IMF pessimistic on Canadian outlook
The IMF has put on their grumpy pants and come out against the Canadian Economy again, so says the Globe and Mail.
Markets worldwide reacted with some shock to the news, posting modest declines. But the Toronto Stock Exchange took a bigger hit than most others, falling 1.2 per cent.
The Canadian stock market has been sluggish, relative to other leading global markets, as economic doubts have risen this year. The TSX has grown just 2.7 per cent to date in 2012, compared with a 14.6 per cent jump in the S&P 500 and even 6.7 per cent growth in the Euro Stoxx index.
“We’ve been saying for a while that the Canadian stock market would underperform,” said Pierre Lapointe, the head of global strategy and research for Pavilion Global Markets Ltd. “It has. And we continue to think that it will underperform.”
The IMF report focused heavily on Canada’s deeply entrenched trade relationship with the United States. While Canada’s recovery has been faster, “growth has been constrained by sluggish expansion in the United States,” the report said.
Read the full article here.
October 10th, 2012 at 7:04 am 1
Further to the article, Canada is currently running a record trade deficit despite near-record high oil and commodity prices – something never before seen in Canadian history.
Your homework assignment is to determine why this is the case and the future implications.
http://www.cbc.ca/news/canada/story/2012/09/11/trade-deficit.html
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October 10th, 2012 at 7:17 am 2
Yahoo proves its moniker. Good headline, stupid content.
Door prize for those able to guess Ms. Gibbard’s occupation without clicking the link.
http://ca.finance.yahoo.com/blogs/insight/depressing-canada-housing-outlook-forces-critical-homeowner-decisions-140353331.html
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October 10th, 2012 at 7:56 am 3
Oooh oooh! Is she a welder?!
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October 10th, 2012 at 8:06 am 4
Damn, I just read the link. No door prize for me. Gotta love it, get on the property ladder and then “reach for the stars” that is of course if “you have the means (and the guts)”
Hot debate. What do you think?
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October 10th, 2012 at 8:23 am 5
@patriotz:
Door prizes are, by definition, given based on a lottery which everyone who comes through the door enters. They are not given as prizes for contests such as correctly answering a question. That would be a simple “prize.”.
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October 10th, 2012 at 8:35 am 6
Canadians’ personal debt creeps higher, poll says
Um, paying down debt is saving. Nice poll question, RBC.
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October 10th, 2012 at 8:50 am 7
it would be interesting to do VCI poll regarding the amount of non mortgage debt.
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October 10th, 2012 at 8:52 am 8
@N:
Does that mean I’m still in the running?! What’s the prize? Is it a pony? Is it a flying pony?!!!!
Hot debate. What do you think?
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October 10th, 2012 at 9:04 am 9
I certainly don’t disagree with the IMF. But at the risk of stating the obvious, what economic credentials do Tom Cruise, Paula Patton and Jeremy Renner have? Why do we even care what they say about the Canadian economy? They may know a lot about international espionage, but asking them about Canadian economic matters is like asking Wayne Gretzky to opine about football strategy…
Hot debate. What do you think?
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October 10th, 2012 at 9:23 am 10
@PCinWA: “Why do we even care what they say about the Canadian economy?”
Because they are conversing directly with central bankers, including Canada’s. What’s important is their data and reasoning as to why Canada needs to be careful.
Hot debate. What do you think?
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October 10th, 2012 at 9:24 am 11
@patriotz: “guess Ms. Gibbard’s occupation”
PMO staff member?
Hot debate. What do you think?
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October 10th, 2012 at 9:32 am 12
@Bailing in BC:
A yellow helicopter, generously provided by Bull, Bull, Bull.
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October 10th, 2012 at 9:44 am 13
@patriotz: From that article:
Not well worded. Her clients do not purchase with the INTENT to sell within 5–10 years. That doesn’t mean a few will change their minds, either by choice or by necessity. As commenter Greenhorn has stated, a group of smokers may INTEND to quit smoking, alas not everyone is successful.
Hot debate. What do you think?
