What do these cities have in common?

Take a look at this list:

Calgary
Winnipeg
Edmonton
Gatineau
Halifax
Hamilton
Oshawa
Montreal
London
Kitchener
Kingston
Ottawa
Quebec
Regina
Saguenay
Saint John
Sudbury
St.John’s
St. Catharines
Sherbrooke
Saskatoon
Thunder Bay
Toronto
Trois Rivieres
Vancouver
Victoria

Know what those 26 cities have in common?

They’re all Canadian for one, but they are also places where house prices have doubled or tripled over the last 15 years.

As special as Vancouver is, it’s apparently not unique when it comes to rising prices.

Thanks to Joe Mainlander for pointing this out, original data source is Toronto Condo Bubble.

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vangrl
Member
vangrl

#240. I hear his girlfriend is in charge of his letter opening, probably went straight in the garbage.

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[…] -Realtor Hunger Index at 54% -Savings rate hits 5 year low -Zoocasa to stop publishing data -First Sellers market in 4 years -No more rate cuts? -Highest gas prices in North America -How do you make a return? -Sell your toys, don’t buy a house -Squamish bankruptcy for Rommel -What to talk about instead of RE? -Consumer debt hits $1.53 Trillion – […]

southseacompany
Member
southseacompany
“Kelly McParland: Canadians don’t want to hear about debt, they’re too busy spending”, National Post http://news.nationalpost.com/2015/03/05/kelly-mcparland-canadians-dont-want-to-hear-about-debt-theyre-too-busy-spending/ “A clear disconnect has developed across Canada between what economists are saying and what Canadians are hearing. Economists have the emergency alarms blaring: “Warning, warning, danger ahead. Be on the alert, good times coming to an end! Canadians are hearing: “Cheap money! Get your cheap money here!” “They’re not saving because they’re busy borrowing and spending. Consumer debt hit $1.53-trillion at the end of 2014, up 7.7 per cent from a year earlier. The average Canadian owes $21,000, not including mortgages.” “If you did include mortgages it might get really scary, because house prices have been just as oblivious to alarms as the people buying them.” “Most people quit listening long ago. The economy has been buoyed by consumers, and consumers have to keep… Read more »
Oracle
Guest
Oracle

@David Lee

Garth is a banker and has his motives. What is surprising is the number of followers who are blindly following him.

No HAM, No immigration, etc.

“I’ll delete you ” blah blah blah.

Deceitful man. No wonder he became a MP. Harper kicked him out when he wanted more power.

David Lee
Guest
David Lee

FYI, just heard Ian Young from SCMP will be on CBC’s “The Current” tomorrow morning.

He’s the only media type that can’t be labelled a xenophobe and/or racist (although it would be interesting to hear someone give it a try) addressing “that which can’t be named” in Vancouver’s real estate market.

I hope he keeps at it. He seems to be the only voice that can’t (yet) be silenced, bought, dismissed by Garth or accused of having an agenda.

southseacompany
Member
southseacompany
Thankfully, we can rest assured that prices won’t rise because of low rates; “Tax Season. CMHC CEO says low rates won’t put stress on overvalued housing market”, CBC News http://www.cbc.ca/news/business/cmhc-ceo-says-low-rates-won-t-put-stress-on-overvalued-housing-market-1.2946978 “Canada’s housing market may be “modestly overvalued,” according to the CEO of CMHC, but that’s no reason to fear a painful crash even after last month’s cut in rates.” ““Lower rates of course make it cheaper for people to buy houses and we are concerned about that. We’re monitoring it,” he added.” “The drop in rates comes at a time when many analysts believe Canadian housing markets are overvalued. Ratings agency Fitch estimated prices are 20 per cent too high and even Bank of Canada governor Stephen Poloz has suggested housing is 10-30 per cent overvalued.” ““I’m not uncomfortable with a number in that range. We talk about the market… Read more »
He couldn't care less
Guest
He couldn't care less

I have sent Gregor Robertson a long e-mail outlining my concerns about hot off-shore money buying and leaving empty homes in a City with a housing crisis and did he have any plan for approaching this issue or at least voicing the concerns of concerned citizens who work in this city and are unable to live anywhere near their work.

Not even the decency of a reply, even though my e-mail had my name and address.

It seems the only time the politicians ‘listen’ is at election time and then they go back to listening to their special interest groups and backers.

