1 patriotz Says: ..”this time there will be very little that any Canadian politician can do about it.”

There was much they could have done, instead they chose the absolute worst possible route of stimulating consumer spending to the brink of ruin for no other purpose than political. The spending explosion started in 2006 (see Teranet) when those who called for an American collapse were still laughed off as crazy. Harper will change the face of Canada and we’ll be much poorer for it. On the positive side when he’s done immigration pressure will certainly go down.

Hah, check this article out! I thought it was pretty balanced on the foreign ownership question but then they threw this editorial gem in at the end:

“From all appearances, the allure of condos in multicultural Toronto – where half the population was born outside of Canada – may come down to price. With an average price of $368,000, Toronto offer a reasonably low entry point to a market that still offers more long-term return than stocks or bonds.”

Gord, maybe another letter is due:

http://business.financialpost.com/2012/06/11/foreign-investment-cuts-both-ways-in-toronto-condo-market/

(Posted on a old thrread by accident. Reposting here)

Re: 3243 33 ave VANCOUVER BC http://vancouver.en.craigslist.ca/van/reo/3055404572.html

This was previously discussed on VREAA: (Sorry don’t know how to shorten the link)

https://vreaa.wordpress.com/2012/05/21/urgent-to-return-china-in-the-vancouver-west-very-expensive-premium-real-estate-is-very-difficult-to-find-such-a-cheap-price-there-are-a-lot-of-room-for-negotiation-a-total-of-nearly-200-000/

Then, it was asking $2,480,000. Also hi-lighting a bunch of perks to hope for a quick sale. (including a free piano that the satellite son probably refused to play but they forced him into lessons anyways).

Now it’s $2,280,000.

This will definitely be a good one to continue watching.

@Bull! Bull! Bull!: Shouldn’t you be out buying another house or two?

@patriotz: “Simply going back to the level of taxation under Reagan would go a long way”

The ability to effectively tax the populace is one of the reasons the US yields are not out of control. The endgame of taxing everyone, not just the rich, is one thing the populace does not want to hear, just like Canada actually.

9 Bull! Bull! Bull! Says: “When exactly is the realestate going to pop. We are well into june…”

Good question, one that highlights again how the real estate market is distorted by the federal government. Before the OSFI’s attempts to bring responsible lending standards to the industry were stymied I would guessed the fall, but who can predict a politician’s base self-interest? All but the most backward should be aware by now that the brightest, most prescient predictors of the American crash rightfully wouldn’t call dates and times on a distorted market, so some possible scenarios are:

– near enough the next election that the blame can be passed off
– the moment any foreign event creates the slightest possibility of pointing at Greece, Spain, the Germans, China troubles. (see patriotz post 1)

@jesse:

Yields are low because the US is the largest economy and the most powerful country in the World. Taxation has nothing to do with it. It has everything to do with safety and preservation of capital.

@jesse:

Having a monetary printing press and 3,000 nuclear warheads doesn’t hurt either.

@WFT?:

The dollar is headed up. The Euro and Yen are headed down.

The US won’t default because they can’t default. They will always have the ability to print money and nobody can call them on it, at least not in the near future.

The only test of this that you need know is what happens during a crisis. Look where the money goes.

17 patriotz Says: “Actually some called the top quite accurately…”

The Case Shiller Composite 10 and 20 HPI both peaked in July/Aug of 2006, a full year after Krugman’s article. I didn’t see a prediction on the Mish link. No commentator I’m aware made the kind of “it’s June already” call demanded here.
Quite the opposite, those who did the core research like the Berkeley School of Economics and Shiller refused to guess at all, the former equating it to predicting the next action of a crazy person. “If I could do that, they wouldn’t be crazy.”