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October 10th, 2012 at 10:20 am 14
Interesting comment I just came across. At least one major Canadian company is calling for interest rates in Canada to go down next year.
Not news a lot of Bears want to hear but with the extremely slow global and Canadian economies I can see one making the case. What this would do for RE prices remains unknown but I would think not a lot.
Rates are already rock bottom and home ownership is record high. The problem people are having now is not the rate but qualifying with things like “rental income” “self employed income” etc and having to actually come up with a down payment.
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October 10th, 2012 at 10:21 am 15
@jesse:
I was just making a silly little joke (which nobody I guess found funny). You know, IMF…”Impossible Missions Force” from the highest-grossing Tom Cruise film ever Mission Impossible – Ghost Protocol?
Seriously though, the IMF WEO report is a good read (not as entertaining as the movie), and those interested should take a look for themselves:
http://www.imf.org/external/pubs/ft/weo/2012/02/pdf/text.pdf
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October 10th, 2012 at 10:23 am 16
Jesse,
Okay here is my life so far. Bought house is Leaside Toronto – decided to move to Victoria. Husband’s team killed in 9/11. Also had 3rd kid and the house was way too small.
Build big fancy house in Victoria. Husband decided to start own business – had to downsize – house too expensive.
Moved to very nice house in Oak Bay. But OMG 4th kid on way. House worked for a couple of years but as kids got older became too small – again.
Moved to Broadmead. Would love to sell this money pit but taking into account of selling costs we are doing a renovation. We would sell only if we were upsizing or downsizing – hubby’s idea. I Don’t like the neighbors etc. etc. Would happily get rid of this dump and move into two double wides.
I know a ton of people divorcing, downsizing, changing jobs, having kids and sadly dying. You are right. Life happens and people do actually move.
You don’t get married with the intent to divorce but 50% (?) do.
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October 10th, 2012 at 10:25 am 17
Hidden due to low comment rating. Click here to see.
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October 10th, 2012 at 10:26 am 18
Patriotz nailed it in the first post. The fact that Canada is running a trade deficit at a time when resource prices have been this high is shameful really. When (not if) prices drop there is going to be some trouble in store me thinks.
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October 10th, 2012 at 10:40 am 19
If your thinking of buying a home hang on.
The cross border Canadian-Chinese housing enquires are going to result in homes being sold very quickly as nervous buyers try to get out before it hits the fan.
Billions of unreported dollars have migrated into the Canadian market’s and the CP Government is tracking it down.
600 thousand Chinese officials have been punished over the past 5 years, many for corruption.
The Chinese Governnment has accumulated mass amounts of information from officials.
This is another reason for the sudden changes in immigration protocols.
This will contribute to the current downward direction of some housing markets.
Multible links on this have disappeared from the Web, perhaps part of the REBGV trouble shooting.
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October 10th, 2012 at 10:47 am 20
@patriotz: “Um, paying down debt is saving.”
It isn’t. For example, if you were to pay down your mortgage debt by making a lump sum prepayment then that cash is essentially trapped. If instead you put the same amount of money into a savings account then you could access it again at any time.
I’d say RBC phrased the poll question in a way that was appropriate for the audience.
Hot debate. What do you think?
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October 10th, 2012 at 10:52 am 21
@Vote Down The Facts:
“It isn’t. For example, if you were to pay down your mortgage debt by making a lump sum prepayment then that cash is essentially trapped.”
Irrelevant. It’s still saving regardless of liquidity. A locked in term deposit is saving.
Hot debate. What do you think?
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October 10th, 2012 at 10:59 am 22
@Anonymous:
For boomers to get it you’d have to say one or more of Peter Graves, Martin Landau, Barbara Bain, Greg Morris, Peter Lupus, and Leonard Nimoy.
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October 10th, 2012 at 11:01 am 23
Tsur was on the CBC radio local news telling us we have unreasonable expectations for housing. He said we need to give up on the idea of SFH. Why is he saying that? He must be worried about condo sales.
