TD defends Canada from Krugman

Why is everybody picking on the Canadian housing market lately?

US economist Paul Krugman was one of the latest to say that we’re at risk for a housing market collapse.

An economist at TD bank couldn’t let that stand though, and was there to defend our delicate reputation.

“Largely owing to a continued low interest rate environment, mortgage interest costs as a per cent of personal disposable income have fallen despite the sharp rise in the debt-to-income ratio,” she added in her report.

“Meanwhile, while mortgage delinquency rates in Canada and the U.S. were similar during the 1990s, the per cent of mortgages in arrears 90 days or more in Canada is about a third of what they were in the U.S. leading up to the 2008-2009 crisis.”

Ms. Petramala cited the “riskier lending practices” in the U.S. between 2002 and 2007, and the tighter restrictions now in place in Canada.

Of course the reason ‘tighter restrictions’ are in place now in Canada was because they had become rather loose.  And as Patriotz points out, mortgages arrears are a trailing rather than leading indicator.

The TD spokesperson is ignoring the fact that the US housing bust started in 2006, when mortgage arrears were at historic lows, not in 2008. Mortgage arrears are a lagging indicator of falling prices.

Lots more “it’s different here” for your enjoyment.

Read the full article in the Globe and Mail.

105 Responses to “TD defends Canada from Krugman”

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    F contradicts Poloz and Carney too! Says:
    1

    http://www.timescolonist.com/news/federal-briefing-deflates-claim-of-inappropriate-hoard-of-corporate-cash-1.331978

    “While Canadian non-financial corporations are holding more cash than ever before, they appear to have legitimate business and economic reasons for doing so,”

    Gee, with that out of the way, what’s the hold up on raising the overnight rate and stopping the wholesale rip-off of savers?

    Hot debate. What do you think? Thumb up 18 Thumb down 3

    Ralph Cramdown Says:
    2

    Maybe above optimal unemployment and below target inflation have something to do with keeping the overnight rate low?

    The only savers who are being involuntarily ripped off are life insurers and similar capital pools which are mandated to hold high quality bonds. Everyone else has a choice where to invest their money. There’s even a sale on yield right now!

    Hot debate. What do you think? Thumb up 5 Thumb down 6

    Anonymous Says:
    3

    “raising the overnight rate ”

    Longer term fixed income, at least, is real zero or higher. Not high but at least it’s not a tax.

    The high corp savings rate annoys everyone but OTOH they won’t invest into a weak economy and provision for future economic shocks. Higher rates might actually get them off the bed only because their capital is going to start eroding if they don’t get it working.

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    DADDY BEAR Says:
    4

    Hidden due to low comment rating. Click here to see.

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    golden_boy Says:
    6

    Mortgage arrears are a lagging indicator of falling prices.

    USA:

    2006 1,259,118 foreclosures
    2007 2,203,295 foreclosures
    2008 3,157,806 foreclosures
    2009 3,957,643 foreclosures
    2010 3,825,637 foreclosures
    2011 1,887,777 foreclosures
    2012 1,836,634 foreclosures

    As you can see, delinquencies didn’t start to skyrocket until 2 years after the bust started so I would expect the Canadian default rate start to creep upwards soon.

    Well-loved. Like or Dislike: Thumb up 41 Thumb down 3

    BULl Flub Says:
    7

    BULl Says:
    June 24th, 2013 at 8:16 am 5

    Lol house bears getting spanked on stocks

    Unless they are short stocks, oil, dollar…

    Wait wha… you can do that? Who knew? I thought I buy the thing and wait for the guy on TV to tell me, sell it. You know, like when ancient forefather advised me to buy land/wives/oxen/etc… You mean I don’t have to drive my father’s Oldsmobile?

    That’s right @BULl#5, you don’t know and you’re too dumb to find out. But you’re gonna find out what a real spanking is when what you think you’ve got is marked to market. LOL!

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    Anonymous Says:
    8

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    Anonymous Says:
    9

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    Anonymous Says:
    10

    RE not going to budge? Tell this guy, his place is down at least $100k since 2007:

    http://vancouverflippersintrouble.wordpress.com/2013/06/21/six-years-six-figure-loss/

    Well-loved. Like or Dislike: Thumb up 23 Thumb down 2

    bears dont get it Says:
    11

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    Carioca Canuck Says:
    12

    Bears don’t get it said……”and house bulls at least will have roof under their head”

    Very true…..because they’ll be sitting on the roof of their properties as they’ll be underwater…..LOL !!!

