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kansai92
kansai92
8 years ago

@McLovin:

There are lies, damn lies, and then there are real estate stats.

Jim
Jim
8 years ago

"We’re a rich, advanced country that should be a leader."

I wouldn't say the country is rich. In fact, we are in major financial doo-doo. There are individuals and corporations holding massive amounts of wealth, but the distribution is not exactly egalitarian.

I find it funny when people say that Canadians are rich, despite the fact that much of our population is barely scraping by, and certain groups (e.g., First Nations) are remarkably poor. Of course, compared to some places on earth we look quite developed and affluent. However, the distribution of that wealth is remarkably skewed. With nepotism, bailouts, crony capitalism and other dynamics at play, we might be regressing to income distributions that resemble the middle ages.

patriotz
8 years ago

@Meh:
“That said, falling housing prices will help our economy in the long-run”

I would put it more strongly – falling house prices are the only hope for our economy in the long run. This Ponzi scheme is killing real business and the sooner it fails the better.

As for the doomsayers who claim a housing bust is going to put me out of work – yuk yuk. Opportunities for people like me are better in the US right now than in Canada and if not for personal reasons I might be in Seattle or California.

Meh
Meh
8 years ago

@Another Anon Jackass: I read somewhere that the true unemployment rate is really about double, if not worse, than the official rate.

In the USA, and here, there's lots of hidden unemployment with discouraged workers, the barely working (few hours a week), those hiding in school and failing entrepreneurs. A friend of mine who hasn't worked in like a year, is now calling herself a motivational coach or some such crap.

That said, falling housing prices will help our economy in the long-run, even if it causes short-term pain for some.

Another Anon Jackass
Another Anon Jackass
8 years ago

I love these twits that think everyone will lose their job when tshtf. Unemployment in the US is/was 10% +/-. That’s 1 in 10. My guess is that those who read RE blogs on a daily basis to educate themselves and discuss the fundamentals of the market have less a chance of being that 1 in 10. Even if they are hoping for the worst.

The trolls on the other hand….

Anonymouse
Anonymouse
8 years ago

@Devore:

Come off it, there’s lots of cheering.

annonymous
annonymous
8 years ago

Yeah! Thumbs up to people losing their jobs and becoming homeless!

Makaya
Makaya
8 years ago

@annonymous: so are you advising to buy now?

Here's to hoping
Here's to hoping
8 years ago

@annonymous: I hope you are the first to lose your job and be living In a homeless shelter. Happy holidays!!

Devore
Devore
8 years ago

@annonymous: I don’t see a lot of “cheering”. Regardless, wishing bad things wouldn’t happen does not prevent them from happening. Best to be prepared, like not having an overpriced house you owe more than 3 times your income on.

annonymous
annonymous
8 years ago

Wow…Lots of bad news today and these boards are down right orgasmic. If the economy goes down the drain wealthy people will feel nothing but you guys will be out of work…If any of you actually work. In the States their economy crashed and no one is buying $150,000 Houses..neither will any of you if it happens in Canada.You will however find it harder and harder to pay your rent…and then you will get evicted…But by all means keep cheering every bad news story you can find.

disbelief
disbelief
8 years ago

Why would it end? The government sets lending standards now. If they want to lend a million dollars to every hobo or crackhead they can do that. That’s one way to fix the homeless problem – write enough bad loans.

That worked great for the U.S. Lend too much to to many that have no means to pay it back. History repeats itself.

pricedoutfornow
pricedoutfornow
8 years ago

I caught the noon news today on Global. Sarah Daniels was on, gushing about a few properties which were excitingly, “less than $500k!!!!” (slightly, of course). One, a 2 bed/2 bath in Vancouver-Fairview (stainless steel appliances!) Another, a 2 bed/2 bath in Port Moody (great investment! currently tenanted!)-I suspect the tenants are the smart ones, given that you wouldn’t be able to pay the mortgage with the rent they’re paying on the property. Another couple, a house in Abbotsford and a house in Langley-Murrayville. It was so exciting to see properties “under $500k!” in the lower mainland. (insert sarcasm).