People will live in any kind of housing in Vancouver. The vacancy rate tells us that. Its a question of buying. When I buy, if ever, it will be something I truly love and want to live in for a long time. I’m not pegging my hopes and dreams to a badly-built box of air in the sky…especially at two or three times its value.
Tsur, go to hell.
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October 10th, 2012 at 11:20 am 24
@TNT
Can you elaborate on this:
“The cross border Canadian-Chinese housing enquires”?
Never heard of it before.
Thanks.
Hot debate. What do you think?
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October 10th, 2012 at 11:22 am 25
Giving up on the dream of a single family home next to Stanley Park with your front door opening up to Sea Wall – sure!
But what about giving up on a single family home in Surrey/Coquitlam/New-West/Langley? Does that sound unreasonable?
That is all anyone is asking for – Tsur is the unreasonable one.
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October 10th, 2012 at 11:50 am 26
@TNT: “This is another reason for the sudden changes in immigration protocols.”
Yeah I thought so. To enhance its negotiating position on a number of thing, Canada is going to help China repatriate more of its stolen money, along with the crooks.
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October 10th, 2012 at 11:58 am 27
@TNT: “The cross border Canadian-Chinese housing enquires”
I hope you’re right about this initiative. I haven’t heard of it before, but I think all of us can agree that we don’t want corrupt money or corrupt individuals coming into Canada. And for those that have already arrived, I hope they can be repatriated to their country of origin, and ill-gotten money either turned over to our government or theirs.
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October 10th, 2012 at 1:21 pm 28
@Patiently Waiting:
OK – I’m on your side. However, Tsur needs to be a bit more clear. An Average Person should not be able to afford the West Side property. However, with 5% of the total FV/GV market living in the west Side, you would think that the top 5% could afford to live there. This however is not the case – - it is less than 1% that can afford it – which means that in the long run – Tsur will be wrong. However – - if you are making 60,000 per year – you will never afford West Side. It’s not fair or unfair – it’s just that you will have to live further out to afford a SFH.
Since I shuold make some statistical comment if I am going to post – here’s the latest that I am seeing. Volumes are up a bit in the past 6 days. Nothing unusual – typical seasonal pattern. Don’t let any media source or industry source say the market has changed – this is seasonal norm. Prices are still falling. When you look at the transactions that are occuring, you are still seeing big price reductions on properties especially in Van-West and Richmond.
Condos – only trickling down but you are seeing many 2007/2008/2009 comparables now where the price today is lower.
We are on track for lower HPI this month again compared to last but the MOI for now has peaked in September – - we will need big sales slowdown into year end to get back to 12 months.
Hope you all had a nice thanksgiving.
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October 10th, 2012 at 1:24 pm 29
@24 Painted Turtle.
I suspect the only reason this is being addressed is because thousands of officals were caught with their hands in the not so fortunate cookie jar and are now plea barganing.
I know the Chinese Government has a significantly harsher way in dealing with things.
They are concerned with the amount of money exiting the country.
I thought this would of been all over the net weeks ago but the sites i read explaining the investigations are gone.
Either the Re board has had them pulled or investigating personal involved don’t want to tip off anyone.
Articles indicated a joint cooperation between Canada and the Chinese regarding money transactions and brokers.
It makes sense as to why they haved slowed the immigration process down.
I can’t blame anyone for wanting to live here, but it better be on the up and up if these guys come sniffing around.
Hot debate. What do you think?
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October 10th, 2012 at 1:38 pm 30
Well it looks like Pinnacle is going ahead with their new block-long project at the OV. livingattheone.ca means The One is the name of the project and despite rumours around here that they have yet to sell out their other developments, they’re going ahead. So endless, moderate demand? Cheaper prices, same profits? I don’t know what gives.
Hot debate. What do you think?
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October 10th, 2012 at 1:38 pm 31
@TNT: Does anyone have any links to articles or any info? This is very interesting albeit overdue action from both governments. On another note, I am hearing that the CRA is cracking down on satellite income earners with family here enjoying free education and health care while not declaring any income here or otherwise. They are also going after owners of local homes that don’t meet the required time here. Any info would be greatly appreciated.
