Friday Free-for-all!

Friday Free-for-all time!

It seems like we have one of these almost every single week.

This is our regular end of the week news round up and open topic discussion thread for the weekend.

– some links to go here later(?)

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

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vangrl
Member
vangrl
bullwhip29
Guest
bullwhip29

Canada’s retail prices are skyrocketing
http://www.businessinsider.com/canadas-retail-prices-historic-jump-2015-9

“The sharp devaluation of the Canadian dollar, so eagerly pursued by the Bank of Canada, makes imports of all kinds more expensive.”

“The Bank of Canada was fretting about the ballooning debt of Canadian households all last year and called it a risk to “financial stability,” perhaps in preparation for raising its benchmark interest rate. Then Canada’s economy tanked. So now, more household debt is supposed to bail it out.”

>>> well played gentlemen…

vangrl
Member
vangrl

So unlike Rob, he’s pulling a Garth flip-flop

bullwhip29
Guest
bullwhip29

Starbucks to offer loans to staff for housing
http://www.cnbc.com/2015/09/25/starbucks-to-offer-loans-to-staff-for-housing.html

>>> coming to any random Vanc street corner in the near future??? what does a barista making the minimum + tips do when the banks and other alt lenders (not to mention Bank of M&D) wont finance 100% of the purchase of a condo??? this takes being a slave to your employer to another level…

southseacompany
Member
southseacompany
“U.S. economy expanded by 3.9% in second quarter”, CBC News http://www.cbc.ca/news/business/u-s-economy-expanded-by-3-9-in-second-quarter-1.3243359 “Booming U.S. growth contrasts with Canadian economy that shrank by 0.5% in same period” “The U.S. economy grew at an even faster clip in the spring than previously estimated. But that growth likely slowed in the summer, held back by global headwinds and turbulent financial markets.” “All these developments contributed to a decision by the Federal Reserve last week to keep its key interest rate unchanged at a record low near zero, where it has been since late 2008. However, Fed Chair Janet Yellen said Thursday that she still believed the Fed would start raising rates before the end of this year. While the central bank would continue to monitor developments abroad, she said that, “we do not currently anticipate that the effects of these recent developments” will be… Read more »
southseacompany
Member
southseacompany

“Low interest rates are distorting the U.S. economy: DiMartino” BNN video

http://www.bnn.ca/Video/player.aspx?vid=712664

“Danielle DiMartino Booth, chief market strategist at The Liscio Report joins BNN to discuss why the Fed needs to move soon on raising interest rates.”

burnabonian
Guest
burnabonian

http://www.huffingtonpost.ca/michael-stewart1/vancouver-dream_b_7866838.html

Was this posted and removed or did I misremember that event?

Revisionist RE history at VCI? Say it ain’t so

Jimmy
Guest
Jimmy

I call a top.

“BC the new economic promised land”, the Globe and Mail

Brian Ripley
Guest
Brian Ripley

This week I mashed up a chart and table that illustrates that in the U.S. home ownership is back to the 1980’s levels and the table demonstrates that consumer debt is very much under reported:

Chart & Table:
http://www.chpc.biz/history-readings/unrecognized-unsecured-debt

It suggests that humans under high debt loads forget how to create a net worth statement as asset prices wither or perhaps as asset prices balloon.

If the former, Canadians with 165% debt to income in real estate markets that are under stress from a lack of employers, are probably considering liquidation. If the latter (ballooning prices)… then it’s back to the line of credit.

WhatsInAName
Guest
WhatsInAName
patriotz
Member

@4: “Starbucks to offer loans to staff for housing”

You should have quoted this:

Starbucks has launched a loan program to help its U.K. staff put down a deposit on a rental property.

Workers who’ve been at Starbucks for at least one year can apply for an interest-free loan equivalent to one month’s wages, to use as a deposit on a house, the coffee giant’s U.K. branch announced on Thursday.

Lest anyone get the idea that you can buy a property in the UK on a Starbucks wage.

patriotz
Member

@5: “U.S. economy expanded by 3.9% in second quarter”

Another bogus headline. The economy didn’t expand by 3.9% in Q2, rather that was the annualized rate, i.e. if it kept up for a year it would expand that much.

vangrl
Member
vangrl

#10

“Non-disclosure of assets is a cultural trait of ethnic Chinese, Kwan is quoted saying in Millionaire Migrants. “The Chinese are very private about their money.” A law requiring them to disclose assets, Kwan said, “goes against our culture.”

It’s legislation, are we seriously backing down and not enforcing because it goes agains Chinese cultural trait?

vangrl
Member
vangrl
“My sense is that if foreign investment in housing disappeared today, the average household in Vancouver wouldn’t notice a thing,” Mr. Muir told me. “You would likely see some softness at the high end of the market for a while, but I don’t see it having any profound effect. If we had some evidence that foreign investors were having a significant impact, I’d be all over that. But to date there isn’t a single outlier that we can point to.” How is it possible that such low incomes could be driving house prices into the stratosphere? According to Macdonald Realty data, Mainland Chinese buyers were responsible for 21 per cent of transactions between $1-million and $3-million. It’s a significant number. Mainland Chinese accounted for 11 per cent of sales below $1-million, bringing the total number of Chinese buyers to 32… Read more »
Oracle
Guest
Oracle

Vangrl:

There lies the problem. The local born and bred Canadians are getting taken to the cleaners. They pay all the taxes.