    Well-loved. Like or Dislike: Thumb up 34 Thumb down 5

    bears dont get it Says:
    13

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    Anonymous Says:
    14

    Have your say in Future Immigration Levels. Remember, lower levels equals lower house prices.

    http://www.cic.gc.ca/english/department/consultations/levels/2014/index.asp

    Hot debate. What do you think? Thumb up 5 Thumb down 5

    Anonymous Says:
    15

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    Chinese buy up Canada farms; is Beijing behind it?
    23 Jun 2013
    In Saskatchewan province, home to 45 percent of all arable land in Canada, the price of farmland has risen an average of 10 percent in the last year, and as much as 50 percent over three years in areas where Chinese immigrants have settled, according to farmer Ian Hudson, who lives near the village of Ogema.

    Provincial authorities counted a half dozen large investment firms buying up farmlands in the province of one million people, but could not say if any of them are linked to Beijing, nor estimate the size of their land holdings.

    Facing mounting demands from local mayors for an investigation, Saskatchewan officials began looking into the issue last year.

    … Real estate speculation has made it harder for young local farmers to buy their own lands, notes fifth-generation farmer Stuart Leonard, 34.

    Well-loved. Like or Dislike: Thumb up 30 Thumb down 2

    Anonymous Says:
    17

    The problem with pensions isn’t that they are unsustainable. The real issue is contained in comment #1:

    “While Canadian non-financial corporations are holding more cash than ever before”

    Money that used to go to fund pensions is now being hoarded by corporations.

    Hot debate. What do you think? Thumb up 10 Thumb down 3

    Son of Ponzi Says:
    18

    Listings are shooting up here in Richmond.

    Hot debate. What do you think? Thumb up 21 Thumb down 2

    Mick Murphy Says:
    19

    Was talking about the China situation with a co-worker. He told me that the ATMs have run out of money, although they have deposit insurance it is nothing like we have here, and that because they distrust the government people believe rumour more than officials.

    It seems that there is a run on the Chinese banks.

    Also, this:

    http://www.zerohedge.com/news/2013-06-24/bank-china-declares-moratorium-transfers-online-banking-counters-inoperable

    Like or Dislike: Thumb up 6 Thumb down 1

    Looks like George Soros was right half a year ago when he said int rates were going to spike…who’da thunk it!

    Global markets getting pounded again today.
    China monetary crisis looming with economy in trouble.
    US bond yields up again today.

    ” RE not budging “?
    With HAM totally dried up and mortgage rates in a major reversal, you will probably miss the “budge” as our housing market implodes.
    Of course it will take a while for the penny to drop as our housing market is not exactly driven by rocket scientists.

    Well-loved. Like or Dislike: Thumb up 22 Thumb down 1

    Democrass Says:
    21

    “Listings are shooting up here in Richmond.”

    Got any numbers?

    Hot debate. What do you think? Thumb up 13 Thumb down 0

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    Son of Ponzi Says:
    23

    # 20
    Townhome listings increased from 381 to 419 over the weekend in Richmond.
    Builders are dumping their inventories.

    Well-loved. Like or Dislike: Thumb up 39 Thumb down 3

    Dumbest time in 31 years to buy RE Says:
    24

    Every single fundamental that drove Van RE to new heights since 2009 has totally reversed:

    China syndrome could force HAM to liquidate.
    Unemployment will worsen with faltering economy.
    Government cutting back on immigration.
    Demographics, more boomers will soon be downsizing than ever before.
    Higher mortgage rates will be the single biggest factor to kill this market.

    How dumb do you have to be not to figure this out?
    Pretty friggin dumb!

    Well-loved. Like or Dislike: Thumb up 43 Thumb down 2

    ALL-CAPS Says:
    25

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    addair Says:
    26

    “Listings are shooting up in Richmond”

    That answer your question #24?

    Rats leaving a sinking ship.

    Hot debate. What do you think? Thumb up 8 Thumb down 3

    Wakeup call Says:
    27

    Just heard on BNN that Canadian rates have been going up faster than the US over the last couple of weeks.
    With the Can $ hitting a one year low today it does not look good for the new Carney.

    Sure glad I’m not sitting on a big fat mortgage.