Hot debate. What do you think?
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October 10th, 2012 at 1:39 pm 32
@26 Patiently Waiting Says
I am skeptical myself, perhaps it is some kind of leverage play targeting the pipeline project involving key Chinese officals starting to scout their soon to be new nests.
Just move right in.
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October 10th, 2012 at 1:45 pm 33
Who says Housing should be Affordable?
Richard Neufeld, Home Sweat Home, City Shapers award
A Conservative Senator and former BC Energy Minister questions the province’s approach to Enbridge * Who says housing should be affordable in Vancouver? We talk about the limits of home ownership * We meet one Vancouverite who’s being honoured for shaping our city.
If you missed the show, have a listen
http://podcast.cbc.ca/mp3/podcasts/bcearlyedition_20121010_48865.mp3
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October 10th, 2012 at 1:45 pm 34
@Beuller says:
The information i read is gone, i’m now kicking myself for not saving it.
I thought it would hit the net like wild fire.
I will keep looking and hopefully someone reading this can confirm or redirect.
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October 10th, 2012 at 2:00 pm 35
@patriotz: “Irrelevant”
Then why does just about everybody on the planet make a distinction between saving and paying down debt?
Hot debate. What do you think?
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October 10th, 2012 at 2:46 pm 36
@Victoria:
Minor quibble: although 50% of marriages end in divorce, many fewer than 50% of married individuals get divorced. Why? Those who do divorce do so, on average, multiple times.
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October 10th, 2012 at 3:29 pm 37
a lot more homes offering cars now.
Our friend Philip Chan’s been having open houses every weekend. Now he’s offering a car as well.
He even mentions his CBC interview, talking about Van real estate as a bubble.
http://www.realtylink.org/prop_search/Detail.cfm?MLS=V969843
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October 10th, 2012 at 3:42 pm 38
@oneangryslav2: Here is a study that concentrates on first marriages in Canada by type of union (marriage and common law).
The length for legal marriages that end in dissolution, interestingly, doesn’t appear to be heavily weighted over certain tenures. In the term of a hypothetical 5 year mortgage taken upon marriage date, dissolution rate of legal marriages is about 10% for those who haven’t cohabitated before marriage, about 20% for those who have cohabitated before marriage. That’s enough to cause some “need to sells” in otherwise-illiquid markets, never mind non-first marriages and common-law unions that involve buying a common property.
And no, I checked, it’s not kosher to buy divorce insurance.
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October 10th, 2012 at 4:40 pm 39
@YVR2ZRH:
“Tsur needs to be a bit more clear”
That’s sort of like saying that the North Korean government should be more transparent. Tsur is deliberately being unclear. The real point is that buying cannot be more expensive than renting – i.e. there cannot be a bubble – long term. If someone can afford to rent a property, that means that eventually prices will revert to a level that will allow them to buy it. As we’ve seen in the US, they can revert well below that.
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October 10th, 2012 at 4:44 pm 40
@Anonymous:
Anyone knows how much did Philip Chan buy the property for prior to the construction?
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October 10th, 2012 at 4:54 pm 41
I love how Philip Chan actually puts “As seen on CBC News The National “Vancouver housing: bubble or bust?” on Sept 20,2012.” in his listing like it is a good thing!
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October 10th, 2012 at 4:57 pm 42
@Anonymous: They need to add a checkbox to the MLS search for properties that come with free car.
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October 10th, 2012 at 5:08 pm 43
@an observer:
There is a reason why Philip Chan pick a bubbly car as present.
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October 10th, 2012 at 5:10 pm 44
@900kCrackHouse:
Then people will start calling realtors to test drive cars at open house.
Hot debate. What do you think?
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October 10th, 2012 at 5:27 pm 45
G, that’s hilarious and I could actually see realtors trying to sell off toys or negotiate take-over of their 5 series bmw leases while trying (desperately) to sell the house they are sitting in!
