Uncategorized

Canadian economy struggles dragging down looney 

167
167 Comments

The Canadian economy isn’t looking so hot lately, perhaps we need more stimulus. How low can the looney go?

Canada’s currency extended declines after the report, falling 0.5 percent to C$1.3552 against its U.S. counterpart at 9:24 a.m. Toronto time.

The GDP numbers add to recent indicators showing low interest rates and a program of federal government stimulus are so far failing to spur a recovery. Inflation slowedto a 1.2 percent pace in November from a year earlier, the statistics agency said Thursday, a softer reading than economists forecast, with one measure of core inflation slowing to the lowest level since 1996.

Read the full article over at bloomberg.

167 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
Flat Fee

I think that the market will decrease slightly this year. Obviously Canada and Vancouver for this matter are still desirable to to foreigners, and the Canadian dollar is still low. Vancouver is also still a world class city – rated as a top city to live in this year, so even with the new foreign buyer tax and CRA reporting requirements I believe that foreigners who want to move here eventually will still buy. Both toronto and vancouver are still top destinations for immigrants and Canadians from other cities alike, and as such, the supply of homes is still lower than the demand. That being said i think we are at a sensitive point where any further interference by the government, and as such prices may dip a little bit. I don’t believe we are looking at a crash as… Read more »

0
0
trackback

[…] –Up, down or flat in 2017? –Vancouver crowded or not? –Reporting breaking news from May 2016 –Cant stop visiting useless boring blog –Questioning value of BC homebuyer loans –Accurate prediction –Is the US in another bubble? – […]

0
0
Madashell

This could be trouble for Vancouver…
“Banks and other financial institutions in China will have to report all domestic and overseas cash transactions larger than 50,000 yuan ($9,600 cdn), compared to 200,000 yuan previously”
http://uk.reuters.com/article/uk-china-pboc-idUKKBN14J0B8
The bad news is the changes will take effect from July 2017 so still time for more outflow.

0
0
Polozi Scheme

If Vancouver RE has become a commodity for the global elite, wouldn’t they want more of the same (empty houses) which would further drive up prices and the drive for “density”? and developers make a killing?. Can’t those who run this province/country have a say in what’s happening? Vancouver is overpopulated not underdensity. Tried driving across town these days? Or catch a bus? Or get smacked riding your bike?

0
0
bullwhip29

the population problem here is no worse than it is in other cities all over the world. what sets it apart is the infantile mentality of many of its residents who act like spoiled rotten single children who havent yet learned how to share, get along with others and respect those that really deserve it.

0
0
Newcomer

Vancouver is not crowded. You can drive across town without traffic at any time outside rush hour. There are always parking spaces on the street. If you have lived in a large city, Vancouver seems pleasantly empty.

There are no doubt more people here now than when PS was a kid, but that is normal. Most North American cities grow. And, as I have had occasion to mention once or twice, the growth rate in CoV and Metro has never been lower than it is now.

0
0
Hyper-mega-Bull

the reason the growth rate has slowed is because the city and region are filling up. there is very little room to put new bodies.

when their is no room to grow but more and more people want to get in, what happens? prices go up.

what’s happened to vancouver prices in the last 15 years?

0
0
Newcomer

Have you ever been to a large or even mid-sized city?

0
0
Hyper-mega-Bull

yes, we know, cities that are more crowded than vancouver are more crowded. no one is disputing that.

0
0
Shut It Down Already

Vancouver is far from crowded.

0
0
Bear Vancouverite

You say this while every night most residents of the city can easily find a dozen empty homes (detached or attached) just by walking around their neighbourhoods. I can look out my window right now and count 9 corner units on a building across the street which are completely empty. The building was finished in 2015.

Why don’t we extrapolate your theory forwards: if the Fed goes through with 3 rate hikes next year and bond yields keep rising while the city continues to grow at 1%, do you think home prices will go up or down?

