Canadian economic expansion

Good news! Markets are up! Money is flowing! and the Canadian Economy expanded more than expected in the third quarter:

The energy sector led the way and notable increases also occurred in manufacturing, construction, wholesale trade and the transportation and warehousing sector.

On a monthly basis, real gross domestic product by industry increased 0.2 per cent in September.

Some analysts cautioned against overestimating the strength of the Canadian economy. Much like the second, the third quarter was also driven by temporary factors that won’t be sustained, they said.

Full article over at the CBC.

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elementary data
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elementary data

OT, but good to know for us news hungry people.

I've started getting my latest news using the Newsmap site

The posted link will display Canadian news, but the Flash-based app allows for all sorts of filtering. It displays a bird's eye view of the news landscape, highlighting also their relevance. More info about this project can be found here.

Keeping An Eye On Th
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Keeping An Eye On Th

"Based on the average of the two measures, home prices are overvalued by about 25% or more in Australia, Belgium, Canada, France, New Zealand, Britain, the Netherlands, Spain and Sweden "

http://www.economist.com/node/21540231

I guess these researchers don't know, this is the best place on earth.

But most importantly we are running out of land and sky.

Ask the pimps ast Sauder.

Manson
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Manson

I know of Companies paying $30.00 an hour for skilled construction workers…And they can't find anyone to fill these positions.It's expensive to build in Canada(No endless supply of Mexicans)..If prices start dropping then nothing gets built..which Voila! Leads to rental and housing stock shortages and prices stabilize.25%? Maybe…but hoping for more is a fools wish.
http://www.canadianconsultingengineer.com/news/co

Best place on meth
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Best place on meth

@Manson:

Do you even read your links or just look at the headlines?

>The group say that the construction labour market is "especially critical because major projects, including sustaining capital projects, maintenance and shutdown work in the industrial, utilities and public infrastructure sectors, are under particular pressure to deliver on schedule and on budget."<

Nothing to do with real estate.

registered
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registered

@3 Manson: You're claiming all those houses available in the US, north and south, are due to….. Mexicans? And that collapsing prices will have no negative impact on demand?

Never, ever, mix those medications again.

Manson
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Manson

Ok Children here's another article…
http://vancouverbesthomes.com/blog.html/see-where

patriotz
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@Manson:

"If prices start dropping then nothing gets built.."

Houses continued to be built in Vancouver during the late 90's, when house prices dropped every year. Houses have been built in every year since 2006 and are continuing to be built in almost every market in the US (including Las Vegas).

So how does that happen? Hint: the component of housing costs that goes up the most when house prices go up goes down the most when house prices go down.

Another hint: construction workers would rather keep working in construction for less money than work for far less at McD's.

Vini
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Vini

@Manson: What's you point with this 'article' from a realtors website? All it seems to say is that when prices fall, demand goes down and prices go down on construction (USA). It also refers to construction prices in Canada, not specifically Vancouver.

Manson
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Manson

Hey I'm just trying to point out that there are reasons why Real Estate around here is expensive and not just because you all swear it's a "Bubble"..you guys have been Wrong for years but you may eventually make a correct prediction. Bellevue about 20 Minutes outside Seattle(In non rush hour)is still pretty healthy and that's in a economy much worse than ours..now or in the foreseeable future.
http://www.homes.com/Real_Estate/WA/City/BELLEVUE

0x13
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0x13

Interestingly enough no mention of how CMHC insurance, long amortization rates and low interests have driven the prices so high. No attempt at analyzing the causes of the problem.

http://www.theglobeandmail.com/news/video/video-o

oneangryslav2
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oneangryslav2

@patriotz: A third hint: developers, as a rule, don't become doctors, or software engineers, or nurses when housing markets turn. They continue trying to put food on the table doing what they do.

jesse
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CBC: Clark pitches Ottawa on new deal to repay $1.6 billion HST cash

Premier Christy Clark is trying to work out a new deal with Ottawa to repay the $1.6 billion British Columbia got from the federal government to adopt the harmonized sales tax, which was voted down in a referendum this summer.

