Open political thread

Alright, let’s talk politics. Who do you think will best guide the economy through any future troubles and which party will best handle the housing market from your point of view? Is that the same party you normally vote for?

This is the thread to tell us who your voting for and why, or who your voting against.

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Bailing in BC
Guest
Bailing in BC

I try to care, I really REALLY want to care. I force myself to read up on the election campaigne but there is a constant voice over in my head saying "What a lot of crap". I'm afraid I have to echo VREAA's comment yesterday-

"For the record, we at VREAA are socially progressive and fiscally prudent. Given that, there isn’t a party we can vote for"

CelicaMan
Guest
CelicaMan

I'm with vreaa, too. I don't think I can even be bothered to go spoil my ballot.

jesse
Member

Green energy tax credits… Do you think these will have much impact after April 18th?

It is an interesting point — are people able to sell these upgrades in the future at cost or better? What are the upgrades actually "worth" compared to their cost, even after the tax credit, given a new owner has access to the same incentives, and future fuel costs?

paulb.
Guest
paulb.

TD raises rates by up to 35 basis points

http://www.financialpost.com/news/raises+mortgage

Devore
Member
Devore
@Bailing in BC: “For the record, we at VREAA are socially progressive and fiscally prudent. Given that, there isn’t a party we can vote for” Ditto. Vote libertarian? haha While in youth everyone tries to be idealistic, once people get older they tend to also get more pragmatic. Canada's political and electoral system does not reward 3rd parties or fringe parties. Even if they do manage to win a seat, try asking any of our MPs who ditched their parties and went independent, how well they feel they were able to represent their constituency. One hand clapping. So it seems to be a matter of picking your priorities, and voting for the party that will work towards them, almost certainly holding your nose while doing so. Are we likely to see this change absent electoral reform? The economic guest regular… Read more »
Devore
Member
Devore

@paulb.:

TD raises rates by up to 35 basis points

Interesting… did TD drop their rates when the 5 year dipped?

http://www.bloomberg.com/apps/quote?ticker=GCAN5Y

Devore
Member
Devore

http://www.vancouversun.com/business/Squamish+sit

Hey, what's going on in Squamish? Falling prices are bullish, ya?

Flip Flop
Guest
Flip Flop
So, which party is likely to have the biggest impact on house prices? I guess one could argue that the green reno tax credit will reduce carrying cost, which should support higher prices by making ownership a little cheaper (pretty marginal, but that's the directional force imho). I feel like the Libs are more in line with reducing government spending, but it's hard to say. there's just so much garbage to wade through to figure out each parties stance, with all the biased reporting and press releases. I do think that household tax credits and corporate tax relief are the policies that will have the greatest impact on economic growth, which seems to be favorable to the Liberal camp. At the end of the day, I feel a little disinterested, but somewhat obliged to make an effort to better understand… Read more »
YLTN @ work
Guest
YLTN @ work

@Devore:

It's pretty funny when you look at the background of realtors like Cam Good mentioned in the article:

http://www.linkedin.com/in/camgood

I wonder what he did before realty as there is a 9 year gap in his experience between graduating Uvic and joining MAC Realty. I'd be interested to see what he goes back to in a year or two when Key marketing goes bankrupt after the helicopter bills come in…

crabman
Guest

@Devore: If you really want to be pragmatic, don't bother voting. You're individual vote will never decide an election. So why waste it voting for the same parties that got us into this mess?

What's one definition of stupid? Doing the same thing over and over expecting a different result.

james
Guest
james
Buy a house and get fast tracked to Canadian Citizenship?? The party that puts a stop to Asians buying their way into Canada will get my vote. If they gas CMHC too they can put a sign on my lawn for the next 40 years… Immigrant Investor Program I watch the BC lower mainland real estate like a hawk. It peaked in sales volume and price in April 2010 and began a steady decline into December 2010. Port Moody droped over 18% from Dec 2009 to Dec 2010 for example. In December 2010 two relatively major events took place. A) Flaherty announced the changes to CMHC which were the ammortization period down to 30 years and the CMHC no longer insuring HELOC loans to use your house as an ATM to buy whatever the hell you want, and the real… Read more »
Anonymous
Guest
Anonymous

james,

buying a house does not count for purposes of the investor immigrant program.

getting preapproved by march 18th doesn't count either.

google is your friend.

try it sometime.

jesse
Member

@james: "April 18th will have more of an impact."