0
0
Hyper-mega-Bull

density is our future. too much money and public opinion backing it. in addition to the groups you described much of the left is pro-density because they’ve been convinced that density is sustainable and the key to saving the planet.

the goal is to turn vancouver into new HK.

0
0
realist

Agree, but Hong Kong at 7 million population is too modest a goal for our thought leaders:
“It is time that Vancouver started thinking about its inevitable fate: a great city of ten million people.” – Arthur Erickson, 1992

0
0
Newcomer

Interesting to see the turning tide is also impacting apartment buildings.

http://theprovince.com/opinion/opinion-industry-expert-says-sell-sell-sell

0
0
paulb

New
28
Price Change
5
Sold
49

TI:7133

http://www.paulboenisch,com

0
0
Bestplaceonearth

Hey poop,
Isn’t it time to shut down this useless blog? How long have you been whining now?

0
0
Best place on meth

Not now, things are just starting to get interesting.

Instead of shutting down the blog, why don’t you, space and shut it down go jump off a bridge.

0
0
Shut It Down Already

Reaching for the popcorn again, are we? You’re so good at this.

0
0
Softy

And “pulling up a chair”. How many chairs have been pulled up in the history of this blog?

0
0
Newcomer

And the show has been great the whole way through. We have ringside seats at one of the greatest economic oddities the world has ever seen.

0
0
Shut It Down Already

It’s been quite boring, actually.

0
0
Just me

Why do Chinese want to live anywhere but their own country? Honestly, why? If the culture is so ancient and great, if they are so proudly nationalistic, why are they leaving in drives?

I am sure Space will come up with some smartass answer to this as well

http://english.cctv.com/2016/12/29/VIDEbrJwfj58RyKDsgTxzo8o161229.shtml

Portugal is gone as well… one by one, they are buying up tbe world. It wont be long before people will start realizing what our governments have done.

0
0
ChinaOne

Your leader and his friend be rich for generations. Rest you poor and more poor. Canadian weak. Strong people win.

0
0
space889

I don’t know…maybe you should ask the 300K+ Canadians living in HK/Taiwan/Canada, or almost 100K Canadians in Gaza, or 100K+ Canadians in US why all Canadians want to leave their own country Canada, the most wonderful great country in the world?

0
0
Just me

Haha, those 300k are all opportunistic chinese who did some passport shopping and are trying to juice the chinese economic boom while it lasts. They will be back when tshtf.

The truth is that chinese don’t trust each other and they always expect the worst when dealing with each other. Have had countless chinese people confirming this to me, some of them multiple times.

You know who I am really sorry about? Second or third generation chinese people, who are honest and law abiding. They thought they had left all these criminals back in the old country, but now the communist cadres have become millionaires and are running the show in Canada.

0
0
bullwhip29

Real estate up, down or flat? 5 factors that could affect home prices in 2017
http://www.cbc.ca/news/business/canada-real-estate-homes-2017-1.3913968

0
0
space889

Here are some predictions I know WILL BE TRUE: 1 – BPOM & Co continue to post racists comments on this blog, while saying anyone who find that offensive as commie loving freedom of speech haters, 50 cent army, and should be execute for treason. But wanting an US invasion is somehow patriotic, never mind that every country US ever invaded in the last 50 years became a shithole for 20 years+ 2 – Bear will say 2017 is the year that this RE gasbag implodes. When it doesn’t, they will not look at why their prediction was wrong, but blame everyone and everything else. 3 – If price do crash, most bears on here will not be able to take advantage and then they will blame everyone and everything for their new predicament and how it’s all Chinese fault.… Read more »

0
0
patriotz

http://news.nationalpost.com/news/canada/canadian-politics/ottawa-scorecard-2016

Talk about not getting it. The article claims that first time buyers are “losers” from the new mortgage rules, and then says those same rules are likely to result in lower prices.

0
0
space889

This coming from someone who has been wrong about Vancouver RE for a decade and counting, and who bought a house after saying renting is great, better than owning, and getting kicked out by landlord is not a problem??

