Global with Bearish Story

Greenhorn has recorded this Global piece aired last night on families moving away from BC due to the high price of housing:

Summary: families moving away due to the high cost of housing.

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Devore Says: "No mountains or ocean. How can you ski in the morning, kayak across the pond for lunch, and golf in the afternoon all in one day?" I actually did that once in early spring, except I kayaked in the late afternoon. It was great. Not 800,000 ave home price great but definitely $1200/m rent great. I lived in Toronto for a while and did absolutely nothing outside for at least 3 months of the year. I've followed these types of blogs for 4 years now and will probably take the plunge and buy next year. However I am resigned to never owning a SFH in the Vancouver area so will apartment/town house dwell in the city (we have one kid so a 2 bed and den will do us – and retire up the coast or something. Yes… Read more »

fixie guy

162 jesse Says: "My original callout was Flaherty’s statement on “the Asian people”."

He was probably thinking the Uzbeks or Tadzhiks.

[…] “Sold our condo in noisy Yaletown, bought 5 acres in a small town in Eastern Township of Quebec, built a house. Debt load is a small fraction of what we had and lifestyle is way up. Every day I think to myself, what are all those people clinging too? Running along the Seawall is the only think I can think of.” – Ultramam at October 4th, 2011 at 8:15 am […]


Canada is a sovereign state while Asia is a continent so you can't properly compare "Canadian" against "Asian" because they represent different and not mutually exclusive concepts.

Most people would simply define "Canadian" as a Canadian citizen. While "Asian" is – what? Someone who live in Asia? Someone with citizenship in an Asian country? Someone with ethnicity or race (however defined) associated with a region in Asia?


Smiling Assassin Says:

@154) Doesnt Caucasions include “brown” people from the Indian Subcontinent?


No – they are part of the asian classification….


So there is a difference between a “Canadian” and an “Asian.”

Canadians cannot be asians?!?

Ouch – you really do have a lot to learn about race, ethnicity, and nationality.


Blamo – good call!

Smiling Assassin

@ 153) Bam!

@154) Doesnt Caucasions include "brown" people from the Indian Subcontinent?


Hey what do I call someone who’s “none of the above”? I think I’d better stick to “Asian” and “Canadian”.


So there is a difference between a "Canadian" and an "Asian."

Canadians cannot be asians?!?

Ouch – you really do have a lot to learn about race, ethnicity, and nationality.


Cough Cough, we have seen this show before.

Been There

@Been There: “Let’s be consistent in our political correctness please”

Yeah sorry. “Caucasian” it is. Flaherty, then, should have used the term “mongoloid”, not “Asian”.


Actually, we would have to use "Caucazoid" then if you use "Mongoloid"

Of course, I believe that we have moved beyond Blumenbach's 18th century classifications of racial groups.

Just stick with "Caucasian" (not Caucazoid) and "Asian," remove references to colour, and you will be in line with modern thinking and political correctness.


@gordholio: That's the thing about bubbles, they seem like the new normal. The .com bubble was the first bubble I experienced first-hand and was neck-deep into (not with my money though), and everyone was talking Economy 2.0 to justify stock valuations. New paradigm time!


@gordholio: The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops… The most compelling evidence that home prices are over-valued in many countries is the diverging relationship between house prices and rents. The ratio of prices to rents is a sort of price/earnings ratio for the housing market. Just as the price of a share should equal the discounted present value of future dividends, so the price of a house should reflect the future benefits of ownership, either as rental income for an investor or the rent saved by an owner-occupier. Note "is", not "could be". It is easier to call a bubble for housing than for any other asset, because the earnings of housing (rental value) are highly predictable going forward.… As for Flaherty, he's not even pretending… Read more »

Been There

jesse Says:

@Troll: “particularly from the Asian people coming to Canada”

Yeah… and others too. In an East Van neighbourhood I’m somewhat familiar with, 3 of the last 4 SFH purchases were by “the White people”.


Correction – by the "Caucasian people" not the "White People".

Let's be consistent in our political correctness please – nobody should reference race colours – white, black, yellow, brown…


#144, Troll:

Alan Greenspan on bubbles:

"It was very difficult to definitively identify a bubble until after the fact — that is, when its bursting confirmed its existence."



Flaherty is a parrot squawking what bay street wants you to hear. All is well,buy buy buy.awwwkk!

" A hard landing in China would be devastating for the global economy. The Shanghai composite is making new lows along with copper, which is very bearish. Also stay away from the Australian and Canadian currencies. If China crashes, these markets will get massacred."

if greece goes, which it will… watch the US dollar climb.


"Flaherty said:…but overall across the country there’s been some moderation, which is good.”

Flaherty is like Hitler not getting real news from east front, circa 1943.


Canadians’ household debt raises eyebrows at IMF


"Canada doesn't see housing bubble, no need to cool"

Asked what would constitute evidence of a bubble, Flaherty said: "If we saw dramatic surges in prices in some part of the country. There's some demand in Vancouver in particular, particularly from the Asian people coming to Canada who are investing in real estate. So there's some demand there that is unusual in terms of the entire country, but overall across the country there's been some moderation, which is good."



Rats have difficulties unloading all that crap they bought.


When Royal LePage is forced to say fears of a US-style housing crash are unfounded, you know the shit (and a lot of it) has hit the proverbial fan.

In other news, OJ Simpson says he's innocent.