It appears the only winning move is not to play.

jesse
Member

@oneangryslav2: "They continue trying to put food on the table doing what they do."

It means, hopefully, that those looking for new vocational career paths will decide that construction isn't really their thing and will get educated/trained in other areas. If you know what areas these are let them know.

Manson
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Manson

"My job doesn't relate to Real estate..I'll keep my job" Where do you think Municipal and Govt. revenues come from?…Property taxes..which fall as home prices fall.
http://www.bloomberg.com/news/2011-11-04/teachers

Anonymous
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Anonymous

@Manson "I know of Companies paying $30.00 an hour for skilled construction workers…And they can’t find anyone to fill these positions.It’s expensive to build in Canada(No endless supply of Mexicans)..If prices start dropping then nothing gets built..which Voila! Leads to rental and housing stock shortages and prices stabilize.25%? Maybe…but hoping for more is a fools wish."

In many parts of Vancouver empty lots and tear-downs sell for over a million dollars. How many workers, at $30 an hour, does it take to produce a lot that's never been built on?

Anonymous
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Anonymous

@Manson "“My job doesn’t relate to Real estate..I’ll keep my job” Where do you think Municipal and Govt. revenues come from?…Property taxes..which fall as home prices fall."

Your ignorance is showing. (waits for Manson to check his fly isn't open)…

Property taxes are based on relative housing costs, not absolute. If all real estate falls by 50%, everyone pays the same property taxes as they did before. If YOUR house falls 50% and the rest of the market is stable, only then are you paying less. Municipal taxes are based on projected budgets. They tax what they think they will spend, each homeowner is assigned a proportion of that tax based on the value of their home compared to the rest of the property pool.

Manson
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Manson

I was speaking to a guy the other day that told me the cost just to tear down an old place up towards Osoyoos was about $90,000…Permits..inspectors..and everything else etc,etc. Everything is very highly regulated in B.C. which makes anything expensive.

Manson
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Manson

Who pays property taxes on all the thousands of Foreclosed homes you guys keep dreaming about?

registered
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registered

14 Manson Says: "…Property taxes..which fall as home prices fall."

Property taxes don't work that way in Vancouver, try again.

If on the other hand you're suggesting Vancouver will experience the same thing afflicting some of the American inner cities – empty houses no longer bringing in taxes and further burdening the city maintenance budgets – you can relax. The municipality probably isn't deriving revenue from the vast majority of 'helper' suites. City Hall won't miss what was never claimed.

registered
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registered

17 Manson Says: "Permits..inspectors..and everything else etc,etc. Everything is very highly regulated in B.C. which makes anything expensive."

Hi Dave.

Best place on meth
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Best place on meth

@fixie guy:

This guy is incredibly dumb, even by cheerleader standards.

Dave is smarter than this.

Manson
Guest
Manson

Yeah…Real Estate is high in Vancouver because of all the Drug Dealers and Asian Criminals. My Boss paid $181,000 for his house in North Vancouver back in 1981 which was way higher than the rest of Canada at that time…Who's the "Dumb" one again. "Vancouver Condo Info"? Give me a break..It's a site set up by and for a bunch of whiners..why do you care? You didn't get in years ago and you won't get in no matter what happens with prices. I just like pissing off Doom and Gloomers who are jealous of anyone that has resources and is actually enjoying their lives. FORECLOSURE!

jesse
Member

@Manson: "Where do you think Municipal and Govt. revenues come from?…Property taxes..which fall as home prices fall."

As other commenters said, fail. Now permit revenue… that's something that will take a nosedive if prices weaken and population growth deteriorates further.

Anonymous
Guest
Anonymous

@Manson:

"Who pays property taxes on all the thousands of Foreclosed homes you guys keep dreaming about?"

The banks who actually foreclosed on the property, and /or the buyer who eventually buys it. The taxes ALWAYS get paid one way or another.

Man if you are what's keeping this market "up" I'm feeling even more confident about a crash.

DaMann
Member
DaMann

whoops, last one was me

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