Flaherty won’t ‘stand by’ in recession

The more things change the more they stay the same.

The president is back in the white house and there’s rumbling of a fiscal crisis again.

Flaherty has said he’s not going to take another recession lying down.

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney both pledged Wednesday to take action to support the economy if a shock from the U.S., or Europe, threatened to once again plunge the country into recession.

“We are a pragmatic, sensible government. If our economy goes into recession because of an external shock from the United States or the eurozone, or both, we will take steps to stimulate the economy,” Flaherty told the Commons finance committee in an evening session.

“What we have done before we will do again. We will not do exactly the same thing again…but we are not going to stand by and have the Canadian economy slip deep into a recession with high unemployment.”

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rp1
rp1
7 years ago

@604x: #49 hahahaha. What’s his argument? “The Chinese have an even bigger real estate bubble and they won’t let it pop” ? These things run out of gas on their own, even for a country as large as China. So how bad could it get? Well China might be tempted to build an empty city or two, and they can stuff local governments and state owned enterprises with Greece-like levels of debt, all backed by the property market. Then what?

More Data Please
More Data Please
7 years ago

@mac: Non arms length index filter. The practice of registering a sale price without transferring the property is significant enough of a problem that index futures contracts like Case Shiller in US and presumably Teranet in Canada drop this data from their calculation. http://www.caseshiller.fiserv.com/about-fiserv-case-shiller-indexes.aspx Each sales pair is examined to eliminate factors that might distort the calculations, including: Non-arms-length transactions (transfers between family members) Substantial physical changes to the property Transactions where the property type designation has changed Suspect data Case Shiller also filters out “churn’em and burn’em” scams like two realtors trading a property back and forth between themselves: Different weights are assigned to different changes in home prices, based on their statistical distribution in that geographic region. The weighting schemes include: Price anomalies – smaller weights are assigned to homes that appear to have changed in quality or… Read more »

Naked Official #9000
Naked Official #9000
7 years ago

@Landbaron:

he’s 35k down from his Oct. 12th price – that’s about $1200 a day?

don’t despair, comrade

Groundhog
Groundhog
7 years ago

I completely understand but right now people are becoming a little more receptive ive found… Might be worth a try.

YLTNboomerang
7 years ago
604x
604x
7 years ago

BC Business have given inches of column space to a pumper.

His theory: the new Chinese premier will loosen lending for Chinese borrowers and real estate owners and this will translate into a flood of cash investment in Vancouver. So buy now!

Sure, it could happen, but I wouldn’t bet $1.8M on it.

http://www.bcbusinessonline.ca/homes-and-real-estate/decline-of-chinese-real-estate-investors-vancouver

Troll
Troll
7 years ago

Plus a free Fiat 500

Troll
Troll
7 years ago

MLS# V969843

Troll
Troll
7 years ago

@paulb: It was relisted under another MLS#. In fact the CBC piece with him flogging it was after this first sale.

RealityCheck
RealityCheck
7 years ago

Over 446,000 temporary foreign workers in Canada. They rent! Keeps the Real Estate Ponzi scheme going!

Get the word out. If the Cons don’t end this madness, let’s boot them out of their majority next election to send a message!

mac
mac
7 years ago

@paulb: May I ask? Is there any possibility that this agent has listed it as sold at 1.4 whatever but has actually not sold it at all or to himself? Many times I have seen units listed and then “sold” only to see them on the market a year later with the same pictures, the same furniture and a new listing price based on the last “sold” price. Sorry to be such a cynic. But I wonder if agents play these games.

mac
mac
7 years ago

@Groundhog: Last time I gave someone advice on how to be prudent they got really pissed off at me. I was coming between them and their boner for a home. I’m never doing that again. My recommendation now is to keep quiet and butt out.

paulb
7 years ago

@G:

Sold in August for 1.467k.

VHB
VHB
7 years ago
Total days	21
Days elapsed so far	6
Weekends / holidays	2
Days missing	0
Days remaining	15
7 Calendar Day Moving Average: Sales	81
7 Calendar Day Moving Average: Listings	151
SALES	
Sales so far	480
Projection for rest of month (using 7day MA)	1218
Projected month end total	1698
NEW LISTINGS	
Listings so far	902
Projection for rest of month (using 7day MA)	2262
Projected month end total	3164
Sell-list so far	53.2%
Projected month-end sell-list	53.7%
MONTHS OF INVENTORY	
Inventory as of November 8, 2012	17629
Current MoI at this sales pace	10.38
Bubba Ho-Tep
Bubba Ho-Tep
7 years ago

Encouraging people to borrow and spend more money to save the economy only kicks the can a little farther down the road, making the problem worse. Eventually the world has to go through some pain and just pay back what they owe. At some point we just gotta stop taking financial viagra and just go limp for a while.

Troll
Troll
7 years ago

@G: Listing expired on Nov. 5th, price $1.348M

Falcons
Falcons
7 years ago

‘ A lot of people may not realize on this blog, but that treaty was initiated by Jean Chrétien’s govt 18 years ago.”
what people may not realize is this:
Liberals, Cons, NDP they serve their corporate masters no different

Yalie
Yalie
7 years ago

@G:

What happened to Philip Chan’s townhouse? I searched the MLS#V947401, and it doesn’t show up.

Found it:

http://www.blogcdn.com/www.autoblog.com/media/2011/12/fiat-500-crash-test-628.jpg

G
G
7 years ago

What happened to Philip Chan’s townhouse? I searched the MLS#V947401, and it doesn’t show up.

ReadyToPop
ReadyToPop
7 years ago

@ More Data Please

A lot of people may not realize on this blog, but that treaty was initiated by Jean Chrétien’s govt 18 years ago.

One place to read about it is here

More Data Please
More Data Please
7 years ago

@HFHC: re: “Property contains accommodation which is not authorized.”

One would think it would be both in the interest of the province for tax revenue purposes and highly feasible to enact a law that makes it an offense not to report illegal suites on the form that is used to declare the property transfer tax amount.

http://www.sbr.gov.bc.ca/business/property_taxes/property_transfer_tax/ptt.htm

What the hell? Did I miss something or is this an unbelievably obvious and simple thing to do? It would raise general revenue in BC by simply making it possible for bureaucrats to enforce the existing income tax law from the list of illegal suites provided to provincial officals.

More Data Please
More Data Please
7 years ago

@Patiently Waiting: TFW or FIPA???

Good grief! The Canada China FIPA isn’t even ratified yet and we already have an example of a Chinese firm that would have grounds to sue for lost profit because it can’t hire immediately (per Canada immigration law) Chinese workers to staff a Canadian facility.

Ottawa had approved work permits for 201 Chinese workers to start a bulk sampling operation at the Murray River project, being operated by HD Mining International Ltd., a Chinese firm, and Canadian Dehua International Mines Group Inc., a company founded by China-born Vancouver businessman Naishun Liu.

Particularly damning and even comedic: Is there any Chinese firm that can compete without using cheap Chinese labor?

paulb
7 years ago

New Listings 129
Price Changes 95
Sold Listings 76
TI:17629

http://www.paulboenisch.com

RaggedyRenter
RaggedyRenter
7 years ago


You must remember outcomes don’t matter, it’s the optics.
Although I don’t think Fed will be inclined to do anything for Vancouver