Friday Free-for-Fall!

Hey there! Happy autumn to you!

It’s Friday and that means it’s time for another Friday Free-for-all!

This is our regular 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:

RE economy, no office needed
YOU are the marginal buyer
Homeless millionaire
The last Toronto Bubble
New York and DC losing value
Sunshine coast shift?

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

Sort by:   newest | oldest | most voted
bullwhip29
Guest
bullwhip29

good to see some things never change. poloz & co (and various other connected parties) continue to operate a leaky ship; as usual loonie moves day before BoC decision…lol. i can cite numerous other examples (re Boc, CMHC etc, etc) if anyone cares…total mickey mouse club stuff imho…

to add insult to injury, it looks very much like harper and co stuck their feet in their mouths again by declaring the recession over (just when it appears markets are about to top out again)

southseacompany
Member
southseacompany

“Condo surge pushes pace of housing starts to highest level since 2012”, CBC News

http://www.cbc.ca/news/business/condo-housing-starts-1.3220550

“Builders picked up the construction pace in August, breaking ground on new condos at a breathtaking speed and pushing the annual pace of overall housing starts up to its highest level since September 2012.Z”

bullwhip29
Guest
bullwhip29
as mentioned earlier, poloz winds up reading off of harper’s cue cards this AM. no cut, everything’s turning around. well, we will see about that in the coming months. imho the BoC is still way behind the curve and probably got distracted by all the nonsense going on in financial mkts around the world (which will have very short term positive effects). the real fun and games kick in next week as janet yellen steps up to the plate. this ridiculous dead cat rally in stocks really puts her in a jam as she’s basically in a damned if she does, damned if she doesnt situation now. i’m currently leaning 60/40 in favor of her doing nothing (as markets have forced her hand) and having to leave the building with her tail tucked between her legs. to the surprise of… Read more »
renters rule
Guest
renters rule

@ Patriotz #119

yup. everything is A-Okay in Canada…. nothing to see here…..

a quarter of the folks couldn’t come up with $2,000 if needed for an emergency??!!

this is the craziness the housing/credit bubble has created; they live in places they cannot afford (except for low interest rates) and the drive vehicles they cannot afford (except for low interest rates)….and the mountains of debt will never end….this country is so f*cked.

“technical recession” my ass. The people are BROKE.

History
Guest
History

http://globalnews.ca/news/2210480/liberals-vow-tax-breaks-for-landlords-homeowners-as-part-of-social-housing-plan/

social housing, my VCI friends, is welfare flow thru for landlords. Justin sees this lucrative opportunity to put rapists in your basement, help you out with your failed Hedonic-Heloc lifestyle. Ask Sweden and Europe in general, how this is working. 70% of Vice crime in Edmonton stems from recent migrants.

patriotz
Member

Almost half of workers are living paycheque to paycheque, survey finds

Almost half of the country’s workers say they are living paycheque to paycheque and more than one-third are feeling crushed by their debt loads.

An annual survey of employees by the Canadian Payroll Association (CPA) paints a bleak picture on the personal finance front, with 24 per cent of those surveyed saying they probably could not come up with $2,000 in the event an emergency arose within the next month.

More than one-third of respondents – 36 per cent – said they feel overwhelmed by their level of debt and 12 per cent indicated they doubt they will ever be completely free of debt.

david
Guest
david

#108: The realtor-fed media is about as stone blind to this as Garth Turner is “Asian-sensitive PC” to it.

“So the gun is smoking…what does that prove? I didn’t see any actual bullet, and even if I did, it might not have hit anything…and even if I did,….blah,blah,blah…”

southseacompany
Member
southseacompany

@#113 My mistake. Didn’t notice the date. It came up at recent in Google news!!! Omen?

listathone
Guest
listathone

The fall in fall who says listings can’t pile up in the off season? It is different here they say

vangrl
Member
vangrl

told you…listings are piling up!

MikeS
Member
MikeS

@111

What are you doing bringing up articles from 2014?

listathone
Guest
listathone

That’s a wacky o listing. …summer fun is over the bills are overdue and rates are about to rise…..panic sell

southseacompany
Member
southseacompany

“Surprising inflation report triggers talk of sooner than later interest rate hike” Vancouver Sun

http://www.vancouversun.com/business/fp/yourmoney/inflation+surpasses+central+bank+sweet+rises+cent/9958368/story.html#ixzz3lDN2OFNy

“Canada’s annual inflation rate has leap-frogged the Bank of Canada’s target for the first time in more than two years, lifting the Canadian dollar to near 93 cents US and boosting speculation about interest rates.”

“The loonie rose half-a-point early Friday after Statistics Canada reported annual inflation rose three-tenths of a point to 2.3 per cent in May on the strength of higher energy prices and more broadbased price increases.”