    Well-loved. Like or Dislike: Thumb up 29 Thumb down 2

    Liberals have invested in increasing foreign students by 50%. Problem is the cost of educating oneself in New Zealand is 50% of what it costs in BC. Countries are fighting it out to get their share of money fleeing China.

    All Western countries seem to have depreciating real estate (except US) and are all hoping on being sustained through a downturn by Chinese, Russian, Iranian, Brazilian money. But economic problems are brewing in each one of these delightful countries where the governments need money to prop themselves up.

    No one knows which way it will play. More money out into “stable” assets like farmland, real estate, mines, etc or more money staying in-country to avoid collapse of their own. China GDP heading to 6% and that’s with their fudged numbers.

    Like or Dislike: Thumb up 8 Thumb down 1

    UBC in crisis mode Says:
    29

    It is too late for many boomer to liquidate.

    Shanghai/Shenzheng Index down 6% again, crisis started already in China and with little attention from Canadian press /media.

    http://www.bloomberg.com/quote/SHSZ300:IND

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    Anonymous Says:
    31

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    Son of Ponzi Says:
    32

    Billy,
    Vancouver a stable market?
    Thanks for the sarcasm. Made me chuckle.

    Hot debate. What do you think? Thumb up 17 Thumb down 2

    ALL-CAPS Says:
    33

    @Billy

    YES THAT’S POSSIBLE. BUT WHAT IF THEY CAN’T GET THEIR MONEY OUT?

    Bank Transfers and Services Suspended in China: ATMs, POS Machines, Online Banking Paralyzed 50 Minutes
    http://globaleconomicanalysis.blogspot.com/#MJdWQeYeG1DzQW1k.99

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    Son of Ponzi Says:
    34

    Billy # 29.
    There a credit crunch in China. Chinese will have to liquidate foreign holding such as RE in Vancouver to get cash.
    They will get hammered in at least 3 ways:
    Capital gains taxes.
    Loss due to falling RE prices.
    Foreign Exchange loss due to falling C$.
    And once they’ve left, they will think twice before coming back.

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    FATHER Says:
    35

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    Anonymous Says:
    36

    VCIers, do not taper your hate of trolls.

    Downvote them fast before anyone can read their emotion-baiting. Restore confidence to VCI.

    Hot debate. What do you think? Thumb up 17 Thumb down 6

    Anonymous Says:
    37

    Read somewhere of David Letterman in the 1980s having joke segments where Japanese businessmen were buying cardboard cutouts of Manhattan.

    That has absolutely nothing similar with what Chinese businessmen are doing now. Nothing. Almost nothing. Probably almost nothing. Admittedly I can see where someone might see similarities. Is it hot in here?

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    China Syndrome Says:
    39

    “Vancouver stable market?”

    Would that be the same place that Robert Shiller called the “bubbliest” city in the world?

    My guess is that the rising inventory in Richmond will only get worse as Chinese owners of local RE will dump their foreign assets to cover the damage at home.
    When the dust settles, why would they take a chance on Vancouver just before the plug gets pulled when they can shop for bargains at home?

    Well-loved. Like or Dislike: Thumb up 21 Thumb down 1

    Son of Ponzi Says:
    40

    Billy,
    When riding the Skytrain, all I see is temporary foreign workers going from their shoebox apartments to their minimum wage jobs, or vice versa.

    Hot debate. What do you think? Thumb up 8 Thumb down 8

    Say goodbye to a lot of resource industry jobs in BC as demand from China wanes. Not many offices of mining companies on Howe Street will be able to survive, especially with the end of cheap money that they have depended on for the last few years. That should suffice to choke off other industries that are supported by RE.

    Higher mortgage rates without jobs.
    The silence from Tsur and Cam is deafening.

    Well-loved. Like or Dislike: Thumb up 39 Thumb down 1

    Anonymous Says:
    42

    BillY: “i thought when the crisis hit (China) you flee the their market and move the money to stable market (Vancouver) but i guess bear logic works other way around.

    What happened in 2008 during the last financial crisis? Van RE plummeted. The problem with moving the money is credit dries up and margin calls come in. There is no money to move. What there is left is put in USD not illiquid RE.

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    HAM has left the building Says:
    44

    Hey Billy,

    HAM has already sniffed out the problem in Vancouver, and the bigger the losses at home the less they will have to invest here, even if they were dumb enough to do that.

