Flaherty is trying to scare you
Jim is in the news again, wringing his hands about potential problems in the global economy.
Finance Minister Jim Flaherty fears the world could be faced with another recession, given the fragility of the global economy and especially the troublesome debt and deficit situation across the border.
“I am quite worried,” Mr. Flaherty told CTV’s Question Period Sunday. “We have lived three-and-a-half years now since the credit crisis started in late August, 2007. We are seeing in Europe, in particular, some very difficult situations.”
Has nobody told him it’s different here?
June 2nd, 2011 at 2:41 pm
The post is really cool , I appreciate that , please share some more such stuff with us in future too.
May 31st, 2011 at 10:19 pm
@114 patriotz Says: "One more time…."
You're sure?
http://vancouvercondo.info/2008/12/bank-of-canada…
May 31st, 2011 at 7:36 pm
@fixie guy:
One more time – if a mortgage is insured, the banks don't care if the mortgage is upside-down because they are guaranteed to get their money back anyway.
The real problem for those facing mortgage renewals is that interest rates have nowhere to go but up.
May 31st, 2011 at 3:52 pm
Check out this latest news:
http://news.ca.msn.com/top-stories/home-prices-dr…
Discounts in New York. So not sure why the fly by day and leave by night investors don't take advantage of stock in New York but instead prefer to pay peak prices for half of a house in Vancouver.
The article does mention that part of the reason for the slump in the States is that they can't get financing. But what? I heard HAM investors don't need financing. Or do they?????
May 31st, 2011 at 2:02 pm
@Best place on meth:
"Germany has done very well for a country that had to absorb 20 million impoverished people after the wall came down and now finds itself bailing out more corrupt slackers in the form of periphery Euro countries."
That was over 20 years ago. It's fiscal problems are worsening, not getting better.
As for the bailouts, Germany led the charge to incorporate these countries into the EU, and it is German banks that have the most to lose if there are defaults.
Germany has also spent about $15 billion less on defense every year than France because it leans more heavily on US support. Look for this dividend to evaporate as US influence shrinks and Russia gets more belligerent.
May 31st, 2011 at 12:58 pm
You chumps have no idea what is brewing.
There will be an epic real estate hangover, the early aches and pains should begin in the coming weeks.
It is HERE. Even McLosin will realize the errors of her ways.
xoxox
Romeo Jordan
May 31st, 2011 at 12:50 pm
ikea bummmer
Rick get job as maxi-pad…not maxim
Charlie Sheen get my leftovers
Torpedo of truth?
Not understand why Lavishing Lick have crush on long list of Asian men….maybe they look like John Holmes in proportion to Rick.
May 31st, 2011 at 11:55 am
@Ravishing Rick:
great post. there will always ba a job for you at maxim magazine
May 31st, 2011 at 11:47 am
Lavishing Lick
how you goose West Van sales if you not doing job as undercover pool cleaner?
You again caught posting ads when you should be polishing chrome on pool ladder
http://vancouver.en.craigslist.ca/van/m4w/2413225…
You need help from Dr Drew..or butterball turkey…. whichever cheaper.
Oprah retire so no go zone.
PS don't miss spot under diving board
May 31st, 2011 at 11:06 am
Cut the music!
Li kai you chicken choking, low interest rate loving, she-man, sit down and shut up so your woman can see what a real alternative asset class investor looks like!
Yes, Lavishing Lick here… And that name is appropriate considering thats what i do to your old lady's basement suite. Now Li kai, im getting sick of your attitude, and the worst part is that battling with you has gotten me labled a racist.
First, id like the opportunity to clear the air. I love asians just not you. You need be more like those real tough as nail asians not your testosterone limited wimp self.
Asians you need to be more like
1) Jackie Chan – tough as nails
2) Those canadian chinese railway builders – balls of steel
3) that dude that stood infront of the tank at tianamen square – nuclear powered balls
4) Iron chef Masaharu Morimoto – good use of ingredients and a balanced design – and knows how to use a knife!!!
5) Confucious – balls of wisdom…steel wisdom
6) Ghengis Khan – empire building ass kicker
7) the dali lama – tibetan leader and freedom ass kicker
bruce lee – tough as as whalley pit bull on meth
.
.
.
Need i go on? I think not!
Li kai, in short i hope the next condo you land is on your head.
Hit the music!
May 31st, 2011 at 11:00 am
This is very good news.
No interest rate hike, the bubble is left to inflate a little more, to pop on its own.
Low low interest rates, with Low Low Prices to follow.
Just like Japan Inc, and the USA.
May 31st, 2011 at 10:59 am
@97 Anonymous Says: "That same drop (and it wouldn’t’ be that high anywhere else) on a $210k house is $63k…"
Discounting that no significant Canadian metro has median pries that low or the massive and rapid increases rivaling Las Vegas seen in places like Calgary, any idea what it means to monthly payments to renew an upside-down mortgage?
May 31st, 2011 at 10:55 am
@Anonymous:
That's always true. At any given time, only a small fraction of the housing stock is for sale.
But the price of houses is determined by the houses that are for sale, not the houses that aren't. And in addition to those who normally sell (moving, estate, etc), when prices go down investors start selling to cut their losses.
And they have to accept what buyers are willing to pay. And that's how busts happen.
May 31st, 2011 at 10:49 am
@paradox:
That's why the real reason RE prices are inflated is not interest rates, but government guarantees on mortgages. Without those the banks would be charging 8% on mortgages too.
May 31st, 2011 at 10:47 am
New Listings 287
Price Changes 155
Sold Listings 173
May 31st, 2011 at 10:34 am
Chilton’s summation: “That’s the problem. It’s a lot of people’s job to get Canadians to take on debt.
<a href="http://www.montrealgazette.com/business/Credit+lines+worst+trend+last+years+Wealthy+Barber+writer+says/4862498/story.html" rel="nofollow">Credit lines worst trend of last 20 years, Wealthy Barber writer says
I wonder if Flaherty has been doing any reading lately….RTP