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IMF thinks you have too much debt

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Those old fogeys at the International Monetary Fund are raising their eyebrows at consumer debt in Canada again.

“Developments on the housing front require increased vigilance, and consideration may need to be given to additional prudential measures to prevent a further buildup in household debt,” the Washington-based IMF says in its latest economic outlook for the Western Hemisphere.

Clearly they don’t understand that it’s different here. Tell ’em Mr. Flaherty.

For his part, Mr. Flaherty says he’s satisfied he’s done enough to curb the accumulation of mortgage debt.

The finance minister said in New York on Wednesday that he would need to see “clear evidence of a bubble in the housing market in Canada, which we have not seen,” according to a report by Bloomberg News. Mr. Flaherty defined a bubble as “dramatic surges in prices in some part of the country.” He also said the measures he took in January have led to “some softening in the Canadian housing market.”

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[…] “Just spoke with a client of mine up north in 100 mile House. He was saying that he wants to buy some more stock but he has to wait to sell some property until it recovers to where it was earlier in the year. I see this as a pervasive example of the mindset that people have with houses as well as the stock market which is that they won’t sell until they’re even or up on it, when in many instances you should sell for a small loss early [rather] than have to wait for the market to come back, which can take years. And sometimes it never comes back.” – buffates at vancouvercondo.info October 6th, 2011 at 10:13 am […]

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[…] “Just spoke with a client of mine up north in 100 mile House. He was saying that he wants to buy some more stock but he has to wait to sell some property until it recovers to where it was earlier in the year. I see this as a pervasive example of the mindset that people have with houses as well as the stock market which is that they won’t sell until they’re even or up on it, when in many instances you should sell for a small loss early [rather] than have to wait for the market to come back, which can take years. And sometimes it never comes back.” – buffates at vancouvercondo.info October 6th, 2011 at 10:13 am […]

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Someguy

@Charlie:

Charlie, here's a more appropriate version (SFW, don't worry).

http://www.imagebam.com/image/020824152891391

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fixie guy

@87 Charlie: Compound Interest, it's a bitch. It's hard to have sympathy for buyers who don't ask the cost.

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VMD

[RBC, TD Bank Outlook Cut to Stable From Positive at S&P]

– yes, it happens to the most-prudent of us.

October 06, 2011, 4:53 PM

Standard & Poor’s lowered the outlook for Royal Bank of Canada and Toronto-Dominion Bank to “stable” from “positive.”

Canada’s two largest banks by assets were reduced on expectations for a “weaker Canadian economic recovery,” the ratings company said today in separate statements.

http://www.businessweek.com/news/2011-10-06/rbc-t…

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jesse

@Anonymous: "so how come paul’s site doesnt seem to show that for regbv in 2008, 2009, or 2010?" Paul only shows month-end inventory. Inventory typically extends gains into mid-October and ebbs later in the month. In any case, I think the most probable scenario is that 17K will be about peak for inventory this year. IMO 2012 has higher probability of showing distress because of lower in-migration starting in Q4 2010 and extending through 2011 that will elicit more inventory from out-migrants. Dwelling construction looks to be robust based only on previous higher population growth and there is some indication existing home stock has spare capacity. I don't have the data in front of me but for-sale inventory in the late-'90s was off the charts due to lower population growth and construction projects completing. As a result BC unemployment increased… Read more »

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Cam Good-Muir

@pricedoutfornow:

You had a chance to dive in head first into shallow RE waters at ebb tide…..yet you didn't.

Why do you expect sympathy?

You could have tsken your credit card , put a deposit down on 3- 5 condos( minimum ), flipped them , and retired.

Prove I am wrong !!!

Really, this site is turning into a rehab for L-O-S-E-R-S who missed the RE boat and sing Koom -Bay- Ya (off key) for therapy.

PS: No Xmas calendar 4 -U

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Li Kai Shing

@Anonymous:

Sorry for delay in response…your m*ther please me much, want more, good thing up to it and have cigar after !!!

PS Quit boinking taxidermal pet rocks out of frustration and jealousy , upset Zen focus.

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Charlie

Can't happen here:

http://www.spiegel.de/images/image-268201-panoV9-…

😉

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Anon

CBC is becoming mouthpiece for the banksters.
http://www.cbc.ca/video/#/News/Business/123984946…

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Anonymous

@Anonymous: …….“They’re just cute little toys and contrary to cult members beliefs they didn’t make the world a better place.”…

They do if you own them….

Only if your world is Surrey.

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Anonymous

"inventory usually peaks in October"

so how come paul's site doesnt seem to show that for regbv in 2008, 2009, or 2010?

