Recession looms in Brazil and Canada

Our economy receded for the first time since the ‘Great Recession’ as exports plummet. We’re number 2 after Japan! (in droppage).

The economy shrank at an annualized rate of 0.4 per cent in the second quarter, the first contraction since the Great Recession, and a sharp reversal from the 3.6-per-cent growth rate of the first quarter, Statistics Canada figures showed. It’s a sign that Canada, envied by many countries as a bastion of stability since the financial crisis, is not immune to global economic malaise.

In fact, among the Group of Seven club of rich economies, only Japan had a worse second quarter.

Sales abroad staged their steepest drop in two years, with exports plummeting more than 8 per cent on an annual basis. The high-flying Canadian dollar made it harder for businesses to sell their goods to weakening markets in the United States and Europe. Also, Japan’s natural disasters created havoc in the automobile industry, while wildfires in northern Alberta and maintenance shutdowns in the oil industry curtailed energy production.

But there’s a bright side to Canada’s performance. Company purchases of machinery and equipment in Canada soared at a 31-per-cent annualized pace in the second quarter, the biggest surge since 1996.

Here’s the article in the Globe and Mail, and here’s the take from Global Economic Analysis.

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DaMann
DaMann
9 years ago

@Manna from heaven:

There was a huge uproar over that and building stopped dead in it's tracks for a few years. The locals were aghast at the prospects of townhouses in their hood.

The real kicker will be when they sell off the military land that's just off of Highbury. How much is that? 100 acres? It's a massive chunk of land.

bubba
bubba
9 years ago

@Manna from heaven:

Thanks…

The last time I was in the area and saw it must have been in late 1980's.

I couldn't believe it just sitting there empty and during a hot RE market…I don't recall any evidence of any buildings ever existing at the spot. Weird.

Manna from heaven
Manna from heaven
9 years ago

Bubba

I know the block of land you are talking about. Located on 8th Ave., just up the hill from West Point Grey Academy. It was developed some years: sfh and townhomes.

patriotz
9 years ago

@bubba:

Years ago, I recall in Kits area, near Point Grey,( North of Broadway ) a bare city block of land in a residential area.

You are probably thinking of the bare half block just northeast of the Varsity Theatre in Point Grey. Last I heard (and that was a decade ago I think) the owner was trying to get it upzoned from SFH and the city refused.

Don't know what's there now but it would still stand out as it would either be still bare or have new buildings.

Londonernow
Londonernow
9 years ago

Those properties in Point Grey have been on sale now for almost 5 years. Used to be listed for $14.8 million (in 2007 and never sold) according to attach story when the real estate agent was fined $200,000 for cutting down trees without permission.

See paragraph in attached story:

http://www.vancourier.com/technology/Owner+says+w

Critics complain wealthy landowners see bylaw penalties as the cost of doing business. The last successful prosecution under the city's tree bylaw was in 2007 regarding three adjacent sites on Belmont Avenue listed for $14.8 million. Seventy-two trees were axed without approval. Realtor Paulo Leung pleaded guilty and was fined $2,850 for each tree for a total of $205,000.

Moving On
Moving On
9 years ago

The fact they secured a $28m listing means they’re not retards, by definition

________

Fine – the fact that anyone would give these morons this listing makes the person hiring them a retard.

bubba
bubba
9 years ago

Years ago, I recall in Kits area, near Point Grey,( North of Broadway ) a bare city block of land in a residential area.

Anyone know what, if anything has happened to it?

Anonymouse
Anonymouse
9 years ago

@Moving On:

The fact they secured a $28m listing means they're not retards, by definition.

ReductiMat
9 years ago

Nevermind, Google just waited until I posted this message to tell me…

http://www.soreb.org/

ReductiMat
9 years ago

Is Osoyoos included in the OMREB numbers? If not, any idea where they are?