Yes, FTB are losers from the mortgage rule changes.

0
0
Bear Vancouverite

Not that I always agree with everything patriotz says, but one of his better qualities is he does not give buying advice nor does he make predictions of when a crash may occur (contrast this with some other bears who are now heralding the end come spring). He only states his position and supports it with his facts. This makes patriotz at least more credible in my books.

0
0
ChinaOne

My cousin use one name in China . New name in Vancouver. We all rich we can do it. More do it. We buy more and we pay your Trudeau bribe no donation to foundation. Bad people in China cover story but CBC and other good. They hide us. More my cousin come with new name and buy 4 now.

0
0
ChinaOne

Newcomer and Patriotz help my cousin too. hehe good work sir.

0
0
Newcomer

This journalist takes the same approach to writing as many posters here. He just sits down and starts writing, based purely on the thoughts that float through his head.

“The process started in the early 1970s when a disgraced President Richard Nixon sent Henry Kissinger to China to create a new image of Nixon as a “global statesman.” ”

Except Kissinger went in 1971 as a secret mission, and Nixon went in early 1972. Hardly, disgraced, Nixon was re-elected in 1972. The Watergate scandal broke in 1973.

If this writer can’t even get the facts in history books straight, how likely it is that he has figured out the dark secrets of international trade?

0
0
space889

Do facts even matter anymore? Especially when you got a point to prove and facts just get in the way?

0
0
BubbleTea

Another way to get more than $50 thousands out of China…
Aluminum Billionaire Planning Escape From China – Giant aluminum stockpile in Mexico and Vietnam may represent an effort to get wealth out of China.
http://www.wsj.com/articles/aluminum-billionaire-planning-escape-from-china-lawyer-1482953518

0
0
bullwhip29

Mortgage industry insiders question value of B.C. government’s homebuyer loans
http://vancouversun.com/business/real-estate/mortgage-industry-insiders-question-value-of-b-c-governments-homebuyer-loans

0
0
Newcomer

Weird. The article is clearly PR. But whose?

All the way through, it deliberately misses the point. Nobody thought the loan would increase the total amount people could borrow. The loan is there to get people to buy earlier, with a lower down payment (a bit more than 2.5%, instead of 5%). It does two things. It pulls forward demand, and it “helps” people who are not in good enough financial shape to put together a 5% down payment to buy anyway.

Brokers clearly know this. So why are they producing this spin? Is it simply to get the public to look the other way?

0
0
space889

Doesn’t CHMC require 10% now?

0
0
bullwhip29

imho it will help out the many buyers of presales the most.

0
0
C.Junta

Canadian immigration system praised by LA Times:

Canada’s sanctuary for migrants is built on a strict immigration policy

http://www.latimes.com/opinion/op-ed/la-oe-may-canada-immigration-policy-20161227-story.html

The article lacks data source links though. I wanted to check the following passage, but I couldn’t find any data: “Official data show that the leading countries among foreign-born residents in Canada are the United Kingdom, China and India”.

0
0
Shut It Down Already

Official data likely means Statscan.

0
0
space889

Hmmm…surprised Philippine is not on the list. I read somewhere that they are Canada’s #1 source of immigrant / new people at over 300K+/yr (TFW, homecare, etc) for like a decade now.

0
0
Funky monkey

Funny you or oracle have mentioned that before.
Philippines,India,China is the order of immigration to Canada. Under

0
0
Best place on meth

That’s the current order of annual immigration, the article is referring to country of origin of all people in Canada.

0
0
No Money Down

632 E 20th Ave sold recently

Sold July 2016: $1.2M
Sold December 2016: $1.1M

$34k PTT
$30k standard commission

Throw $15k for legals, mortgage penalty, the monthly mortgage haemorrhage*, and there’s not much change left out of $180k.

(*It was rented for $2600/m)

https://www.zolo.ca/vancouver-real-estate/632-e-20th-avenue

0
0
Shut It Down Already

What mortgage penalty?

0
0
Newcomer

What $180K?