    Hot debate. What do you think? Thumb up 11 Thumb down 1

    Probably flogging a dead horse here and my sympathy goes out to poor Billy.

    ” credit spigots were open and RE skyrocketed another 40% ”

    That’s exactly the point.
    A dying market got revived when the spigots were opened with a 3% drop in int rates, the biggest sudden decline in 30 years. Now just relax and slowly try to figure out what might happen when the spigot gets turned off. LIKE WHAT IS HAPPENING RIGHT NOW.

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    Lurker Says:
    47

    I love this idea that if you don’t invest in real-estate, you have no ROI from the bulls. Bought in to equities around S&P 1100, sold at 1625 about 1 week ago. About 50% gain in two years. All I had to do was follow the fed. I’ll buy real-estate when it’s priced correctly, but right now it’s not even close. You’d have to be a sucker to buy right now. There’s a time to be bullish and a time to be bearish for everything.

    If you’re a perma-bull or a perma-bear, you are destined for pain.

    Well-loved. Like or Dislike: Thumb up 24 Thumb down 1

    Poloz Kills Bulls Dead Says:
    48

    Country Rank
    Canada 25,556
    United States 86,447

    http://www.alexa.com/siteinfo/mls.ca

    HAM has left the building and MOHINDER was never interested.

    Hot debate. What do you think? Thumb up 11 Thumb down 1

    Son of Ponzi Says:
    49

    Lurker # 46.
    whatever happened to hold and prosper?
    Were all those financial advisors wrong?

    Like or Dislike: Thumb up 1 Thumb down 3

    Lurker Says:
    50

    @Son of Ponzi

    Was a great idea when the working population was expanding, energy was cheap, and it seemed there was no limit to how big an economy could get. Nothing can expand forever though… I think a lot of the people that don’t see this yet (RE, Equities, any investment) are going to get spanked again in the future.

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    Zero Sum Morgue-gage Says:
    52

    @48,@49. What #49 said. Realtors and the other investment orthodoxy invigilators serve the purpose of organizing the gullible into financial fuel. If not for them organizing the believers where would the money come from?

    “Value. Buy and hold like Warren Buffet… If you invested in 1930, you would now have… Apple and Facebook stock are good investments because I use the things from those companies and somebody on BNN/CNBC says they have cashflaugh and that is good.”

    Another side:

    “Buy gold, silver and bullets. Don’t forget to dig a fallout shelter! The world is ending.”

    Another side:

    “A home is forced saving. Rent is money out the window. Always buy more if the bank will let you. A home is a real thing.”

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    UBC in crisis mode Says:
    55

    Talking about good timing, someone just bought this property near UBC for $7 million (?): (assessed at $ 7,383,000)

    http://www.julialau.ca/ActiveListings.php/Details/591#viewdetail

    Like or Dislike: Thumb up 4 Thumb down 1

    Son of Ponzi Says:
    56

    Yeah, Bull,
    And Barrick is laying off 30% of its corporate staff.

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    Re: poloz kills bears. Says:
    58

    “HAM has left the building and MOHINDER was never interested.”

    Mohinder sold his shack to HAM and bought a palace in surrey with extra large fridge to store Costco milk.

    Hot debate. What do you think? Thumb up 16 Thumb down 12

    total_confusion Says:
    59

    @53: the Hudsons Bay Company is owned by the US private equity firm NRDC Equity Partners. So HBC’s possible purchase of Sak’s is one American comapany buying another. Not sure what that has to do with Canada.

    Hot debate. What do you think? Thumb up 12 Thumb down 1

    gokou3 Says:
    60

    Remember the metrotown condo development “Chancellor” by Polygon that had lineups and sold out quickly? (Of course you don’t, see this link: http://www.burnabynewsleader.com/news/119793719.html)

    The development is recently completed, and out of the 245 units I see there are 18 units being listed for sale (7.3%). Interestingly, most of the listings show the same listing agent (Sutton west coast) and the descriptions / pics are almost identical. I wonder why? Place your bets on a) selling by developer or b) bailing of a HAM investor who bought 10 and had his dog bought 10. If “a”, then once again all those news of day 1 sell-outs are b.s.

    BTW there are also about a dozen rental listings on craigslist. It would actually be kinda cool to live in such buildings, as it would be new and quiet.