“The report surprised markets and economists alike — and more than likely the central bank — as the headline rate was expected to stay around two per cent.”

fanaticallybroke
Guest
fanaticallybroke

@108

This is what we have been saying here for years.

Canadian banks and their private bankers etc are as bent as a hairpin. There is no way such huge amounts of money could be laundered here without their knowledge and help.

paulb
Member

New Listings 452
Price Changes 79
Sold Listings 173
TI:11792

http://www.paulboenisch.com

Polozi Scheme
Guest
Polozi Scheme

@92 That very important story is all over the Globe and Mail website and BNN covered it this morning:

http://www.bnn.ca/Video/player.aspx?vid=698960

Not a single word in local media about it though. I guess too many locals are profiting.

“I have seen the bank transaction forms, where $50,000 has been wired out multiple times by several people at one bank in China,” she said. “There is so much money that is being made out of immigrants coming from China to Canada, I suspect no one wants to rattle that cage too much.”

– from: http://www.theglobeandmail.com/report-on-business/industry-news/the-law-page/canadian-banks-helping-clients-bend-rules-to-move-money-out-of-china/article26246404/

mls watch
Guest
mls watch

Back to school. Talked to three different families, father is a UBC prof hired around 2004-2006. They independantly decided to follow the example of HAM, HIM, HRM: buy property in affordable places to park their money. Since Vancouver is out of reach, even after a 30% correction, they are tired of waiting for a correction and they are now 15 yr away from retirement. They bought in Oregon, Mayne Island, Vancouver Island. Will POV ( Priced Out Vancouverites ) be the next locusts species? Will people in Nanaimo need to migrate to Port Hardy?

Yunak
Guest
Yunak

@80

2014 brought great news on the immigration front…

At least consistency in becoming a third world country with the flavor of diversification.

space889
Guest
space889

@Tim – The problem with immigration is rarely the average working family who is looking for a better life. Yes, there would be social issues like religion, cultural practice, etc but I think in general most actual hard working people are good.

Rich spoil brats, people who became super rich almost instantly through sheer luck/connections/etc, or self-entitlted people are usually what causes all the problems and ruin a good society. They are be local or foreign. But at least for foreign, you can always close the gate. Whereas the local ones, it’s like those annoying herpes itches that you just can’t get rid and it is infectious.

Tim
Guest
Tim

Forgot to add – that first generation of “cheese heads” were also horrific drivers.

Tim
Guest
Tim

@ Oracle

My ancestors arrived in the wave of post-war dutch immigration. Roughly 150,000 came here, from a country with an economy wrecked by WW2. Relative to Canada’s current population, that would be 400,000 migrants, in about a decade. Were they refugees or economic migrants? A bit of both.

Almost none spoke English, and most were working class, with a ton of dependants. My grandparents never learned English, and were *very* conservative, not at all like the reputation the dutch have now. They preferred to settle in towns and neighbourhoods where they had become the ethnic majority. A few generations later, we are fully integrated. Somehow Canada survived.

space889
Guest
space889
@Brian Chen – Moving $$ out of the country is even easier than what you stated. As I posted before and this is straight from someone who’s living is helping foreign students coming to Canada for study and live here – Open an account with HSBC and deposit a few million RMB in the account, come to Canada and open up a linked account with HSBC here, and now you can do direct transfer from China HSBC account to Canada HSBC account at $30K Canadian per day without worrying filing any paperwork, FINTRAC, etc. RBC and BMO apparently offer similar service but capped at $5K or so per day, and the guy’s opinion is that those banks are dump as you would need like 1 month to just transfer enough $$ for a nice car here. So there you go,… Read more »
space889
Guest
space889

@patriotz – So did US follow Germany’s warnings about stop eavedropping on Chancellor Merkel and other high ranking gov’t official’s cellphones and communications???

no? Yeah, that’s what I figured….

At least China is doing this to get its corrupt officials back, which is better than spying on your supposed allies.

Frankly, intl espionage is par for the course between countries. Pretty much everyone does it as long as they can get away it – either undetected or the victim can’t retaliate in a meaningful fashion. I don’t see why people get so worked about some Chinese spying when USA is doing far more insidious spying than all the other countries combined.

space889
Guest
space889

@crikey – Maybe after Canadians actual practice what they preach by stop buying homes in developing countries like Caribbeans, Mexico, Thailand (as details in today’s Garth post), Indonesia, or even USA areas Florida and Arizona first and stop pricing out the locals there. Then you might have leg to stand on when complaining about foreign money pricing locals out.

david
Guest
david

#92: In reply to my post on his GF website of this news article, Garth Turner retorted in his trademark thin-skinned quip that ‘this is still not evidence of money laundering.’

Greater Fool indeed.