0
0
Oh NO

1.2 invested in July would be 1.4 now, whoever bought just lost a wank o cash….. oh check this new about to be failed flip… note the Dec 25th open house lol

https://www.realtor.ca/Residential/Single-Family/17592438/5540-WINDSOR-STREET-Vancouver-British-Columbia-V5W4B4

0
0
Bear Vancouverite

Alot of “investors” are buying property with mortgages. So with 20% down they really only had $240k in the property. The upside is their opportunity cost would have been less had they broken even. The downside is they might have lost their entire downpayment since they didn’t break even. wops.

0
0
paulb

New
53
Price Change
9
Sold
92

TI:7208

http://www.paulboenisch.com

0
0
Newcomer

Thanks, Paul! (for the whole year, and all the past years as well) How many of us are expecting a big increase in listings in January, and how many think that numbers will stay low until at least March? I expect the latter. I think people are waiting to see the market find its legs again. I don’t expect a rush to the exits. I think people will list late if at all. People see themselves as having millions of dollars, They are masters of the universe, and in no hurry to sell. Some may expect that the dire stories in the news will make people panic, but I think they will see it as a repeat of ’08 and settle in to wait it out. Of course, that won’t stop prices from going down (some people have to sell,… Read more »

0
0
Shut It Down Already

I predict ridiculous inventory extrapolations by March.

0
0
bullwhip29

many are waiting to see what Krusty has to say in the coming weeks and months before committing one way or the other. if one were to just look at raw numbers, odds are that she will do (or imply) something to appease RE bulls beyond what has already been mentioned.

0
0
Bear Vancouverite

Just a reminder that data shows that even during price contractions inventory does not “explode” because of more listings, it is the lack of sales that puts downwards pressure on prices (and an increase in available inventory). I expect listings will be around the same as usual, but hopefully we’ll see weak sales that will continue to lower prices.

0
0
space889

If you want to buy and all your choices are very few expensive crap, I don’t see much downward pressure at all.

0
0
Funky monkey

This place just dropped its price 168000 http://www.rew.ca/properties/R2124984/1256-e-41st-avenue-vancouver?property_browse=knight-vancouver-bc
This kind of tells me how much new builds with laneway houses are worth

0
0
Newcomer

Or at least it tells you how much they are asking for them. Based on the rent they claim that you can get, the maximum financially justified price is 1 M.

0
0
Funky monkey

Just because I thought all new builds east side were 2m last spring. Now it looks like 1.5

0
0
Bear Vancouverite

Indeed, that’s an interesting link and price, thanks for posting it.

0
0
bullwhip29

SCMP: Trudeau’s Liberals were told donor was China graft suspect, but kept taking his money and help
http://www.scmp.com/news/world/united-states-canada/article/2057808/trudeaus-liberals-were-told-donor-was-china-graft

0
0
space889

Cue outrage from BPOM & Co about yellow locust invasion and scums and cleanse them all! I’m surprised they haven’t replied yet.

0
0
Best place on meth

Go back to china scumbag, and take baby Turdeau with you.

0
0
space889

Awww…..is that the best you can came up? I guess hate is the only thing you got left in your pathetic useless life? I guess it’s your only accomplishment now

0
0
Best place on meth

It’s far from the best I can come up with, but I don’t waste time debating sub-human lowlifes – I simply kick them in the face.

I save my actual debating for other humans.

0
0
Shut It Down Already

Violence is all he knows, apparently.

0
0
Best place on meth

Has admin prepared your safe space yet?

0
0
bullwhip29

Richmond city council defeats empty home tax bid
http://www.richmond-news.com/news/richmond-city-council-defeats-empty-home-tax-bid-1.5674700

0
0
fomostyle

So Richmond is gone.

0
0
space889

How about respecting people’s privacy, and rights? Today it’s an empty home tax, tomorrow it’s under-utilized home tax, maybe an luxury vehicle surtax, un-used car tax, over-used car tax, lack of tree on your lawn tax, feed the homeless fine, where does it stop?