Moving On
Moving On
9 years ago

http://www.condowebstore.com/Team.htm

Okay, you really need to check out the ad of the "team" selling that point grey lot. Dear lord, read the "resume" of the guy – apparently trained all over the world in real estate and commercial management AND he has telephone patents pending!

For a bigger laugh, read the "directors" profiles at the bottom of the page, especially Winfield Yan. Apparently, "Winfield is the older brother of Eddie. Lots of experience, lots of energy, works 16 hour days (and not too many friends.)"

This "team" epitomizes the stupidity of this market – literally. The fact that these retards can secure a $28 million dollar listing with this type of marketing bloody amazes me. Quite frankly it disgusts me….

JR
JR
9 years ago

@Conrad: My eyes must be playing tricks with me but it almost appears that Conrad spelled backwards = roadkill.

Westside Hag
Westside Hag
9 years ago

@BPOM

"Like in Monopoly!"

It's like a real estate ad for multi-billionaire 9-year-olds.

Fantastic water, mountain & city views! Last & best 3 building lots left in prestigious Point Grey. Combine to build your one of a kind dream mansion! Over 218,000 sq ft in size & grandiosity with 478' frontage extending to NW Marine Dr. Borders University Endowment Lands for privacy! Belmont, address of the "Rich & Famous"! Like in Monopoly, buy Belmont Ave & end up winning the game! Across from Spanish Banks, close to Jericho Beach & Tennis Club, Royal Yacht Club, UBC and downtown!

Patiently Waiting
Patiently Waiting
9 years ago

Do crashes always begin in the Spring? Can they start in the Fall?

Patiently Waiting
Patiently Waiting
9 years ago

@jesse: “Max daily listings 282” in Sept 2010.

Today, the third business day of September, and we already beat that quite handily with 356.

jesse
9 years ago

@Anonymouse: As one of my good friends reminds me, things are different because they are not the same. This year was hot Asian. Money. Last year was… iForget.

Best place on meth
Best place on meth
9 years ago

@Anonymouse:

I expect no bounce in sales this fall as was the case last year.

Therefore, different from last year.

Conrad
Conrad
9 years ago

@jesse: Why always looking in the past bear? another year, and yes NO CRASH. Look forward to hearing about sept 2011 next year again with NO CRASH

Anonymouse
Anonymouse
9 years ago

@jesse: "As bpom stated, no two years are alike. "

The graphs on pauls site suggest that 2011 has been a dead ringer for 2010 so far. I expect that to continue. There's also no rule that each year has to be different…..

McLovin
McLovin
9 years ago

Wow for 3% of 28 mil you would think the Realtard could take some updated pictures.

I love the reference to Monolopy. I'm sure this will help people willing to shell out $28 mil justify their purchase.

Best place on meth
Best place on meth
9 years ago

@jesse:

>>>How long before the exasperation of dealing with mentally unstable loser tenants before they tap out? I say yes.<<<

You're getting cheekier by the day, sir.

Best place on meth
Best place on meth
9 years ago

5.5 acres of raw land just came up for sale in Pt. Grey?

I thought this shit didn't exist anymore.

http://www.mls.ca/propertyDetails.aspx?propertyId

Hello? Calling all HAM! Come build your gaudy dream palace at a west side location you can brag to your friends in Beijing about!

jesse
9 years ago

From September 2010:

Max daily sales 179

Min daily sales 63

Max daily listings 282

Min daily listings 164

2011 blew the freaking doors off last year's daily listing max. Note listings were high through most of September 2010, 226 daily average.

As bpom stated, no two years are alike. What will the fall bring I wonder? More disappointed owners unable to sell? Pull their listings and join the ever-growing ranks of accidental landlords? How long before the exasperation of dealing with mentally unstable loser tenants before they tap out? I say yes.

Li Kai Shing
Li Kai Shing
9 years ago

@DaMann:

All the GOOD posts are mine.

Proof ? People keep stealing them.

DaMann
DaMann
9 years ago

last post was mine