Friday Free-for-all!

It’s that time of the week again…

Friday Free-for-all time!

This is our standard end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

How about more taxes?
Not all owners oppose lower prices
Equity Protection
What a realtor says
The premier wedge issue?
Lessons learned in the 80s?
Harper warns of high debt

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

 

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Oracle
Guest
Oracle
May 15, 2015 People, this is a foreign money driven bubble. For Chinese it is import /export fake businesses bring in money. For Chinese and Indians, it is also people exchanging money in different countries ( no transfers). Seen both happen. I also went to Surrey city hall today and asked the people that I want to build an illegal extension on my house and I want to put in a second suite. They said it’s illegal. I asked if anyone ever has been asked to tear down an addition. They said there must be one case. Also, they said a second suite is illegal. I said by assessment shows lots of houses with second suites and only penalty is a second secondary suite fee charge. They told me it’s still illegal. Most things in Canada are rotten to the… Read more »
Wearehere
Guest
Wearehere

Here is how morally dishonest our politicians and central bankers are.

Yesterday Harper joined Poloz in warning about the level of debt Canadians have.

They are projecting their sins onto others!

The honest thing to say would be :

“It looks like these prolonged low rates, which we just cut again, coupled with pro-debt government policies and with the influx of foreign body has lead to a debt binge which we all have to reverse”

But nope

They say “Canadians’ have to do something about it.

I guess it just came about do to our moral weakness and we need to be punished. Zero rates, CMHC, Helocs, and Billions of dollars of hot money had nothing to do with it!

Wearehere
Guest
Wearehere

foreign money!

Westside Realtor
Guest
Westside Realtor

Market peaked a month ago.

WSR

southseacompany
Member
southseacompany

“Average house price in Canada up 9.5% to $448,862”, CBC News

http://www.cbc.ca/news/business/average-house-price-in-canada-up-9-5-to-448-862-1.3075567

“Toronto-Dominion Bank economist Dina Ignjatovic said, “Toronto and Vancouver remain the hottest markets in the country, [but] mortgage rates could move higher later this year, dampening demand in these markets.””

southseacompany
Member
southseacompany

“Economists now think a Bank of Canada rate hike could come even sooner than expected”, Financial Post

http://business.financialpost.com/news/economy/why-economists-think-a-bank-of-canada-rate-hike-could-come-sooner-than-expected

“Bank of Canada Governor Stephen Poloz’s optimism on the economy is proving contagious.’

“Economists have moved up forecasts for when they anticipate growth will be strong enough to warrant the central bank to increase interest rates. They see Poloz raising the benchmark rate by the middle of next year,”

southseacompany
Member
southseacompany

Or maybe not:
“‘Handcuffed by the Fed’: Poloz may well cut again, Bank of America says”, Globe & ail

http://www.theglobeandmail.com/report-on-business/top-business-stories/handcuffed-by-the-fed-poloz-may-well-cut-again-bank-of-america-says/article24440184/

“Bank of America Merrill Lynch believes the next act by the Bank of Canada may well be a RATE CUT”

“”As the Fed hikes, the spillover effect of higher long-term rates in Canada will likely tighten financial conditions, reducing the need for any BoC policy tightening,””

“”Even as the Fed begins a gradual rate hike cycle this year, we think the BoC will remain accommodative, and will likely ease by another 25 basis points to 0.5 per cent if growth disappoints, as we expect,””

elvince
Guest
elvince

The tax deferment program is a real joke. It’s basically a simple 1% loan of the amount of the taxes. Even if you don’t need it, you could loan the money and invest it for more than 1% and pocket the spread.

And since it’s a simple interest rate, it doesn’t even compound! This is [expletive deleted] crazy. You could let the money sit in an ING.Direct account at 1.3% and let it compound for 25 years, while paying only simple 1% rate. Keep it up for a long time and the original loan becomes relatively nothing.

You people are getting shafted. This whole province is built upon shafting young local people. If you’re under 45 years old, GET OUT OF THERE.

southseacompany
Member
southseacompany

“Mortgage rates set to increase due to volatile bonds market”, Canadian Real Estate Magazine

http://www.canadianrealestatemagazine.ca/news/mortgage-rates-set-to-increase-due-to-volatile-bonds-market-191386.aspx

“Analysts are predicting that volatility in the government bonds market is about to lead to higher mortgage rates.”

“Five-year Canadian government bonds have increased sharply in the last month and, with mortgage rates tracking the bonds, it could be bad news for homeowners on variable rates.”

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@Oracle

canadas a country where actions don’t have consequences.

Dave
Member
Trusted Member

All actions have consequences. It’s the nature of Karma and also Newton’s third law.

