Oliver to continue current interventions in housing market

After the IMF issued yet another warning on the Canadian housing market Joe Oliver decided its time to speak up.

There is no housing bubble basically, but they will continue to keep an eye on the situation.

And yet the foreboding predictions keep coming. Goldman Sachs warned of a “large correction” in Canadian real estate in 2013. That same year, The Atlantic magazine called Canada “the biggest housing bubble in the world” and the OECD issued a report that listed Canada’s as one of the most overvalued housing markets in the world. Earlier this year Deutsche Bank said Canada was in “serious trouble” with its supposedly overinflated house prices. Capital Economics’ David Madani has been standing by his call for a “day of reckoning” for Canadian housing since 2011.

That no reckoning has come to pass yet may explain why Mr. Oliver and the Bank of Canada’s anxiety has cooled.

“In a way, it’s strange,” said Mr. Porter. “Because if anything the market does seem to have gotten a bit more overheated — especially in Toronto and Vancouver.”

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Symptoms of vision problems in children
Symptoms of vision problems in children
5 years ago

In my opinion you commit an error. Orthomol vision

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5 years ago

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southseacompany
southseacompany
5 years ago

“The most alarming thing about Canada’s housing market is routinely ignored”, Globe & Mail. http://www.theglobeandmail.com/report-on-business/economy/housing-market-the-most-glaring-blind-spot-in-canadas-regulatory-regime/article23420195/ “So Royal Bank of Canada chief executive David McKay thinks Canada’s housing market is just fine. ” “Mr. McKay’s presentation in New York this week capped an interesting couple of days in the ongoing – and critically important – debate about whether low-forever interest rates are creating the conditions for a financial crisis of some sort. A housing bust is the thing people talk about most. Mr. McKay inadvertently showed us why we shouldn’t assume the banks will steer Canada clear of trouble.” “Most Canadian mortgages are insured, and that insurance is backed by the federal government. There is little reason for a banker to worry much about warning lights in a system like that.” “Mr. McKay and the leaders of Canada’s other big banks… Read more »

Psoriasis
Psoriasis
5 years ago

Hi! This is actually the things When i was ready for. Brilliant write about good friend!

Shut It Down Already
Shut It Down Already
5 years ago

Since when did apartments being “dark at night” mean that nobody lives there? Some people actually leave their homes in the evening, you know?

What percentage of lights being on at any given moment would satisfy you that the building is occupied? 90%? 100%?

renters rule
renters rule
5 years ago

no way that transit tax passes. not about voting down transit funding, all about voting down giving MORE money to incompetent people who will just p*ss it away.

Best place on meth
Best place on meth
5 years ago

Not only did he sell his soul, he recently handed over his balls as well.

Chinoria
Chinoria
5 years ago

@53
I wrote a long a long e-mail to Gregor saying how effective he could be to try and solve the housing problem, by at least just highlighting the empty suites and houses in vancouver ( eg Coal harbour 80% dark at night, beech avenue buildings 40% dark etc etc) The dozens of empty homes on the West Sides, sometimes 3 in a row.

Not a peep put of him. Seems he has sold his soul.

Very sad.

88
88
5 years ago

Vote yes in the transit referendum. In 30 years when we hand over Vancouver to the Chinese we should make sure it’s in a good state.

Marco
Marco
5 years ago

I believe what Finance Minister Joe Oliver is saying is there is no housing bubble for the financial institutions in Canada.
A soft landing for the lenders due to CMHC. I think he left some of the details out. He’s not sweating the small stuff.

space889
space889
5 years ago

– so you can go into the store and ask the manager how much he paid for that AAA beef steak from the supplier and he will tell you? Geez…

Or the car dealer will tell you how much the last buyer paid for the same model you are considering buying just out of the goodness of his heart? And his purchase cost? The absolute lowest price he will accept? Just so you have all the info to make an informed decision??

paulb
5 years ago

New Listings 265
Price Changes 70
Sold Listings 91
TI:13296

http://www.paulboenisch.com

Yunak
Yunak
5 years ago

@58

“Put another way, real estate now makes up close to 13 per cent of Canada’s GDP, compared to less than 10 per cent for energy.”

“Even if the housing market simply slows down from its torrid pace of the past five to 10 years, the impact will be widely felt.

