Canada, opinion, predictions, prices

Pimco talking down Canada again

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116 Comments

The worlds biggest bond fund seems to think there’s some sort of an issue with the Canadian real estate market.

Ed Devlin sees a decline somewhere in the range of 10-20 percent for home prices across the nation.

“And if you get that kind of 10-, 20-per-cent real correction, that should alleviate some of the stresses,” he added in an interview with our real estate reporter.

“And so that’s kind of what what we’re seeing. It will start this year, it could be bumpy along the way.”

To be clear, Mr. Devlin is not forecasting a sudden crash, but he joins a chorus of voices, from Deutsche Bank to the Organization for Economic Co-operation and Development, in raising red flags.

Deutsche Bank, for example, believes the Canadian housing market is the most overvalued in the world.

Read the full article here.

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Bull! Bull! Bull!

Canada wants to know how iip applicants made their money and demands documentation. However, as we saw in the globe article these documents are simply faked.

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patriotz

Sorry, the graph reference is from this article:

http://online.wsj.com/news/articles/SB10001424052702304707604577423880540657976

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patriotz

@97: “I don’t know why Canada doesn’t have a blanket ban on China bureaucrats getting residency, like Singapore does.”

It certainly doesn’t have a ban on rich PRC sleazeballs in general. Singapore brings in far more of them per capita than Vancouver, never mind the whole of Canada.

It seems to me, and to a whole lot of Singaporeans, that the country’s middle-class growth model which was so successful for decades is being thrown out and replaced by a playground for rich foreigners served by poor migrant workers and increasingly strapped locals. Hey that sort of sounds like Canada – but worse. Look at that population graph.

http://asiapacific.anu.edu.au/newmandala/2012/05/18/rising-anti-china-resentment-in-singapore/

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N

Does anyone know of a blog where people discuss real estate?

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Bear Vancouverite

@fraud investor – just so we understand your story:

1) your friend didn’t bother to learn his rights as a landlord (can’t be bothered to do due diligence before entering into a contractual relationship)
2) he asks landlord advice of friends who are also inexperienced (blind leading the blind)
3) wants to make money from rental units in spite of having friends who read the posts here emphasizing that is a money losing situation at current price to rent ratios (buying the hype?)
4) doesn’t do regular checkups with his tenant (negligent or lazy)
5) allows his tenant to go 3 months in arrears without evicting him (lack of discipline or responsibility)

And now we want to twist this into a “why Canada let them in” argument?

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Bear Vancouverite

@No Noise – sounds to me like you are critically thinking about it on your own and coming to your own conclusions. The point of a good education isn’t to hold our hands and teach us how to critically think about specific topics or WHAT to think of those subjects, its to give us the tools to figure it out on our own on a broad variety of topics and SEEK OUT answers.

And that National Post article is a perfect example how the media isn’t just serving some politically correct brainwashing agenda.

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fraud investor

Also, the big dog wasn’t trained properly, the entire carpet got damaged. What a mess, I googled his phone number, he was selling the dog and BMW a couple month ago. What a mess? I really want to know how his rich parents taught him to be a responsible person? Cheating, showing off, I guess that’s making them proud. Why Canada let them in, what a shame!

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Yunak

Can someone please let me know what my friend can do to evict him and get the rent paid?

To find him and beat the shit out of him, confiscate car until he pays back the double amount of remaining rent.

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Fraud investors

My friend had a rich Chinese student tenant, he bought a dog after moving in the unit, kept changing the lux cars every couple months. But now he disappeared for 3 months without paying rent. Phone is unavailable, he probably went back china for visiting. Can someone please let me know what my friend can do to evict him and get the rent paid? He had some personal belongs left in the unit. Any advise will be helpful. Thanks in advance.

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kabloona

George Jonas….? Seriously….????!!