Realtors could market their service in a new way – they’ll come and spend 2 hours cleaning your place (scrubbing the toilets) and if anyone actually shows up to look at the house they’ll throw on their suit and show them around – and then get back to cleaning the mold and the mildew.
Interesting, and why the heck not!
Ooooh, I love the feeling of “something’s changed” that’s in the air:-)
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October 10th, 2012 at 5:27 pm 46
I offer Mr Chan 1 million for the property if he upgrades the Fiat to a new S Class Merc, otherwise happy lonely open house to him!
Hot debate. What do you think?
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October 10th, 2012 at 5:30 pm 47
Mr Chan can list my rental home if he rakes all the leaves at each open house, and bake me cookies. Polish the floors and washroom go without saying.
Hot debate. What do you think?
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October 10th, 2012 at 5:45 pm 48
@mclovin: Rates are gonna fall? What 0.10%? 0.25%? Color me underwhelmed.
Interest rates have been at record lows (and dropping) through much of the decline in the US. US buyers can lock in all time low rates for 30 years. Turns out rates aren’t the only tools available to control the flow of credit. Expect rates to remain very low, even dropping a whole 0.10%, for years to keep the economy afloat, and for consumer/household credit to continue to be strategically choked off.
If anything, rising rates are more dangerous to public debt, which gets rolled over every 5 years or so, and even a small increase will eat large chunks out of government budgets.
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October 10th, 2012 at 5:46 pm 49
@N:
Will the yellow helicopter be fully equipped with local used house salespeople pretending to be chinese gazillionaires?!
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October 10th, 2012 at 5:55 pm 50
Hidden due to low comment rating. Click here to see.
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October 10th, 2012 at 6:01 pm 51
@BPOE $$ # 1:
“The pros will swoop in and buy this bargain of a home.”
Why don’t you put your money where your mouth is, put in an offer and get a free mini?
Yeah, Bark > Bite.
Hot debate. What do you think?
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October 10th, 2012 at 6:08 pm 52
@Devore:
Plus banks are likely to add to the spread between mortgage and GoC rates because of lesser availability of CMHC insurance (less competitive pressure) and increased costs to them in a falling RE market.
So many people forget there is no automatic link between GoC rates and retail lending rates.
Hot debate. What do you think?
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October 10th, 2012 at 6:24 pm 53
RBC new mortgage rule effective now:
(according to RBC mortgage specialist Jason Wang)
1. personal mortgages: upper limit now restricted to 2.5M (used to have no firm upper limit)
2. LTV ratio decreased “Especially to Greater Vancouver Area”. First $1.25M, 80% max LTV. The rest: 50% LTV
(previously no firm rule)
so CMHC rules focus on first time buyers (and houses >1M), while OSFI is pressuring existing home owners (via HELOC rules) and high end markets (via upper limit on mortgages and LTV caps).
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October 10th, 2012 at 6:26 pm 54
@Anonymous:
I have to ask the obvious… who is this fooling? Is this just a cheap marketing ploy?
Yes please, I would love to have a trendy purse car that will be out of fashion in a couple of years, and yeah, amortize that bitch over 25 years so I can pay double the price.
Or:
Ok, that’s cute, but take off $20,000 off whatever price we agree to and keep the car.
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October 10th, 2012 at 6:42 pm 55
New Listings 278
Price Changes 180
Sold Listings 73
TI:19032
http://www.paulboenisch.com
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October 10th, 2012 at 6:43 pm 56
19K! Again!
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October 10th, 2012 at 6:55 pm 57
Happy 19K everyone!
Gotta love that sell/list %.
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October 10th, 2012 at 7:00 pm 58
Got our double digit MoI back.
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October 10th, 2012 at 7:39 pm 59
Updated sales chart:
http://i49.tinypic.com/2vm7gxi.jpg
Hot debate. What do you think?
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October 10th, 2012 at 7:41 pm 60
@ scuba
Interesting now we are starting to lap Oct 2011, which was when the really abnormally high listings started. Difference this year is lower sales volumes.