I think you are right but in terms of affecting home sales, its impact will be spread over a much longer time span. I don't see people "rushing to buy" just so they can then subsequently take out LOCs that have LTV caps as it is. The real pain shows up over many months as people encounter randomly distributed "unforeseen" hardships and are soon no longer able to refi.

Here's one for you: do you think banks leave low-LTV LOCs un-hedged? What will they do if CMHC no longer provides MI on these things? Just wondering because I don't know.

james
Guest
james

@Anonymous: Try speaking with several people who have done both, works even better that Google. I know 3 couples looking today to buy all with 35 year preapproved. For IIP you can buy a house for your family or you can set up a company and do it, both very easy to do. Why else did Richmond and Van take off in Dec?

Best place on meth
Member
Best place on meth

@james:

Nobody can get a government insured 35 year mortgage anymore – they had to purchase by March 18th.

As for the investor immigrant program, kill it. It's 98% people from China who bring nothing of value to Canada other than their ability to launder money and leave their families here to use our free services while not paying taxes.

jesse
Member

@james: "I know 3 couples looking today to buy all with 35 year preapproved"

Ah yes and I guarantee you they all have DPs well above 20%. The holding company thing is a good trick. Affluent Canadians already employ it with varying degrees of success.

james
Guest
james

@Best place on meth: BPOM re: March 18th and 35 year – that is exactly what I thought until I spoke with a co-worker who was pre-approved with a 35 yr on March 17th. He as 90 days to buy with a 35 yr mortgage. If he does not buy within 90 days he just goes back and tells the lender he couldnt find anything and they will extend. You do not have to have made a purchase by March 18th. I then spoke with a mortgage broker who confirmed this.

RE: Investor immigrant program – agree 100%, its a cash grab BS program that needs to be killed.

Devore
Member
Devore

@crabman: So you can spoil your ballot with "none of the above"? 😉

Best place on meth
Member
Best place on meth

If you're thinking of spoiling your ballot, or not voting at all then why not support one of the minor parties instead?

No vote is a "wasted" vote.

http://canadianactionparty.ca/

Devore
Member
Devore

@james: Pre-approval before 18th means nothing. CMHC will no longer insure mortgages longer than 30 years. Banks are still free to give out 35 year mortgages, that are not CMHC insured, ie, >20% down.

If you are shopping with a March 17th pre-approval with less than 20% down, your financing will fall through. Hope your offer was conditional.

Devore
Member
Devore

@Best place on meth: Yes, if you are going to spoil your ballot, you might as well vote for your "ideal" party, while you're there.

alx
Member
alx

When in doubt, vote them out.

My general rule of thumb is, the longer they stay in power, the more comfortable and corrupt they get. Unless you have reason to back the incumbent, vote for the strongest opposing candidate. Or in this case, prevent the conservatives from gaining a majority by voting accordingly.

Nobody knows if you're not voting because you're lazy or against all candidates or have no opinion or can't care less about the democracy we live in. Spoiling vote is a step up, but there are too few spoilers to get anyone's attention.

Do I think there's great party to vote for? No. But I do know I want a conservative minority when the shit hits the fan.

crabman
Guest

@Devore:

Yes, if you are going to spoil your ballot, you might as well vote for your “ideal” party, while you’re there.

Exactly! That's actually how democracy is supposed to work! I don't know how we got the idea that we have to vote for the Lib/Con/NDP that we dislike the least.

Troll
Guest
Troll

@crabman: Just like the market is 'supposed' to have crashed by now? Sometimes you have to be pragmatic and pick the least worst.

crabman
Guest

@Troll: How is that pragmatic? Do you get paid for voting for the winning candidate?

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