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Guy Smiley
Member
Guy Smiley
patriotz
Member

You just know it’s over when you see…

Kevin O’Leary entering the mortgage market

Canada’s most outspoken business personality wants to lend you some money.

That’s right, Kevin O’Leary – CBC commentator, Dragon, Shark and multi-millionaire – is getting into the mortgage business.

Of course since Mr. O’Leary is a big foe of the nanny state he will be holding the bag on all the loans and not getting CMHC insurance (cough, cough).

Anonymous
Guest
Anonymous
“Purchasers of hotel-condos in Toronto’s Trump International Hotel & Tower are asking the Ontario Securities Commission for “immediate action” and a formal investigation into the ill-fated downtown project. The OSC is seen as the final hope for panicked buyers who failed in their bid Friday to convince the courts to intervene and appoint an inspector to review financial dealings at the deluxe project. Buyers of 256 hotel-condo units have until Nov. 29 to hand over final payments of a half-million dollars or more to developer Talon International Inc., or risk being in violation of deals penned up to seven years ago. Talon has already launched lawsuits in Newmarket Superior Court against seven investors who’ve sought to get out of deals based on what they claim is a “material change” under Ontario’s Condominium Act — maintenance fees and taxes that have… Read more »
pricedoutfornow
Guest
pricedoutfornow

Hmm…take home pay from salary of $3k per month equals about $2400. Therefore, this person is paying 50% of their take home pay on rent. Sounds like poverty to me.

southseacompany
Member
southseacompany

Ian Watt: “Would Buyers Be Suing Developers If The Market Was Rising?”

http://www.youtube.com/watch?v=9p0r93k0A1g&list=UUkYIS_mGGEioAF_nv1BINcw&index=1&feature=plcp

Craig
Guest

I like the one where the guy saving $88/month so he can buy a house. At 88/month, he should be able to finally get a down payment in abouy 50 years. lol

Ralph Cramdown
Guest
Ralph Cramdown

@southseacompany: That Ian Watt video is hilarious! Note: NEVER use a real estate agent whose advice, if you’re faced with losing money in a presale but for the fact that the developer didn’t fulfill his side of the bargain, is for you to close anyway.
– his use of “these people” in the video implies that the same people who made lots of money in lots of other deals are losing a bit on the last one. Eh?
– his use of the words “loophole” and “technicality”… Who wrote the contract, anyway?

Many Franks
Guest
Active Member
Many Franks

Mark Carney, having failed to do pretty much anything about the #1 risk to the Canadian financial system, is jumping ship for the Bank of England.

Makaya
Member
Makaya

The rats are leaving the sinking ship…

Mark Carney named Bank of England governor

History will judge him the same way as Alan Greenspan…

bobtelco
Guest
bobtelco

36000$ in Kitsilano is not lower middle class … it’s absolute poverty.

AlanL
Guest
AlanL

Gonna miss Carney. He is not playing “the boy who cried wolf” next year.

Con-Rad
Guest
Con-Rad

@patriotz: olearys loans are all insured. What a scammer. Sounds like an ing unmortgage or something

N
Guest
N

@southseacompany:

“Wait another twenty years and sell it. Chances are, you’ll make money.”

This should be the official slogan of the crash. Maybe we can get it put on the license plates.

bonfire
Guest
bonfire

@Makaya
re Carney
“The rats are leaving the sinking ship…”

you fuking naive. the guy is pure Goldmanite. He is not leaving any sinking ship. Goldmanite is just transfered from less important Central Bank position to the more important CB position. Goldmans RULE this world. and you and me will get the crumbs from the table. wake up.

Extend and Pretend
Guest
Extend and Pretend

@Makaya: Mark Carney Good Riddance!

He was about as dynamic as a well dressed traffic cone!

http://www.trafficcone.com/

Currency traders should see some good opportunities in Pound Sterling as the BoE’s monetary policy will now become inexplicably paralyzed and inoperative.