    Hot debate. What do you think? Thumb up 16 Thumb down 2

    Barb Rennie Says:
    61

    Although I have to agree that HAM has disappeared from Richmond, I disagree that they will be selling to cover their losses in China. People who have taken their money out of China are not going to put it back in. Those people who come to Canada are not your average middle class, but the VERY rich. These people buy real estate in Canada as a small investment, and not worry about it. However, they will not be coming to buy more RE, nor will they be coming to Canada to contribute to the economy. The houses will sit vacant, the grass will grow really tall, and the local businesses will suffer. The wrinkly boomers who have to sell their houses will also suffer because no more HAM to fund their retirement. The wrinkly boomer’s kids will suffer because the parents will not be able to give them a big chunk of money from the sale of their shack. All of a sudden everyone will be spending just a little less. Loss of jobs, and eventually people will start moving away because they can’t afford to live here. Just a bunch of empty houses, and no jobs. Sucks.

    Well-loved. Like or Dislike: Thumb up 37 Thumb down 6

    New and quiet until the squatters move in next door, like in Florida.

    Hot debate. What do you think? Thumb up 8 Thumb down 2

    Aggregator Says:
    63

    @Barb Rennie

    Some stats you may find interesting based on REBGV detached priced in HAM currencies.

    From Jan 2008
    China CNY +13%
    Philippines PHP +34%
    India INR +84%

    From Peak (April 2011)
    China CNY -13.5%
    Philippines PHP -13.3%
    India INR +10.4%

    Like or Dislike: Thumb up 5 Thumb down 2

    Bull Equation: Expenses Exceed CashFlow Says:
    64

    @#57BullPlop, Mr. Sandhu @#58 has the answer for the absurdly hoarded liquid to pour into the tractor to disable it.

    Mohinder sold his shack to HAM and bought a palace in surrey with extra large fridge to store Costco milk [from the US store, increasing border tension to the point of probable invasion in between trips to the window breaking session at the temple of the competing Mohinder religion].

    Hot debate. What do you think? Thumb up 7 Thumb down 5

    Anonymous Says:
    65

    wow! just did a search for BMWs for sale in richmond and there are hundreds of them! things must be really getting band in china!

    http://vancouver.en.craigslist.ca/search/cta/rch?zoomToPosting=&query=bmw&srchType=T&minAsk=&maxAsk=

    Hot debate. What do you think? Thumb up 10 Thumb down 3

    Barb Rennie Says:
    66

    Total Richmond active listings today – 2380.

    Can anyone verify what the average active listings last year? I seem to remember approx 1500-1600?

    Like or Dislike: Thumb up 2 Thumb down 2

    Barb Rennie Says:
    67

    wow! just did a search for BMWs for sale in richmond and there are hundreds of them! things must be really getting band in china!
    ____________________________________________________

    Most of these listings are advertisements from car dealerships.

    Like or Dislike: Thumb up 6 Thumb down 2

    Son of Ponzi Says:
    68

    Milk from the Costco store in Bellimhham.
    I wonder where Mohinder will buy the millk once the C$ trades at his normal 60 to 70 cents range again?
    Gotta cow, man?

    Hot debate. What do you think? Thumb up 7 Thumb down 8

    @Aggregator

    Do you really think that Vancouver RE appreciation was ever fueled by money from the Philippines?

    Let me assure you, a lot of good hot asian things come from the Philippines (like arroz caldo and mami) but money is not one of them.

    Like or Dislike: Thumb up 6 Thumb down 1

    Son of Ponzi Says:
    70

    Can confirm, listings in Ditchmond are going through the roof.

    Hot debate. What do you think? Thumb up 13 Thumb down 6

    New Listings 217
    Price Changes 160
    Sold Listings 135
    TI:18459

    http://www.paulboenisch.com

    Well-loved. Like or Dislike: Thumb up 96 Thumb down 1

    RE: Richmond Inventory (all res)

    June 24th 2011 – 2255
    June 24th 2012 – 2762
    June 23rd 2013 – 2383

    Well-loved. Like or Dislike: Thumb up 40 Thumb down 2

    Canary in the RE Mine Says:
    73

    Wow,
    160 price reductions.
    The air down here is suffocating the sellers.