😀

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No Noise

@ 103

I was born, raised, and educated in Canada and I was never taught to think critically about, or ever question those “certain subjects” George refers to. For example, Trudeau’s almighty Multiculturalism:

http://fullcomment.nationalpost.com/2011/09/14/george-jonas-trudeaus-experiment-with-multiculturalism-has-been-a-failure/

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Bear Vancouverite

#89

“We’ve all been fed propaganda all our lives and we’ve all been miseducated by the public school system and we’ve all been dumbed down and silenced and had our brains conditioned not to think critically on certain subjects because of political correctness”

I’m sorry, George, but I find this statement completely ridiculous, probably worse than the worst posts by RE pumpers. What a load of absolute, made up drivel. Our school system focuses heavily on critical thinking and highly encourages individuals to analyse and learn on their own. We have an EXCELLENT system of encouraging thought, discourse, and debate, but it is up to each individual to take advantage of this system as their own interest and ambitions dictate. If someone has been dumbed down, I assure you it is not from going to school here in Canada.

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Best place on meth

” I wonder how practical it would be to only allow immigration of wealthy foreigners with an actual immigration tax (not just a loan) plus requirement that their wealth was substantially built from entrepreneurial enterprise. Full disclosure of wealth is a prerequisite of course.”

You mean a head tax? I think that’s been tried before.

Good luck getting full disclosure of anything from these people, there is an entire industry in China dedicated to producing fraudulent documents that can “prove” anything.

Best to shut the door on them entirely.

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Bear Vancouverite

Some of the bitterness here is pretty unreal. Get a grip on yourselves, Don’t let this mob mentality take hold, wits its associated decrease in rational thought, reading comprehension, and narrow mindedness etc, etc.

Ill gotten gains are bad. People who abuse our social systems are bad. I highly doubt all wealthy immigrants (and probably not even a large portion of them) are guilty of either of those, but here it sounds like we can automatically assume they are guilty of both.

Different topic: I wonder how practical it would be to only allow immigration of wealthy foreigners with an actual immigration tax (not just a loan) plus requirement that their wealth was substantially built from entrepreneurial enterprise. Full disclosure of wealth is a prerequisite of course.

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Son of Ponzi

100th!!!!!!!

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b

Rich mainlanders gotta go not only are they rude they are the worst drivers I have ever seen clogging up streets left right and center NOW VOTE ME DOWN

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No Noise

@ Chip 97

Fake passports for one thing – from my last post:

Ying Hong, a Guangzhou firm that bragged of its 100-per-cent success rate, made no secret of helping wealthy bureaucrats. “Many officials take foreign passports,” the agent said, laughing. “But I can’t tell you who.”

http://www.theglobeandmail.com/news/world/how-chinas-crooked-consultants-help-the-rich-enter-canada/article582664/?page=all

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chip

I don’t know why Canada doesn’t have a blanket ban on China bureaucrats getting residency, like Singapore does.

Sure, they have money but they stole it. And they will never pay taxes because they don’t have legitimate income.

And it pisses off the Chinese government, so we give up some diplomatic leverage for no reason other than to let criminals live in Kitsilano.

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Biloo


sorry man 🙂
it is worth the read. and don’t mind that is long, but try just to make it in separated paragraphs.

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George

@ T #90

Sorry I am a bit long winded. Hopefully the content of my posts make them worthy of a longer read. Hey, at least I can admit my faults.

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George

@ mac:
One more thing. I really appreciated your comment #16 on how HAM screw over HAM. I really appreciate your insight on these matters. You say you are west side-centric. I appreciate your west side point of view. I grew up in the west side of Vancouver but I have been priced out to Surrey. I like to hear what original Vancouverites who are still living in the west side have to say. You have an important perspective. For that reason alone, I would like you to stay.

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RFM

The VANCOUVER REALTOR HUNGER INDEX for February 2014 was 62%.

Details and comparison data for 16 years at: http://vancouverpeak.com/Thread-Vancouver-Realtor-Hunger-Index

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Biloo

@T
i spilled my tea LOL

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