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jesse

October 2011 data Average Sales 123 Total Sales 490 Average Listings 277 Total Listings 1107 Average sell/list 44% Days in month 20 Days elapsed 4 % days elapsed 20% Expected sales 2,450 Expected listings 5,535 Max daily sales 145 Min daily sales 97 Max daily listings 319 Min daily listings 225 October 2010 data at same point in month Average Sales 114 Total Sales 454 Average Listings 229 Total Listings 917 Average sell/list 50% Days in month 20 Days elapsed 4 % days elapsed 20% Expected sales 2,270 Expected listings 4,585 Max daily sales 133 Min daily sales 95 Max daily listings 268 Min daily listings 191 October 2010 month end data Average Sales 120 Total Sales 2392 Average Listings 188 Total Listings 3762 Average sell/list 66% Days in month 20 Days elapsed 20 % days elapsed 100% Expected sales… Read more »

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McLovin

“The spate of suicides made headlines around the world. Last May, seven young Chinese workers producing Apple iPads for consumers across the globe took their own lives, prompting an investigation into working conditions at the Foxconn factory in Shenzhen, southern China.

Nine Chinese sociologists wrote an open letter to the media calling for an end to regimented and restrictive work practices which they condemned as “a model where fundamental human dignity is sacrificed for development”.

One year on, swaths of anti-suicide netting surround the huge worker dormitories in Shenzhen. But an investigation by two NGOs reveals that many workers making iPhones and iPads for eager world markets are exploited and living a dismal life.

In Shenzhen and Chengdu a joint Foxconn workforce of 500,000 is providing the labour that, in the first quarter of 2011, contributed to Apple Inc net profit of $6bn… Read more »

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Anon

And let's not, in our "mourning", forget even very recent history's illustration of real human costs necessitated by the multinational corporate profit model. 

 http://www.guardian.co.uk/technology/2011/apr/30/… "The spate of suicides made headlines around the world. Last May, seven young Chinese workers producing Apple iPads for consumers across the globe took their own lives, prompting an investigation into working conditions at the Foxconn factory in Shenzhen, southern China.

Nine Chinese sociologists wrote an open letter to the media calling for an end to regimented and restrictive work practices which they condemned as "a model where fundamental human dignity is sacrificed for development".

One year on, swaths of anti-suicide netting surround the huge worker dormitories in Shenzhen. But an investigation by two NGOs reveals that many workers making iPhones and iPads for eager world markets are exploited and living a dismal life.

In Shenzhen and Chengdu… Read more »

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Anonymous

@Anonymous:

"I mean no disrespect to the man"

You have a funny way of expressing that.

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Anonymous

@Best place on meth:

"They're just cute little toys and contrary to cult members beliefs they didn't make the world a better place."

They do if you own them.

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Anonymous

@Anonymous: "You can’t be serious? Were you there? You are one bitter guy." ROFL I'm bitter because I don't worship the guy? Jesus. Never have I experienced so much rabid defence of a product or company than I have of Apple. It's truly astonishing. They are gadgets people. I never said the guy wasn't a fantastic CEO or visionary or dare I say it, the best thing that has happened to Apple, but you people make him out to be a saint and a saviour of the planet. Saying Jobs was the inventor of all these products is a slap in the face to the thousands of people working at Apple. The guy was good I will give him that. He could sell ice to Eskimos and keep them coming back for more. I mean no disrespect to the man,… Read more »

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pricedoutfornow

@Cam Good-Muir:

"He said there’s still plenty of homes listed in the $800,000 to $900,000 range"

Oh goodie, plenty of selection for us local poor folks. This is starting to sound suspiciously like California during the bubble, when they started accepting applications for affordable housing from people making up to $150k per year, or some such number. Many were professionals, even doctors.

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Cam Good-Muir

See ? All is well Richmond real estate market warms up http://www.bclocalnews.com/richmond_southdelta/ri… Richmond’s real estate market warmed up a little last month, according to the latest numbers released by the Real Estate Board of Greater Vancouver. But with the number of homes listed for sale at near record high levels, local realtor Tony Ling believes it will remain a buyer’s market for some time. “What’s fueling the market is Chinese overseas buyers,” he said. But even in China, residents are feeling the pinch, he said. While the average selling price of a house was $1.025 million last month, Ling believes that number is skewed. Many Chinese buyers are buying high end homes, in the $2 to $3 million range. He said there’s still plenty of homes listed in the $800,000 to $900,000 range. =============================================== WE are looking out for YOUR… Read more »

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Li Kai Shing

Confucious sez

" Many good pissing matches on VCI 2- day ! "

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McLovin

Dare to Dream Meth

Dare to Dream!

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Anon

"And you still stand by your assertion that nobody east of the Coquihalla has ever cared about Europe?"

LOL…poor patriotz..i don't know what he is smokin today

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shtf

Li Kai "Porn was on VHS since early 1970′s"

ahh Emanuela on good old tape

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Best place on meth

@McLovin:

For 18,500 we'd have to have a net gain of 100 listings every day for the rest of the month.

The highest so far after 4 days is 89.

Not gonna happen.

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