AIRBORNE CANINE
Guest
AIRBORNE CANINE
Canadian Western Bank had another bad day today as the stock was down 7%. It missed on earnings although they are still growing slowly, but this is what shocked me: New impaired loans rose to more than $20-million from $6.4-million in the previous quarter, suggesting some recent deterioration. Just over two months into the large rout in oil prices, new impaired loans at CWB increased by well over 200%, and this is just the beginning. What will their loan book look like 6 months from now? Will CWB be solvent a year from now? Don’t worry everyone, they are still growing their loan book by 12% annually, and intend to do so into the future. I think the 2014 vintage of loans will be remembered by CWB for a while, but for all the wrong reasons. How will Optimum Mortgage,… Read more »
southseacompany
Member
southseacompany
Some more: “Toronto’s million-dollar homes reveal risks of Bank of Canada’s flirtation with lower rates”, Financial Post http://business.financialpost.com/2015/03/05/torontos-million-dollar-homes-reveal-risks-of-bank-of-canadas-flirtation-with-lower-rates/ “Toronto’s million-dollar homes show the risks to the Bank of Canada’s flirtation with lower interest rates.” “A booming real estate market in Toronto and much of the country underscores the risk of combating the oil price shock with cheaper borrowing costs that may only fuel a housing bubble and aggravate household indebtedness.” “Economists warned the plan could backfire, exacerbating financial system risks if it fuels near record levels of household indebtedness.“It was questionable in the first place to want to see a lot of stimulus come through that channel because, as we’ve seen, it does come through in some of the frothier markets,” Chandler said.” “Evidence is growing the rate cut had immediate effects. ” ““Interest-sensitive spending remains strong, after the Bank… Read more »
southseacompany
Member
southseacompany

@#229 Kabloona.

Ignore the local media in my searches. : )

flaneur
Guest
flaneur

I agree with you, “Sign a treaty with China.”
And let the good cops take them to safe landings, before the kidnapping murderers reached them (as in Toronto), or “silent of the lambs” (as in Austin & Houston).
http://tinyurl.com/lraxsma

flaneur
Guest
flaneur

@217, There are creature comforts inside the hotel-style luxury prison for corrupt officials. 😉
http://tinyurl.com/pdr3smw

seven
Guest
seven

Happy unlucky #13000k let the crash crash

Softy
Guest
Softy

“Could have sworn with all the rhetoric they would have lived in Van”

These lists depend on verifiable income and verifiable net worth. The net worth of the “super rich” on lists like Forbes or the one cited is verifiable through large share holdings in public companies, which must be publically reported under securities laws. In other words, it is white money.

Black money billionaires or black money super-rich don’t make any lists. They are the ones who love Vancouver.

paulb
Member

New Listings 268
Price Changes 42
Sold Listings 161
TI:13005

http://www.paulboenisch.com

kabloona
Member
kabloona

This is closer to CMHC’s true purpose than Tal’s blithering nonsense…

😉

https://twitter.com/FakeCMHC

@FakeCMHC

“Loading Canadians up with debt and having the tax payer on the hook since 1946.”

space889
Guest
space889

Ben Tal probably makes $500K to $1M/year, so year, $1M house to him is nothing.

2 Phd Quant Finance couple would probably make $160K to $200K/year before bonus in their first job straight out of PhD school. Add in the likely 20% to 30% bonus, that’s easily $200K to $250K/year. So again for this couple which likely has very little cash set aside but high income, $1M dollar is nothing to them. If they save for 2 years to pay off any grad school loans, they can easily afford a $1M mortgage but they are unlikely to have $100K cash for a down payment. So for this kind of people, that CMHC $1M limit is annoying.

kabloona
Member
kabloona

Yeah, great links from SouthSeaCo.

How are you finding these so quickly…?

😉

Nom Nom Nom
Guest
Nom Nom Nom

@Southseacompany

… Excellent reference.

Craigster
Guest
Craigster
valleyrenter
Member
valleyrenter

Hey Pope, the comment #’s went all squirrely.

southseacompany
Member
southseacompany

I especially like the way Tal dismisses the notion of a $1 million home as being expensive.

Some pundits seem to have divorced themselves from reality in the most Marie Antoinette way.

StupidityCheck
Guest
StupidityCheck

“…because the spirit of CMHC is to make housing affordable for young people.”

Hahahahahahahahaha!!!!

southseacompany
Member
southseacompany
Meanwhile; “The real cost of a $1 million home: Toronto buyers resort to sub-prime loans as prices soar”, Financial Post http://business.financialpost.com/2015/03/04/the-real-cost-of-a-1-million-home-toronto-buyers-resort-to-sub-prime-loans-as-prices-soar/ “Those buyers face a three-year-old rule that Ottawa imposed to cool the market, which bans any sort of government backing on homes worth more than $1 million. As prices rise, some wonder whether insurers like Canada Mortgage and Housing Corp., the Crown corporation that backs bank loans, may have to revisit that threshold.” ““When you say $1 million, people think ‘that’s extremely high expensive properties.’ They are not. This [restriction on loans for homes worth $1 million or more] is leading to less regulated entities entering the market,” said Mr. Tal, adding his data for Ontario shows that people are borrowing just to get the downpayment.” “Mr. Tal also wonders whether Ottawa is going to have revisit the rules… Read more »
Best place on meth
Member
Best place on meth

@209

“You do realize that if such a treaty were made the Chinese would first go after Chinese dissidents resident in Canada, and Canadians who have been in China and have offended them in some way.”

No, I don’t realize this because it’s absolutely wrong.

Obviously any treaty would not include dissidents or anyone else who has merely “offended” their government.

We don’t extradite people over free speech, period.