    Hot debate. What do you think? Thumb up 6 Thumb down 7

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    Son of Ponzi Says:
    75

    For those who did not get the Costco milk story.
    http://www.king5.com/video/featured-videos/Canadian-rush-Costco-milk-Bellingham-166254246.html

    Like or Dislike: Thumb up 4 Thumb down 4

    De La Riva Guard Says:
    76

    A watershed moment while listening to CKNW this morning. Heard mortgage broker Angela Calla’s new commercial. Check it out (CKNW 980 AM audio vault, June 24th, 10:51:53):

    You opened the envelope a few months ago to find out that your mortgage is actually higher than the assessed value of your property. So now what? Call the Angela Calla mortgage team …

    But, but, but … I thought real estate only went UP in the BPOE!!

    Well-loved. Like or Dislike: Thumb up 43 Thumb down 2

    Anonymous Says:
    77

    “Call the Angela Calla mortgage team”

    Restructuring. Not just for bankruptices. Call for more information.
    Approv-a-ding-a-ding-dong!

    Like or Dislike: Thumb up 5 Thumb down 2

    Best place on meth Says:
    78

    When it comes to whores in real estate, Angela Calla is one of my faves.

    Hot debate. What do you think? Thumb up 12 Thumb down 7

    Total days 20
    Days elapsed so far 16
    Weekends / holidays 8
    Days missing 0
    Days remaining 4
    7 Calendar Day Moving Average: Sales 148
    7 Calendar Day Moving Average: Listings 239
    SALES
    Sales so far 2189
    Projection for rest of month (using 7day MA) 590
    Projected month end total 2779
    NEW LISTINGS
    Listings so far 4044
    Projection for rest of month (using 7day MA) 958
    Projected month end total 5002
    Sell-list so far 54.1%
    Projected month-end sell-list 55.6%
    MONTHS OF INVENTORY
    Inventory as of June 24, 2013 18459
    Current MoI at this sales pace 6.64

    Well-loved. Like or Dislike: Thumb up 32 Thumb down 0

    Looks like June will come in as a below average, but not terrible, month.

    Higher 5-yr yields are going to start biting though–and MoI will be starting its seasonal climb shortly.

    Should add up to some nice juicy double digit MoI’s by the Fall.

    Well-loved. Like or Dislike: Thumb up 33 Thumb down 2

    FATHER Says:
    81

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    Bull Equation: Expenses Exceed CashFlow Says:
    82

    http://www.cknw.com/news/audiovault/index.aspx

    Confirmed June 24 10:00am + 51:53

    “Mortgage Freedom” apparently is a below assessed submarine morgue-gage!

    SUBMARINE MORTGAGE = BULL STEALTH WEAPON

    LOL!

    Hot debate. What do you think? Thumb up 11 Thumb down 2

    Anonymous Says:
    83

    “When it comes to whores”

    I’m listening

    Like or Dislike: Thumb up 5 Thumb down 4

    Aggregator Says:
    84

    @N “Do you really think that Vancouver RE appreciation was ever fueled by money from the Philippines? ”

    I added Philippines because of its share in immigration figures. I wouldn’t say it was hot money from Philippines, rather hot taxpayer’s money that pay for public jobs (like $60-$80K nursing jobs) that Canadians didn’t want to do.

    Filipinos are the biggest beneficiaries of public jobs in Canada. http://i.cubeupload.com/IyRzOE.png So ya, they matter and boost demand for housing.

    Like or Dislike: Thumb up 3 Thumb down 4

    Democrass Says:
    85

    Here is a look inside a $2.7M Shaughnessy listing that is probably a HAM gambling chip.

    Notice the plastic folding chairs arranged around the Walmart kitchen table. This is living in Vancouver’s most exclusive neighbourhood?

    http://www.ecorealtyinc.ca/listing?id=260179161

    Like or Dislike: Thumb up 8 Thumb down 1

    Son of Ponzi Says:
    86

    Today’s PB report was 217 new listings and
    160 price reductions.
    As my friend Re Canary pointed out Price Reductions are what drives the market down as they are a leading indicator.
    I think 160 price reductions in one day must be a record.
    Tells me Sellers are panicking.
    Buyers sit back and watch.

    Hot debate. What do you think? Thumb up 9 Thumb down 5

    Best place on meth Says:
    87

    Shanghai Composite getting destroyed again tonight :)

    Hot debate. What do you think? Thumb up 8 Thumb down 4

    Son of Ponzi Says:
    88

    Wow,
    Hang Seng stockmarlet continues its descent into the abyss.
    Watch out for Dow and TSX to further decline tomorrow.
    Credit Crunch in China will force Chinese to liquidate Re holdings in Vancouver to meet obligations at home.
    Rising interest rates will squeeze out new home buyers in Canada.
    Ergo, RE collapse with biblical proportions.

