it suggested buyers are racing to secure 35-year mortgages before they are banned in late March.

Imagine the mayhem that would be unleashed upon the Canadian housing market if the government via the CMHC ‘stayed out of the mortgage market’. The end of that sentence is also completely inaccurate, as 35-year mortgages obviously aren’t going to be ‘banned’ in late March, they simply won’t be eligible for tax-payer backed mortgage insurance anymore.

As Paulb points out, the remarkable thing about that article is the comments. Twelve hours after being published there are close to 300 comments, most of them unhappy with the CREA and the CMHC.

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[…] at vancouvercondo.info February 17th, 2011 at 4:37 pm – “I agree with you full well on living on the westside, I love it here and really […]

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[…] Supersogs, at vancouvercondo.info 16 Feb 2011 11:47 am, reprinted a note from Bosa regarding the line-up.. they have changed to a system of “a sequential list of interested parties”: “While we knew that the interest in Sovereign was very healthy, we were surprised to find last night that over 125 clients had elected to begin lining up for our sales event this Saturday. While we anticipated that there would likely be a line-up, we could not have anticipated that it would begin forming so soon, and as a result have elected to modify our plans for the coming days.” [Where did the tents come from? -ed.] […]

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Troll

@XYY: Bears lecturing Dave on groupthink…priceless.

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kansai92

@Dave:

Sure Dave,

I also rented a time machine so I could buy a LottoMax ticket with the winning numbers.

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XYY

Example of groupthink from the Urban Dictionary: Dave (not our Dave) said to the group 'McDonalds makes the best burgers'. Within a day every other member of Dave's group had repeated the same opinion as if it was fact and started taking their dates to eat Big Macs.

Also from the Urban Dictionary: "Groupthink is a flaccid substitute for actual thought".

There are indeed many thoughtful posters here, but …

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jesse

@Dave: "Gold has gone exponential, so it will increase in value faster and faster"

I think it's gone plaid. Thanks for the math lesson on precious metals, real estate expert.

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CRASH JPMorgan-Chase

Warning..Don't Eat Chinese Slave Fish

http://www.breitbart.com/article.php?id=CNG.d91e3…

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VHB

Four weeks until March 18th. Things are shaping up like last April when we had big sales and huge listings.

Here's what paulb's numbers looked like last April. April 7th was cool!

6-Apr-10 181 392 46.20%

7-Apr-10 364 537 67.80%

8-Apr-10 161 520 31.00%

9-Apr-10 75 300 25.00%

week total 781 1749 44.7%

12-Apr-10 211 341 61.90%

13-Apr-10 169 379 44.60%

14-Apr-10 233 463 50.30%

15-Apr-10 187 292 64.00%

16-Apr-10 152 345 44.10%

week total 952 1820 52.3%

19-Apr-10 89 327 27.20%

20-Apr-10 194 477 40.70%

21-Apr-10 329 481 68.40%

22-Apr-10 241 391 61.60%

23-Apr-10 97 260 37.30%

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VHB

@McLovin: The *median* Feb sell-list is 68.6%. 60% is not 'strong'. It ain't the end of the world, but it ain't strong.

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VHB

February 2011 month-end projections

Days elapsed so far 13

Days remaining 7

5 Day Moving Average: Sales 171

5 Day Moving Average: Listings 296

SALES

Sales so far 1994

Projection for rest of month (using 5day MA) 1200

Projected month end total 3194 +/- 251

NEW LISTINGS

Listings so far 3729

Projection for rest of month (using 5day MA) 2073

Projected month end total 5802 +/- 125

Sell-list so far 53.5%

Projected month-end sell-list 55.0%

MONTHS OF INVENTORY

Inventory as of February 17, 2011 12289

MoI at this sales pace 3.85

Sell-list Feb week 1 : 50.0

Sell-list Feb week 2: 49.5

Sell-list Feb week 3 (4 days in): 61.3

Feel the surge.

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Anonymous

PUMP GLOBAL PUMP ….

' Strong demand for Olympic village condos stuns realtor'

More than a third of buyers willing to spend upwards of $1 million

http://www.vancouversun.com/Strong+demand+Olympic…

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McLovin

". Strong day. 60% ratio."

Still its net 100 new listings.

Listings are growing nicely.

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Anonymous

@xxx: …… All of you are sad … Have a good life obsessing about RE and the stupid people who own it. Deleting this website from my bookmark so you can circle jerk in peace! ………. This from the guy who only few posts ago said: "I wake up in the morning happy with the world, with a smile on my face and a positive outlook on life. " What a wanker! On this blog, we've tended to split ourselves into two camps: those who own, and who pump, and those that think owning is trouble (at least at this point in time) and deflate. I think there's actually a third group lurking: those that desperately want to own because they've convinced themselves that the market never goes down, but they don't have any $'s. They're kind of owner ‘eunuchs’.… Read more »

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Best place on meth

Great Barney Fife impression, Dave.

Do it again!

What, that wasn't an impression?

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Dave

@McLovin:

Watch your mouth, son. There is a new sheriff in town and I am going to set a few of you straight. Yes, that includes Scullboy. Vomitingdog could be a useful Deputy to that end. No, not that end Scullboy.

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Dave

@McLovin:

Paul posted them a couple pages back. Strong day. 60% ratio.

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Dave

@Anonymous:

Agreed. Exactly my thoughts.

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Dire Straits

thanks Dave.

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Anonymous

Dave,

China was guilty of exporting deflation.

The U.S. is guilty exporting inflation.

Nuff said.

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4444

@Dave:

"I think it would be only fair to have a deputy from the other side. I would vote Patriotz. He usually keeps on topic like me and I would trust that he would be an honest enforcer."

I doubt Patriotz would want to be associated with you; I think Vomitingdog would be a more willing candidate.

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McLovin

Dave can you shut the hell up and go away?

Everyone else can we get back on topic?

Does anyone have today's numbers?

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Dave

@4444:

I think it would be only fair to have a deputy from the other side. I would vote Patriotz. He usually keeps on topic like me and I would trust that he would be an honest enforcer.

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Dave

@Dire Straits:

I haven't actually plotted out the timeline. Gold has gone exponential, so it will increase in value faster and faster. A quick look at the chart and I would say 2 to 3 years. Most people think that silver lags gold, so maybe 6 months to a year after. I think palladium will hit $1,000 before gold or silver hit their targets.

Only physical. My position is actually quite small. Like I said, I caught a small boat and didn't go heavy. Hindsight…

As far as those weblinks go, I probably only believe about 10% of what I read. But, that 10% can be pretty interesting.

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4444

@Dave:

"IMO… You need to remove the arrows or get a sheriff. I would be happy to volunteer for the position and remove this criminal element."

"Dave" your sense of humor is giving you away.

Will you have the time to run your pathetic blog, will holding the position of sheriff, and who would be your deputy?

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Renting

@jesse:

This is an attempt to answer a question posed by VHB a few days’ back, trying to resolve the “hottiness” of the market on one hand, with the increase in listings on the other, coupled with listings that are “stagnant” and not selling.

Please chime in if you have anything decent to contribute.

I think we are seeing speculation back in the market. In 2008 most of the speculators were flushed out. Now the rich chinese myth has the speculators back in the Westside and Richmond.

If a speculator buys a property it posts a sale but then shortly after the property is back on the market increasing listings again. Many may be holding vacant houses for sale at unrealistic prices just waiting for the market to come to their price.

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