As I recall, last November and December had oddly high listings, too. I suspect that is going to continue
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October 10th, 2012 at 8:01 pm 61
Here are the average prices/sales so far for each day, from Rob Chipman’s site.
——————————————
Oct-01 92 $695,277 $63,965,484
Oct-02 135 $806,875 $108,928,125
Oct-03 90 $731,325 $65,819,250
Oct-04 67 $701,911 $47,028,037
Oct-05 73 $681,790 $49,770,670
Oct-09 119 $710,523 $84,552,237
Oct-10 73 $688,073 $50,229,329
Total 649 $724,643 $470,293,132
——————————————
We are currently sitting at an average price of $724,643. That is scarily almost exactly the same as last month, but it is -5.75% YoY. Here are the MoM and YoY comparisons for average prices:
Sep/2012 = $724,650
Oct/2011 = $768,860
Hot debate. What do you think?
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October 10th, 2012 at 8:08 pm 62
@real_professional: According to Vancouver Sun, Vancouver should remain a time-capsule of small-town SFHs living. It’s the suburbs that should densify: http://www.vancouversun.com/business/Vancouver+city+that+acts+like+suburb/7359718/story.html
And “make ingress into Vancouver more difficult, not easier. Keep the bridge and tunnel bottlenecks as they are. Force the suburbs to urbanize and infill.”
In other words: leave us alone in our small-town bubble. Live somewhere else. And go work and create jobs somewhere else.
Hot debate. What do you think?
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October 10th, 2012 at 8:13 pm 63
(Let’s try that again… formatted so it is easier to read… see if this works)
Here are the average prices/sales so far for each day, from Rob Chipman’s site.
Oct-01 92 $695,277 $63,965,484
Oct-02 135 $806,875 $108,928,125
Oct-03 90 $731,325 $65,819,250
Oct-04 67 $701,911 $47,028,037
Oct-05 73 $681,790 $49,770,670
Oct-09 119 $710,523 $84,552,237
Oct-10 73 $688,073 $50,229,329
Total 649 $724,643 $470,293,132
We are currently sitting at an average price of $724,643. That is scarily almost exactly the same as last month, but it is -5.75% YoY. Here are the MoM and YoY comparisons for average prices:
Sep/2012 = $724,650
Oct/2011 = $768,860
Hot debate. What do you think?
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October 10th, 2012 at 8:19 pm 64
#52 @patriotz: “Plus banks are likely to add to the spread between mortgage and GoC rates because of lesser availability of CMHC insurance (less competitive pressure) and increased costs to them in a falling RE market.”
Don’t forget profitability. If loan volumes fall, they will make it up on spread. I pity the foo’ who in debt to them.
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October 10th, 2012 at 8:34 pm 65
We may never hit 20k this year but the inventory has been stuck around 19k for a long time. How many times we hit 19k this year? 3 times?
I think this is just as bad as 20k. We just have many owners who refuse to “give away for free”, take their listings off the market, and hope to rent out/re-list next spring.
Hot debate. What do you think?
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October 10th, 2012 at 8:36 pm 66
Harper is very big own his own ideas, just like Bush was. ” I know what is best for the general public” He ultimately sets the policy for Canada.
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October 10th, 2012 at 8:44 pm 67
Has this been posted so far, I haven’t been around recently?
How could a city often cited as one of the world’s prettiest and most livable be such a black hole of boring?
There’s the ludicrously expensive housing prices downtown and shortage of young professionals — like in New York or Toronto — that would create the demand for world-class dining and nightlife options in the core. (Vancouver only has 600,000 people; the metro area has 2.3 million.)
http://www.huffingtonpost.com/mitch-moxley/welcome-to-vancouver-no-fun_b_1931606.html
Hot debate. What do you think?
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October 10th, 2012 at 8:57 pm 68
@Laibach:
That article is funny. They say they didn’t have fun, but it sounds like they never even got into a venue where people were enjoying themselves because they couldnt be bothered to line up. Gastown quiet on a Saturday? Gimme a break.
