Canada, economy, equity, prices

How badly would a correction hurt you?

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92 Comments

The Globe and Mail now has a housing price correction calculator so you can see what kind of effects a rise or drop in the market would have on your home:

Much larger price declines happened long enough ago that the most recent crop of buyers may not have any recollection of them. In Calgary, troubles in the oil patch caused a house price decline from $107,739 on average in 1981 to $80,462 in 1985, or about 25 per cent. After a few years of rampant speculation in Toronto, the average resale home price fell from $254,197 in 1989 to $195,311 in 1995, or 23 per cent. Vancouver, always a volatile market, plunged more than 25 per cent in a year in the early 1980s and has a couple of times fallen more than 6 per cent in a year.

Want to see what a 25-per-cent decline would look like in today’s market? Our Correction Calculator shows you the numbers for the Canadian market as a whole, as well as the Big Three markets of Vancouver, Calgary and Toronto.

Here’s the original article and here’s the calculator.

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Oracle

I voted Cons before and never again.

Kenney (who isn’t even immigration minister) suspends one small aspect of the TFW program. HE NEEDS TO END IT.

Have only 2 programs:

1) Permanent Immigration ( family, skilled, investor)

2) Foreign Students

No intracompany programs, TFW’s, or refugees.

–> He knows doing this would massively affect rents in Toronto and vancouver….thereby causing a housing price crash. The poepl with multiple suites won’t be able to afford their mortgages.

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Beluga

Why don’t we hear from Tsurd Sewerville anymore?

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Yunak

Canada should get some immigrants from Ethiopia, at least they are excellent drivers.

http://youtu.be/UEIn8GJIg0E

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Cam Good

Had a few Temporary Foreign Workers in my helicopter today. They want to use their Tim Horton’s earnings to buy up large swaths of Vancouver. Better get your real estate groove on boys; RE’s going to go up!

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chinese parainoa

i don’t know why people are so paranoid about the chinese. i’m sure once the chinese are the majority they will out of their way to accommodate the non-chinese population.

richmond is there now, and it is very friendly to non-chinese. everywhere you go you hear english, and see english signs, and you feel right at home.

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Guy Smiley

“Where Canadian housing sits today is completely unsustainable”.

That Kyle Bass clip is awesome. Thanks Re-diculous.

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Son of Ponzi

Try again.
Nothing is more premanent than a Temporary Foreign Worker.

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Son of Ponzi

Nothing is more permeant than a Temporary Foreign Worker.

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gah

ted, i think mcdonald’s may have an opening for you now! time to put on your party panties!

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tedeastside

in Seattle tfw’s come to work at Boeing and Microsoft

while in Vancouver they come to work at…well lets just say vancouvers economy can be made fun of for hours…vancouver is a laughing stock for educated and talented people

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Johnny-boy

Jason Kenny just announced that the TFW is suspended for the food Industry. The TFW are just poor folk trying to make a subsistence living. Bet not one person on this forum is working in the field.

BTW blame Kenney, he doesn’t seem to have any clue what he is doing.

Here he is on a junket to Ireland asking the Poles to come over

https://www.youtube.com/watch?v=qjZYw2y5Kz4

Actually it probably isn’t even his fault. The way government works is that some civil servant looks at data a few years old and extrapolates into the future. That’s why there was the push for building trades workers. By the time they get going the gap has already been filled.

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Snake

How the Conservatives expanded the temporary worker pipeline

http://www.canadianlabour.ca/sites/default/files/2013-12-06-finalcomic-en.pdf

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WTF

@68 “Temporary Foreign Workers “do not go back” when their Visa expires. They send a letter to Immigration Canada saying they left…”

Then they are not eligible to legally work here. No point if becoming a TFA in the first place. Just come here illegally (on vacation and stay) if you don’t care about being able to legally work.

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paulb

New Listings 298
Price Changes 121
Sold Listings 143
TI:16382

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@Patriotz

Patriotz,

Temporary Foreign Workers “do not go back” when their Visa expires. They send a letter to Immigration Canada saying they left…

Canada has no exit monitoring system. There are thousands of TFW’s here in Surrey alone. You must be Caucasian if your that clueless.

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patriotz

Tim Hortons breaks with franchisee after foreign workers claim wage theft The head office of Tim Hortons has taken over two franchises in Fernie, B.C., and Blairmore, Alta., months after several employees told CBC News the owner took advantage of their status as temporary foreign workers to cheat them out of overtime pay. The six workers — all Filipino and all hired to work in Fernie — spoke out in December last year, with claims of alleged theft, threatening behaviour and manipulation about their boss, Pierre Pelletier. Among their claims, workers alleged Pelletier made sure the overtime pay they received came back to him — in cash — and that he even drove employees to the bank and waited while they cashed their pay cheques. Of course TH is revoking the franchise because owner has embarrassed them. If they really… Read more »

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patriotz

@57: “When you factor in temporary foreign workers, the number of individuals coming into Canada every year far exceeds 250,000….”

Only the 250,000 are immigrants, i.e. permanent residents. RBC is flat out wrong.

A temporary foreign worker is just that. To stay beyond their original term they have to apply again, which means they get counted again, or become an immigrant. Likewise students, visitors or any other temporary category.

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