Many Franks
Guest
Active Member
Many Franks
@Makaya: Scooped 🙂 I actually don’t have a hate-on for Carney; I think his hands were tied and he’s just damned lucky that the ship appeared to make a viable course while he was at the helm. He might be handing a steaming mess over to the next guy by the time June rolls around, or he might stay lucky. I’ll bet that a hypothetical Mark Carney free of external constraints would’ve run things differently — you could see his frustration building over the years as he exercised his main option for tackling consumer debt, i.e. bleating ineffectively to the media. Alan “whistle while you work” Greenspan, by contrast, seemed totally unaware of mounting imbalances until the bust knocked on his door; at least Carney has been making the appropriate uncomfortable noises throughout. That’s not to say I think the… Read more »
Makaya
Member
Makaya

@Many Franks: I will remember Carney, not only as the guy that did nothing to control the escalating household debt in Canada, but also as the guy that felt compelled to lecture the Europeans on their crisis:

The world economy is heading into a long phase of wrangling down its debt and fixing its balance sheets. (…) The direction may be clear, but the magnitude and abruptness of the process are not. It could be long and orderly or it could be sharp and chaotic. (…) A sustained process of relative wage adjustment will be necessary, implying large declines in living standards for a period in up to one-third of the euro area. Mishandling the de-leveraging, however, could cause disorderly defaults, large transfers of wealth and social unrest.

Let’s see how his predictions apply to Canada…

Extend and Pretend
Guest
Extend and Pretend

@Many Franks: Mark Carney Leaving Canada, Brick on the Accelerator:

http://www.condenaststore.com/-sp/Hey-What-s-with-the-brick-on-the-accelerator-New-Yorker-Cartoon-Prints_i8596340_.htm

Or better yet, a brick on the accelerator with the drive wheels elevated on blocks.

We would be better off with a sandbag, traffic cone, inert brick in the chair where he once sat. It would free up some payroll at least!

Makaya
Member
Makaya

@Extend and Pretend: “Currency traders should see some good opportunities in Pound Sterling as the BoE’s monetary policy will now become inexplicably paralyzed and inoperative.”

You gotta love ZH’s humour:

From Goldman: it is also possible that Governor Carney may be prepared to engage in more ‘unconventional’ forms of QE. Mr. Carney is also perceived in some quarters as being a dove, although this perception may simply be ‘state dependent’

So just in case our warning that Goldman is about to launch turbo-mega QE in the UK weeks after the BOE decided to shelve it, here is Goldman itself confirming it.

Go long the GBP here at your own risk.

DS
Guest
DS

A month’s groceries for $170…that’s about $5.50 a day, and in Kits!

The only thing that comes to mind, is that poor girl is starving and dying of malnutrition.

That probably explains why there are no over-weight people to be seen in Kits. For that matter, does anyone there live longer than several months, its hard to believe they do if they only have $5 a day for food.

midnite toker
Member
midnite toker

@patriotz: can’t stand that o’leary douche

Also we probably spend at $170 a week on food, i know there’s a lot of skinny women in kits but……

Landbaron
Guest
Landbaron

@DS:

Even better is the last one, a family of four spending $525 a month on groceries. Didn’t mention if they had a farm…

TurtleHead
Guest
TurtleHead

Speaking of a douche, this just landed in my inbox.

“Hi,

Since you attended Garth’s event in downtown Vancouver three months ago, things have unfolded the way he predicted: financial markets up, housing market down. Hopefully you’ve started putting this knowledge to work.

I work for Garth, and he asked me to remind you that if you need any help with your finances, don’t be shy about asking. I’d be happy to set up a call or a meeting with him.

Cheers,
Rob Crocker
Assistant to Garth Turner
Turner Tomenson Wealth Management Group
Email: rob@garth.ca
Phone: (416)777-6381″

jesse
Member

“$1225/month rent is not out of line for a $36,000/year salary”

For 30% of gross going to accommodations, housing costs would have to be $900/month.

Or maybe we can take it upscale. Let’s say a family has a gross household income is $120K. That affords $3000/month for housing. What does that get in Vancouver?

Anonymous
Guest
Anonymous

Big shake-ups in Canada’s Halls of Power today:

1. Mark Carney leaving Bank of Canada
2. Rob Ford removed as mayor of Toronto by the courts
3. CEO of Salvation Army arrested and charged with theft of $2million in toy donations

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