Hot debate. What do you think?
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October 10th, 2012 at 9:02 pm 69
http://www.theglobeandmail.com/news/national/potentially-flawed-data-used-by-banks-and-lenders-bump-up-house-prices/article4603237/
Hot debate. What do you think?
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October 10th, 2012 at 9:26 pm 70
@ Laibach
In Vancouver, all the fun is in the burbs. Let the immigrants buy up the core. It’s overpriced and boring, but don’t tell them. The beaches, best one of a kind coffee shops, biggest churches, cultural centres, outdoor markets.
Even the new Apple store in Coquitlam blows away the tiny one downtown. Oh and one more thing….I can PARK MY CAR.
Hot debate. What do you think?
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October 10th, 2012 at 9:38 pm 71
@rp1
Thanks for this article!
So there IS NO BUBBLE, just a bug in Emili. Everyone makes more money (the lender, the realtor, the seller) during an overpriced transaction, but at the end it is no one’s fault. It is all because of a crapy software. May be they should sue the software developer for creating a housing bubble
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October 10th, 2012 at 9:51 pm 72
@Vote Down The Facts:
Lining up is not fun. A fun night out is not one where you line up for 45 minutes (which they did)and then pay a cover charge so that when you do get in you have to stay, otherwise you wasted your time and your money. The world class entertainment districts are places where you can float from one place to the next until you find a place you just can’t leave coz you’re having too much fun.
Hot debate. What do you think?
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October 10th, 2012 at 9:58 pm 73
@rp1:
How could anyone have seen that coming? “Watya mean we can’t guess a house price by postal code?”
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October 10th, 2012 at 10:07 pm 74
@Bailing in BC:
I agree. I never line up for anything, but still have fun – because I know where to go. The author of that article doesn’t say where they live or how old they are, so it’s hard to say what their point of reference is. The whole thing reads like a troll.
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October 10th, 2012 at 10:08 pm 75
rp1: Great find, great piece. I wonder….a year ago, would this article even see the light of day?
I’m annoyed though how they soften it: “If the market starts to fall”?
“If”?
Good god, there’s no “if” about it.
Hot debate. What do you think?
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October 10th, 2012 at 11:05 pm 76
http://www.straight.com/article-805306/vancouver/real-estate-squeeze-play
And according to several people contacted by the Straight this month, it appears that Toronto bankers are far less keen to underwrite projects unless developers can pony up more money up front to justify the risk.
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October 10th, 2012 at 11:17 pm 77
@Vote Down The Facts:
Actually the writer does say where he lives, he lives in Beijing. He looks about 30 in his photo (perhaps it’s old?)
Are you saying that to have fun in Vancouver you have to be the right age, live in the right place and KNOW where to go?
Someone the right age, in the right place who knows where to go could have fun anywhere, one imagines.
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October 10th, 2012 at 11:49 pm 78
I have to agree… more and more people are finding work outside of the downtown core, and I am making reference to professional services. Companies can get better rents and can be closer to their employees and in some cases their clintele by moving east. Downtown Vancouver really isn’t close to anything and is as Central to the GVRD as UBC is.
Vancouverites often believe moving inland is a trade off and that everyone wants to live in Vancouver proper. This is not true. People want to live close to work, facilities, have affordable access to transportation, and close to a social network. If you have all of tha why would you live anywhere but the burbs?
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October 10th, 2012 at 11:59 pm 79
Here’s a nice fat salmon for RE bears, i.e. an article on the CMHC’s valuation database used by banks for mortgage approvals. Not so much of an issue in a hot market, but worrisome to banks when prices are dropping.
http://www.theglobeandmail.com/report-on-business/potentially-flawed-data-used-by-banks-and-lenders-bump-up-house-prices/article4603237/
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October 11th, 2012 at 9:20 am 80
@MM: …..In other words: leave us alone in our small-town bubble. Live somewhere else. And go work and create jobs somewhere else…….
Well there’s no denying it, Vancouver is a world class small town.
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