Alberta leads the way on delinquincies

Huh. Even with high oil prices and rock bottom rates homeowners in Alberta don’t seem to all be paying their bills on time:

Homeowners in the province are nearly twice as likely to fall behind than those in the rest of Canada. And the proportion struggling to make mortgage payments is the highest it has been since at least 1990, according to fresh data from the Canadian Bankers Association.

The rising rate of delinquency comes as economists warn that Canadians are under increasing pressure when it comes to servicing their debts.

As interest rates move higher in the coming months, many could find it even harder to make their monthly payments.

The main problem for the province has been Calgary’s housing market, which has struggled since a boom at the start of the decade caused massive price gains in a short period. In 2005, prices were up 10 per cent. The following year, home prices surged another 50 per cent.

The gains came to a halt five years ago, when the market began to weaken. Then, when the recession hit in 2008, panicked homeowners rushed to sell in near-record numbers, flooding the market with inventory and putting renewed pressure on prices.

This issue also seems to be negatively affecting Genworth.

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[…] pricedoutfornow at vancouvercondo.info 5 May 2011 9:05am – “Another one of our clients has approached us about possibly going bankrupt (the second in as many months). This is not in Vancouver, where people still seem to be on some kind of happy-financial drug, but elsewhere in the province, where RE prices are not skyrocketing. One distant relative has already gone bankrupt, after buying some condo in the Fraser Valley and being unable to make the payments, along with car payments, daycare etc. As they say, a bubble starts to explode at the periphery, and I can clearly see this. My business partner and I are aware of several clients who are on our “list”-those we expect to declare bankruptcy in a few years time (lest a miracle happens). They wait until they’ve maxed out the very last credit card,… Read more »

Patrick
Patrick
9 years ago

Patriotz

Every story has a silver lining mine is just way way bigger than yours. No need to retort I won't read it

McLovin
McLovin
9 years ago

#45 Hilarious!

Romeo Jordan still here? I see you are adding just as much as you did to Chipman's blog. You've lasted longer on this blog then you did as a Financial advisor. What bucket shop fired you again?

Please don't go. I actually find you amusing. You are the new Dave.

Our resident clown.

Li Kai Shing
Li Kai Shing
9 years ago

Meth man..

Always betting on rosers…

Ruongo capable of letting in 2 goals in 2 seconds…even during national anthem

You still have old B/W TV in basement suite? Don't fall off roof adjusting 20 ft antenna.

Romeo Jordan
Romeo Jordan
9 years ago

Thanks PaulB.

You should remind McLosing that I warned him things would start to fall apart this spring.

Thanks – for everything.

xoxox

Romeo Jordan

Ravishing Rick
Ravishing Rick
9 years ago

cut the music sweat hogs!

@ patrick

You got owned by patriotz

Start the music!

Best place on meth
Best place on meth
9 years ago

@paulb.:

These numbers and a Canuck win spell WOOOOO!!

Baad Spllerz of the
Baad Spllerz of the
9 years ago

We see you not noticeink Popez spell -chequer not wokingk

Note Popez wrongk spellink of Delinquencies

Time has runn ooout and no one winnink prize of Olympic cundo wvorth (-) $250,000 + Hst

Eew snoozink U loozink

Runner up yours priyze is smellink my phartz

paulb.
paulb.
9 years ago

New Listings 264

Price Changes 104

Sold Listings 115

Sorry so late

Bin Laden's Str
Bin Laden's Str
9 years ago

Dear Mr Obama:

Enclosed is a bill for $250,734.24 for the damage caused to our strata.

You and your military employees violated out noise bylaws,and especially the bylaw re no helicopter landings after 10:30 PM.

Your military personnel did not acquire parking passes as visitors, hence our strata wil levy a fine to you.

We don't appreciate the projectile velocity exceeding our bylaws, as the cuurent bylaws, in respect of local culture,is set at 2500 ft/sec.

If this is not paid, we will be forced to charge Mr Bin Laden and he will ahve to recover the cost from you.

Praise Allah

Rama-dama-dingdong

Strata Treasurer

Li Kai Shing
Li Kai Shing
9 years ago

I am going to put in a bid for Bin Laden's condo

I think that the lead content in the walls has enough scrap value to pay for polly filla ..maybe enough for granite countertop.

If the thing ends up a leaker, I be veddy pissed off. I bitch like hell to turbaned strata council.

If they raise strata fees f#$K em

PS Meth Man..I rent you basement..same deal as last time… no plants in closet oK

Anonymous
Anonymous
9 years ago

Vancouver considers higher-density housing plans for Cambie Street corridor

Vancouver is considering a comprehensive land use plan for five neighbourhoods along the Cambie corridor and Canada Line that will fundamentally alter the way the area looks and develops.

From 16th Avenue to Marine Drive, postwar bungalows, ranchers and modest single-family homes have long occupied most of the frontage of Cambie's wide heritage boulevard. But under a proposal now before council, over the next 30 years the corridor would transform into a series of denser "transit-oriented" neighbourhoods with multiple-unit condos ranging from four storeys in the north to 12 storeys at Oakridge to 36 storeys at Marine Drive.

http://www.vancouversun.com/business/Vancouver+co

patriotz
9 years ago

@patrick:

Sold my SFH in Kits in 2005 (900k), bought it in 1994 (280k)… Did I get lucky?

I would say very very very lucky, given that the nominal SFH benchmark (UBC Sauder) rose from about $400K in 1994 to about $550K in 2005.

Or maybe you're just fibbing.

Li Kai Shing
Li Kai Shing
9 years ago

38 patrick

Did I get lucky?

———————-

Ask your wife what he thinks

Best place on meth
Best place on meth
9 years ago

@Anonymouse:

>>>And if Vancouver RE prices dropped 20% in a week the owners who’d bought 3 years ago would be doing just fine too?<<<

Sure they would, but 3 years ago isn't "recent" is it?

jesse
9 years ago

@anymouse: "BC Credit Unions expand bubble"

Oh my.

patrick
patrick
9 years ago

Sold my SFH in Kits in 2005 (900k), bought it in 1994 (280k). Took 50% of the proceeds and bought silver at $5.40 an ounce, sold half of what I bought in '05 at $47.00 ounce last week. Did I get lucky?

Anonymouse
Anonymouse
9 years ago

@Best place on meth:

"If their “recent” purchases of silver were more than 2 months ago then they’re doing just fine."

And if Vancouver RE prices dropped 20% in a week the owners who'd bought 3 years ago would be doing just fine too?

Anonymous
Anonymous
9 years ago

@Maverick:

It depended on the region and ltv. If memory serves, I think the price ceiling was $300K for most areas around Vancouver at 95% financing prior to the 2003 change to no-limit.

This would be interesting to track, too, as I'd suspect the CMHC ceilings have been adjusted many times since the 1950's(?) to reflect changes in home prices.

Eddie
Eddie
9 years ago

Ya it sure looks like the QE2 money is running out. I bet Bernake's phone was ringing today.

Not much of a name..
Not much of a name..
9 years ago

If memory serves, it was about $250k in markets that had higher prices.

Maverick
Maverick
9 years ago

So it was 2003 then? Anyone know what the ceiling was?

Not much of a name..
Not much of a name..
9 years ago

@Best place on meth: You'll be hearing that about Vancouver RE, but replace 2 months ago with 2 years ago.

Best place on meth
Best place on meth
9 years ago

@Anonymouse:

If their "recent" purchases of silver were more than 2 months ago then they're doing just fine.

anymouse
anymouse
9 years ago

BC Credit Unions expand bubble, one way its different here.

http://www.financialpost.com/personal-finance/mor