    Hot debate. What do you think? Thumb up 9 Thumb down 2

    kabloona kabloona Says:
    89

    Democrass @85:

    The crap-tacular chairs are a real hoot, but what really slays me is the “legal 2 bdrm suite” with swanky laminate flooring….

    In a $2.7 million dollar house….WTF???!!

    :-D

    Only in Vancouver…..

    Hot debate. What do you think? Thumb up 18 Thumb down 0

    Receding Gains Says:
    90

    No reason to liquidate assets here to support Chinese stock market meltdown. We have to assume the Chinese “smart money” (I’m using the phrase loosely) got out of China in 2011 exactly to avoid this stock meltdown. Isn’t the money parked here supposed to be safe and hidden from Chinese taxman?

    I’m guessing, but the only thing that will move money out of Canada is the taxman knocking on doors demanding taxation for offshore earnings. In fact wobbles on the Hang Seng could cause another wave of capital flight into Canada.

    Like or Dislike: Thumb up 8 Thumb down 1

    @democrass

    Some of these money launderers hire mainlanders to live in the house (squat) and forward the mail to fake primary residence and prevent break ins and real squatters.

    Like or Dislike: Thumb up 2 Thumb down 3

    Anonymous Says:
    92

    “wobbles on the Hang Seng could cause another reduced wave of capital flight into Canada”

    Fixed it for ya.

    Somebody’s going to get a margin call. Which way do you think the capital is going to have to go to settle outstanding debts? Hint: it’s doubtful a deed to Canadian property will be accepted.

    Like or Dislike: Thumb up 1 Thumb down 4

    Anonymous Says:
    93

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 3 Thumb down 13

    Balboa Says:
    94

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 3 Thumb down 13

    kabloona kabloona Says:
    95

    Okay, I’ll bite….what’s a CRADH?

    ;-)

    Hot debate. What do you think? Thumb up 6 Thumb down 6

    Harvey Says:
    96

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 4 Thumb down 15

    http://markets.on.nytimes.com/research/markets/worldmarkets/snapshot.asp?symbol=$SHI

    I remember seeing the Shanghai composite doing this once before. Mind you, on that occasion it had just finished doing the same thing in reverse.

    Like or Dislike: Thumb up 0 Thumb down 1

    #96
    I have GIC’s. Just the other week an RBC employee was trying to talk me into mutual funds, but I refused and reminded him about 2008. Perhaps I’m not very financially savvy, but at least I sleep at night.

    Like or Dislike: Thumb up 3 Thumb down 3

    Anonymous Says:
    99

    Doomers Doomers will never learn!!

    ….Hang Seng is crashing hahahaha.

    It’s only down 1% ahem. :)

    http://www.google.ca/finance?q=INDEXHANGSENG%3AHSI&ei=PDDJUaD1De3LiQKm9wE

    Like or Dislike: Thumb up 2 Thumb down 2

    Anonymous Says:
    100

    Garth the Cult Leader stated yesterday that Yields up a massive 22% !!

    Today he conveniently omits the part where yields crashed 11% !!

    What a dweeb!

    Like or Dislike: Thumb up 2 Thumb down 6

    Nice summary of interest rates:
    http://www.financialpost.com/markets/data/money-yields-can_us.html

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    102

    “Markets are in meltdown”

    S&P500 still up 18% yoy. Do not check the scorecard.

    The US is recovering.

    Like or Dislike: Thumb up 3 Thumb down 1

    Anonymous Says:
    103

    I guess a lot more Realtards stay up late trolling these days as they obviously don’t have a reason to get up early.

    Like or Dislike: Thumb up 7 Thumb down 2

    patriotz patriotz Says:
    104

    ” Markets are in meltdown. You should have invested in something tangible. ”

    You mean like gold?

    Hot debate. What do you think? Thumb up 11 Thumb down 3

    Sunshine 123 Says:
    105

    RE: Barb Rennie #61

    Looks like Barb the Nazi has nothing to say except generalization about the cause of real estate prices in Vancouver…I am not far off calling her a Nazi. If we were in Germany in the 30’s, she would be the 1st to fire bomb Jewish stores…She is giving Canadians a bad name…

    Like or Dislike: Thumb up 1 Thumb down 0

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