OECD: Canada RE way overpriced

There’s another article about the OECD report of overpriced real estate over at the CBC.

The Organization for Economic Co-operation and Development looked at real estate prices in developed countries and looked at price-to-rent and price-to-income ratios:

The report found that based on rents, Canadian real estate is overvalued by as much as 60 per cent and in terms of prices to incomes, real estate is still as much as 30 per cent overvalued.

“There is no denying we’re overshooting, vis-a-vis rent, vis-a-vis income, vis-a-vis demographics. So the OECD is not adding anything here to the debate,” Benjamin Tal, CIBC deputy chief economist, told CBC News. “That’s old news.The interesting question is not that we’re overshooting, it’s what will be the corrective mechanism, namely what kind of mechanism will we see bring it back to normal.”

Read the full article here.

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FENG SHUI Master Wong
FENG SHUI Master Wong
7 years ago

To achieve happy, harmonious, glorious, universal relationship with precious wife:
House must have full wok kitchen with Sakura exhaust fans.

Girlbear
Girlbear
7 years ago

Happy to see this issue is escalating in NYC also…”developers who are smart are catering to Chinese buyers…”

Soon we will not be # 1!

http://video.cnbc.com/gallery/?play=1&video=3000173854

Son of Ponzi
Son of Ponzi
7 years ago

Bull,
I huge tidal wave will come and take your house into the Ocean.

Anonymous
Anonymous
7 years ago

‘0.9%’

ING or real estate. Well that’s it I’m out of ideas 😆
Dude, you’re being taxed up the wazoo and you don’t even know it. Bears are making 12% CAGR off people like you and it looks like it will continue for a while yet.

I heard that the US is going to default on its debt and send the dollar cratering. Wait what S&P upgraded the US?

You don’t even know you’ve lost.

Timeline
Timeline
7 years ago

@Bull#58

I will also have my house paid in 7 years. I just haven’t bought it yet.

canadian
canadian
7 years ago

Yeah anonymous just like all those people that sell their houses and transfer all their money to their kids and move into government run old folks homes .Greedy homeowners want it all and don’t want to pay their fair share .

Anonymous
Anonymous
7 years ago

“I will just do like most Canadians when I’m old I’ll just get the government to look after me and all you homeowners will just have to pay more taxes to look after me.Thanks in advance.”

the sense of entitlement just keeps showing from dumb bears. these are the one who pulls the society backward. truck them up and send them to the artic, shall we!

DamienC
DamienC
7 years ago

Bull is kind of pissed today, maybe because of the low sales of June.
Isn’t it funny bulls are aggressive on this board? Aren’t they supposed to be rich and to have a nice life? Why that stress?

canadian
canadian
7 years ago

Bull you don’t understand how it works in this country everything is paid for by the Government .Take a visit to the old folks home and check it out .Why do you think all these people are immigrating here, it’s not for the weather.

BULL
BULL
7 years ago

how is that ING saving account working for you? 0.9%?

so you are not buying in prime earning years but when you are 70 and live off OAS crumbs?? so dense.

Anonymous
Anonymous
7 years ago

We will be buying, BULL. When we retire. After earning better returns outside of housing. Welcome to the first world.

BULL
BULL
7 years ago

he-he..waiting for government .. that money would not be enough for even coffee and muffin.

imagine you are 70 and have to decide: to pay for medicine or shelter ??

canadian
canadian
7 years ago

Bull #158 I will just do like most Canadians when I’m old I’ll just get the government to look after me and all you homeowners will just have to pay more taxes to look after me.Thanks in advance.

BULL
BULL
7 years ago

” I honestly feel bad for all homeowners that work these days. They are working for free and will be for the next 5 years. The only problem is they dont realize it!!”

clueless renter. i will have my house paid in 7 years. free and clear. and what do you have? moldy rented basement?
I will have extra rooms when my kids come to visit me. and what are you gona have? closet to put mattress for them?
I will afford philipino live in nanny to bath me when i 80 since i don;t have to pay for housing. how about you? are you still be able to afford to rent let alone have nanny to change your diepers when you are 80?

s1
s1
7 years ago

@55, unfortunately I expect tomorrow’s number of sales to be greater, that seems to have been the case the last few weeks.

Son of Ponzi
Son of Ponzi
7 years ago

I understand that Condo Developers no longer have units with a the number 4.
To hard to sell. Also no 4th floor.
Instead they will focus on the number 8.
I understand each floor will start with the number 8, I.e. Unit 8 on the first floor will be 8108.

Anonymous
Anonymous
7 years ago

101

The leads…. are WEAK

RE Canary
RE Canary
7 years ago

144 price reductions.
Keep on coming, baby.
But still must go deeper.

squeako
squeako
7 years ago

” working until 75, like the rest of the 30 to 40 year olds driving BMWs, less than 20% equity in there house. I honestly feel bad for all homeowners that work these days. They are working for free and will be for the next 5 years. The only problem is they dont realize it!!” Well, maybe one should not feel so sorry. As the media keeps pumping the news that if you are a home owner, you are a winner, and on top of that driving a beamer. The cheeple is happy, maybe a bit tired from working so hard but feel smug about it, that way they wont whine too much at the politicians and whoever. Maybe it is a win win, they happily play the violin on the titanic, I happily did not get on board simply… Read more »

Anonymous
Anonymous
7 years ago

Yikes, 17K party soon??

Also, record number of condo starts in Toronto. the guys with the Big Bucks have pulled a fast one on the sheep including most blog dwellers here. Do you know how many foreigners come here each year to live?? Chances are you don’t. But the guys with the Billion$$$$$ know and they are building places for them to live in/rent.

http://www.theglobeandmail.com/report-on-business/economy/housing/housing-starts-jump-in-may-as-builders-developers-bounce-back/article12445382/

paulb
7 years ago

New Listings 222
Price Changes 144
Sold Listings 101
TI:18179

http://www.paulboenisch.com