In that case government can just open the door wide and let hordes in big time. There is enough Chinese that can support this boondoggle for another 50 years.

flaneur
flaneur
5 years ago

Available online info pertaining to the new owner of 4785 Drummond Drive, Point Grey, Vancouver West, British Columbia: “Chen Mai Lin was born in 1969, Shiqiao town, Pukou district, of Nanjing Metropolis. Chan Mai Lin dropped out of junior high school. Mai Lin Chen was hired by Shiqiao town government doing handyman work. A year later, he worked at the Shiqiao stone powder mill. When the plant shut down, he worked for Shuiximen cargo terminal as a laborer. In 1992, he used his savings of RMB18,000 (yuan) to start his first business project, rearing ducks. However, this investment resulted in neither loss nor gain. According to official website, Nanjing Dingye Investment Group own eight subsidiaries, businesses involved in real estate development, bio-pharmaceutical and hotel industries, such as financial services, apparel manufacturing. In 2010 March, Chen Mai Lin registered a company… Read more »

nufio
nufio
5 years ago

i thought that RE and associated industries will be much > 13 % of canadian GDP. where did you get that figure?

Teranet
Teranet
5 years ago

Van, Vic & Ham are the only Teranet positive cities last month.

Ottawa is leading to the negative at -2.1% last month. Strangely enough, Calgary was only down -0.3%.

southseacompany
southseacompany
5 years ago

“Never mind oil. If housing goes bust, we’re screwed” Maclean’s Magazine http://www.macleans.ca/economy/realestateeconomy/canadas-housing-market-and-then-there-were-two/ “Despite naysayers, Canadians still believe in the resiliency of the housing market” “Still, can you really blame Canadians for their belief in the resilience of real estate? For years, sourpusses like me have been banging on about Canada’s teetering housing market, and it’s only continued to go up, up, up. The Bank of Canada once used to fret regularly that house prices and debt levels were too high, but you don’t hear that much anymore. As for Finance Minister Joe “there is no bubble” Oliver, he’s sticking to his claim that a soft landing for Canadian real estate is just around the corner.” “But Canadians should put aside what they might think about the importance of oil prices to the economy. Because, for all the talk of Canada… Read more »

YLTNboomerang
5 years ago

Gregor doesn’t reply to anyone but developers. I wrote regarding his vision of “greenest city” and how can this be in a city where every restaurant with a patio is allowed to keep their patio open year round with propane heaters essentially heating the outdoors. Don’t get me wrong, I love a pint on the patio but seriously, if it is too cold to be outside go inside, don’t heat the outdoors!

Gregor didn’t respond.

Oh, he also didn’t respond when I complained about why 300lb electric scooters are allowed to ride on the bike path and do not require insurance to hurtle along at 30km/hr. I commute on my bike and getting hit by one of these things would be deadly. I personally believe than any wheeled vehicle (including bikes) need to be licensed to use public streets.

Yunak
Yunak
5 years ago

@40

Does grocery stores disclose how much they paid for the stuff they sell so you can compare their selling price and buying cost?

Of course they do, that’s what books keeping is for, unless they are shoddy groceries aka. “CASH ONLY” of certain owners of a particular background.

Joe Mainlander
Joe Mainlander
5 years ago

@#51 Ponzi, Richmond City Centre increased it’s population by 14,000 between 1997-2008.

http://www.richmond.ca/__shared/assets/city_centre556.pdf

Metro Van, growing at an average of 30,000/yr, increased over 300,000 during that period.

What your looking at from the Mall amounts to less than 5% of all the new growth in Vancouver. It’s actually not a lot.

space889
space889
5 years ago

Foreign workers triple in Canada from 2002 to 2012

https://ca.finance.yahoo.com/news/number-foreign-workers-canada-tripled-between-2002-2012-134323222.html

They work longer, cheaper, and take more abuses and employers can’t get enough of them in. If your department has these foreign workers, good luck trying to get a raise. As well, all the traditional entry level jobs for kids are almost all taken by foreign workers which makes it even harder for them to get a full time job later on.

Whistler or bust?
Whistler or bust?
5 years ago

Have any of your written Gregor? I have twice with no response. Its not like I expect him to write the reply himself but not even a bot telling me its been received.

This is typical of Vision. Oh well, Vancouverites are getting what they voted for.

Son of Ponzi
Son of Ponzi
5 years ago

In Germany in the late 20s and early 30s, it was the savers who go pummeled by hyper inflation.
And Goldman Sucks was also part of the action.
And then came Hitler, and we all know how that ended.
My point is, that no matter the circumstances, in crisis the little guy get’s hammered.

Son of Ponzi
Son of Ponzi
5 years ago

I’m at the food court at Aberdeen Mall in Richmond.
Enjoying a bowl of Soya Chicken and admiring the panoramic view of the new highrises and the multitudes of cranes.
And then I imagine, all this development just to fill local demand.
Probably just a figment of my imagination.
BTW, the Crane is the mascot of Richmond.
Fitting.