Dave
8 years ago

You guys will love this story.

It’s a themepark in China that has been abandoned during construction. They should hire Bob Rennie to rebrand it as Chernobyl-land.

http://blogs.reuters.com/photographers-blog/2011/12/12/chinas-deserted-fake-disneyland/

paulb.
paulb.
8 years ago

New Listings 81
Price Changes 32
Sold Listings 91

http://www.laurenandpaul.ca

Makaya
Makaya
8 years ago

Trade war anyone? History is repeating itself unfortunately…

China punishes America for unfair trade practices

“China will levy anti-dumping and anti-subsidy duties on certain US vehicle imports, the commerce ministry said Wednesday, a move likely to fuel tensions between the world’s two biggest economies.The tariffs will be applied for two years to passenger cars and sports utility vehicles with engine capacities of 2.5 litres or more and will take effect Thursday, the ministry said in a statement.”

“China said the investigation into US auto imports found domestic vehicle manufacturers had “suffered substantial damages” due to the dumping and subsidies.” [I had to laugh on that one]

Not much of a name..
Not much of a name..
8 years ago

***Cough*** Vancouver RE ***Cough***

frank
frank
8 years ago

@Chip:

These guys aren't Christians in any case. Christianity is all about Charity and Peace, not windfall profits and endless war.

Their view of religion has about as much to do with Christ as fast food has to do with nutrition.

patriotz
8 years ago

@Chip:

The issue is not whether the most religious candidates (in your or my or whomever's opinion) are leading the GOP race, it's that all GOP candidates are obliged to profess Christian credentials to be serious contenders. Including Romney, whose beliefs actually have less in common with orthodox Christianity than those of Muslims.

And that includes Ron Paul, who may not be running as a Christian candidate per se, but is a strong right-to-lifer.

frank
frank
8 years ago

@Best place on meth:

I think HArper goes to China and India and sees the ordinary folk slaving away in sweat shops and thinks..'hmm why can't Canada be like this?'

Chip
Chip
8 years ago

@patriotz:

If Christianity played such a prominent role in the GOP race then Bachmann, Santorum or Perry would be leading. Instead the field is led by the least religious candidates: Gingrich, Romney and Paul.

And if Chris Christie or paul ryan would have run they would have likely walked away with the race already without ever mentioning religion.

patriotz
8 years ago

@b5baxter:

"The argument I hear often is that even if this is the peak it is okay to buy since prices will return to this level in five or ten years…."

What these dolts don't see is that by buying high now they pass up the chance to buy low later. Thus no matter whether prices go back up or not, they will be paying far more per month than someone who buys low for the next 30 years. That is an absolutely massive impact on one's financial well-being for a lifetime.

Much worse than buying high in the stock market, since you can lower your average cost by buying more later at a lower price. Once you've bought RE high and prices go down, you're stuck.

Anonymous
Anonymous
8 years ago

@BLISTINGAGENT:

“We have tightened the rules three times … including this year, with respect to residential mortgages,” Mr. Flaherty said. “However, we have low interest rates and Canadians – some Canadians – are taking advantage of those to take on some larger mortgages, so again we need to caution Canadians not to overextend themselves because interest rates eventually will go up.”

Gee, so Flaherty does not want people to overextend, but by simply changing CMHC rules HE could prevent the most vulnerable from doing so.

b5baxter
8 years ago

"US Housing Prices Mirror Japan’s Experience":
http://www.ritholtz.com/blog/2011/12/us-housing-p

The argument I hear often is that even if this is the peak it is okay to buy since prices will return to this level in five or ten years….

…but maybe not.

McLovin
McLovin
8 years ago

I think we are seeing the beginning of the end of the "Chinese Miracle".