It’s a similar case in the Indian community. A majority (yes you read that right) have income producing land in India and this is never declared. Furthermore, the elderly get GIS when they never should plus some get pensions as well overseas that are never declared.

looks like all levels of gov are condoning this so best suggestion would be take what you can from Canada. Giving back and you will get screwed.

DaMann
Member
Active Member
DaMann

@13

I noticed that quote too. So if I just say it’s not in my culture to pay taxes then I don’t have to? What an effin joke this is. And that’s exactly what will happen, no one will touch this cause people will just scream racism. We are so screwed.

Oracle
Guest
Oracle
To top it all off, it’s illegal Chinese money that is boosting house prices here. It is illegal because China only allows $50K per person per year. Scenario: HAM buys $3 million dollar property (House #1) in Van West. Sellers of that property then buy House #2 in South Van for $2 Million (pocket a cool $1 mil). Then the sellers of the SouthVan property buy house #3 for $1 Million (pocket a cool $1 mil). The sellers of house #3 buy a lot and start building as massive immigration continues and basement suites will be rented. All this caused by one only sale to HAM. Now try posting this on any other forum. You will be deleted and deemed a racist. It’s simple math really. If HAM stops , RE will crash. Now the floodgates are open though…do you… Read more »
realist
Member
realist

It is highly unreasonable to expect that immigrants from countries wherein tax evasion, bribery, and other forms of corruption are the norm, after 3 years of (purported) residency in Canada, will become model Canadian citizens. Especially when the Canadian government’s actively promoted policy of multiculturalism tends to obscure the identification of and Mr & Mrs New Immigrant’s bonding to Canadian institutions and values.

This was Prime Minister Pierre Trudeau’s great gift to his nation.

Many Franks
Member
Active Member
realist
Member
realist

Canada: the criminal world’s laughing stock and safe haven. And we Canadian taxpayers pay big bucks to run the safe haven and keep it safe.

Peter W
Guest
Peter W

The following is taken from the Conservative Party of Canada’s federal election platform for the 2006 election – “Stand Up for Canada”, which is posted on the cbc.ca website:

“For those Canadians seeking accountability the question is clear: which party can deliver the change of government that’s needed to ensure political accountability in Ottawa? We need a change of government to replace old style politics with a new vision. We need to replace a culture of entitlement and corruption with a culture of accountability. We need to replace benefits for a privileged few with government for all.”

“Pay down the national debt by a minimum of $3 billion each year.”

“Create a National Security Review Committee to ensure effective oversight and a greater degree of accountability and transparency regarding Canada’s national security efforts.”

http://www.cbc.ca/canadavotes2006/leadersparties/pdf/conservative_platform20060113.pdf

realist
Member
realist

@21 Peter W:
“Create a National Security Review Committee to ensure effective oversight and a greater degree of accountability and transparency regarding Canada’s national security efforts.”

Right, Steve! So in 2008, PM Harper appoints to chair said committee the very upstanding (dual American) citizen, the Honourable Dr. Arthur Thomas Porter IV, Privy Councillor, Director General and CEO of the McGill University Health Centre, soon to become the central figure (with help from SNC-Lavalin Group) of what the CBC has termed “the biggest fraud investigation in Canadian history”, latter-day fugitive from Canadian justice, Panamanian jailbird, and lastly, a corpse of sufficient interest to Quebec’s anti-corruption squad (UPAC) that they sent two investigators to Panama to ID it! Well done!

No, I’m not kidding…I could not make up this stuff:

https://en.wikipedia.org/wiki/Arthur_Porter_%28physician%29

Best place on meth
Member
Best place on meth
@13 I’m just letting the absurdity of this vile comment from Jenny Kwan sink in. “Non-disclosure of assets is a cultural trait of ethnic Chinese, Kwan is quoted saying in Millionaire Migrants. “The Chinese are very private about their money.” A law requiring them to disclose assets, Kwan said, “goes against our culture.” Ok, I think I understand now. The chinese should be given a tax break because they’re chinese according to this idiot. I was considering voting for her – not only is that completely off the table now that I see how chinese take care of each other at the expense of everyone else and cry racism when they don’t get what they want (or launch a lawsuit against taxpayers) – but I don’t think I can ever vote for any chinese person in any type of election… Read more »
renters rule
Guest
renters rule

http://www.vancouversun.com/opinion/douglas+todd+income+anomaly+depletes+metro+vancouver+base/11390940/story.html

well — the link is still working (at this point), but the article has disappeared off the main web page, I guess it’s only a matter of what…. hours, minutes….?…. before it disappears altogether?

vangrl
Member
vangrl

#24

no comment section

seriously pisses me off that i Pay $72 a month MSP premiums, which I realize is a pittance, and they get absolutely free health care.

I imagine they’ll also manage to get GIS when the time comes

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