The consequences might not be what we want and we might not even see them, but they exist.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

i see someone trying to usurp patriotz for the tittle of pedantic nitpicker.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Mayor Gregor Robertson frustrated with slow progress on Vancouver bike share program

http://metronews.ca/news/vancouver/1369455/mayor-robertson-frustrated-with-slow-progress-on-vancouver-bike-share-program/

Gnomes of Zurich
Guest
Gnomes of Zurich

Celestial petitions wrought naught
The sun rises in the west
Europa and Albion yield
In Babylon, the deer of The Tribe draws back her bow
And the money changers trade their talents
Will the Temple be cleansed?
The Ruthenian quavers

VanFlippers
Guest

It looks like there could be enough Chinese hot money coming into Metro Vancouver to buy every single home sold — with $34B left over.

http://wp.me/p3DjoG-9q

DaMann
Member
DaMann

@13

Good to see Gregor has his priorities in order… Clown.

Brian Ripley
Guest
Brian Ripley

According to my Vancouver Sales and Listings Charts:

http://www.chpc.biz/sales-listings.html

… the trend in total residential sales since 1Q 2013 is up and the trend in total listings since 2Q 2012 is down.

The top may not be in yet or if it is it may need to chop about at resistance for awhile until buyer exhaustion sets in.

southseacompany
Member
southseacompany

“Take that Toronto, Vancouver! Canada’s housing market is now ‘a tale of 22 cities’”, FinancialPost

http://business.financialpost.com/personal-finance/mortgages-real-estate/take-that-toronto-vancouver-canadas-housing-market-is-now-a-tale-of-22-cities

“Only four of Canada’s top 26 cities reported really weak sales last month — no surprise — all in oil producing provinces”

““The big picture here is that Canadian home sales and prices remain remarkably resilient, and this is not just a Toronto and Vancouver story any longer,” said Porter, noting that a number of smaller markets are showing “some real spark.””

Son of Ponzi
Guest
Son of Ponzi

I think we’re seeing a tired Re market.
Tired sellers and tired buyers.

southseacompany
Member
southseacompany

The “‘tale of 22 cities’” is the tale of the last 10-15 years in Canada.

http://www.torontocondobubble.com/p/canadas-housing-bubble.html

elvince
Guest
elvince

@southseacompany #18:
Dude, that’s just sales figures. The only people sho should really worry about sales figures are realtors. The more sales there are, the more commish they make, but it tells nothing of the direction of prices.

A market can be up, down or flat with huge sales volume or tiny sales. If there’s any kind of panic, the number of sales could skyrocket while prices are plunging.

I’m not sure why medias keep reporting sales figures as being good or bad for house owners/hunters. To me it’s like reporting car sales or hamburger sales; it doesn’t matter unless you’re Ford or McDo.

elvince
Guest
elvince
Btw, I like the last comment of that article: “Three ‘typical’ cities are Winnipeg, Montreal and Ottawa, where sales are up between 4%-to-5% this year, prices are up by roughly 2% so far in 2015, and all made the NHL playoffs this year,” said Porter. I like it because there is as much relationship between sales and prices as there is between prices and making the playoffs. Case in point: Vancouver and Calgary also made the playoffs, but are nowhere near the averages in sales or prices (both metrics up in Van while CGY dropped). Meanwhile, Regina doesn’t even have a team but sales are way down with prices climbing more than average. The correlation between prices and sales is tedious at best. Medias report the sales metric because it’s an easy article to (re)write every month, not because it… Read more »
vangrl
Member
vangrl

http://www.vancitybuzz.com/2015/05/province-no-plans-to-collect-data-on-foreign-real-estate-investment-bc/
“B.C. Housing Minister Rich Coleman has said neither his ministry or the province has any plans to collect data on foreign ownership, stating that housing costs in B.C. are “pretty reasonable”.

Coleman was referring to the price of real estate in B.C. and the Lower Mainland region compared to other cities such as London and Tokyo after a prompt from Vancouver-Point Grey MLA David Eby.”

DaMann
Member
DaMann

@23

Absolutely stunning. What is their rational for not collecting data? Why on earth would you not want data on this? It’s becoming more and more obvious they know exactly what is happening but don’t want any concrete proof lying around.

“housing costs in B.C. are “pretty reasonable”.

These guys should all be lined up and shot. I can’t believe what is going on with these elected representatives…

crikey
Guest
crikey
>> All actions have consequences. It’s the nature of Karma and also >> Newton’s third law Talk about consequences, how is this for consequences: For several decades, Canadians (and others around the world) have taken full advantage of abhorrent slave-like wages/conditions/pollution in overseas factories (especially compared to our Canadian labour standards), buying cheap products made in said factories (and not caring in the least to ask our politicians to hold them accountable). After all, the only thing that matters is paying the least for a cheap knick-knack, right? No use in taking far-away people’s lives into consideration – they don’t matter, right? … Lo and behold, this practice makes a small proportion of the overseas slave-factory-owners and (socialist LOL) politicians very rich indeed. And guess what some of them do next? They bring their money over here en masse, pricing… Read more »
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