0
0
Just me

How much does the Chinese government pay you for each post?
I was reluctant to believe that people like you existed, but now I am convinced you are not for real. You must be paid by some foreign office trying to interfere with regular conversation and promoting a reasonable/acceptable view of China.
After all, if Russia managed to interfere with the US election debate, I am not surprised the Chinese government will resort to hiring a few blog “interveners” like Space.
There is too much timeliness and acuity in some of the posts to be just a regular guy. Either on the dime of the Chinese or an academic of Chinese descent with serious insecurity complex and manias of persecution.

0
0
space889

hhahahahaa….that’s funny…

So where’s the proof Russia hacked US election?

Man, you people are dumber than a sack of potatoes.

0
0
Best place on meth

You’re dumber than a sack of ready-to-eat puppies.

0
0
bullwhip29

if many of these a-holes were paying their fair share in the first place, i think many here and elsewhere would have a different opinion on the whole matter. what really irritates some to no end is how certain folks literally game the system, steal the largest slice of the pie for themselves and then parade around town with it in celebration. so, the heck with privacy…LOL

0
0
space889

So what’s a fair share? If someone creates a biz, sell it for $20M elsewhere, and then decides to immigrate to Canada, should they first pay a $10M entry fee cuz that is the fair share? If you are want to get rid of corruption money, it’s simply, deport the criminals. All top 10 of HK’s most wanted corrupt police officers in the 90s are living in BC without a worry about being deported back. Of the thousands of corrupt Chinese officials in Canada, how are did Canada deport? almost none. Yes, a lot of the Chinese rich and especially their kids like to flash around their wealth. Same happened with HK migration in the 90s. Rich spoiled kids like to flash their wealth. Ok. The reactions by BPOM and his ilks and majority bears seem to be more about… Read more »

0
0
bullwhip29

no idiot. i am talking about the folks who have the means to acquire all the mansions, yachts and other toys but dont report any of it to CRA or other regulatory bodies so they can claim all the taxpayer funded freebies too.

http://www.richmond-news.com/opinion/letters/letter-mega-home-is-hardly-meant-for-farming-1.5672539

0
0
space889

So make all assistance income and asset based as it should be in the first place. Why the heck should we subsidize and help people living in $5M mansion? Just cuz they are old and don’t want to move? Meanwhile we got families squeezing in rat cages with 50% total tax burden?

0
0
Bear Vancouverite

There already is a luxury vehicle tax. There are also taxes and/or permits/fees for things such as untended yard growth, unhealthy trees, removing trees, not mowing the grass beyond your property line (past the sidewalk), not properly removing snow from your property. There are fines or penalties for excessive noise at night, illegal uses of private property, illegally operating a business out of your property.

Privacy is not the right to do whatever you want with your property, and should never be.

0
0
space889

Sure, but where is the reasonable line between your private property rights, and taking away of those right under the guise of fairness?

Let’s say the empty home tax didn’t resolve the house affordability crisis, which it wouldn’t. What’s next? Should CoV pass an under-utilization tax? So if you are a couple living in a 3000 sq ft house then you are using more space than you need, and you have to rent out xx% of your house or pay a tax? That would generate more rental space too. Would you support that? After all, how it fair that some families of 4 have to make do with 700 sq ft condo while others are living in 2500 sq ft house when a 500 sq ft condo will do?

0
0
patriotz

RIght now the provincial government is subsidizing under-utilization, though its deferred property tax program. I think a lot of use would just settle for this taxpayer subsidy to be eliminated.

0
0
Bear Vancouverite

space, I absolutely agree with you that its hard to draw this line. I don’t pretend to have all the answers and I personally struggle with what is and isn’t fair in life (for others mostly, I am one of the lucky ones). The city should not be able to dictate how much of your home you use as long as you actually use it as a principal residence. It shouldn’t get into that granular level of regulation. I like patriotz’ comment that we should remove the deferred tax subsidy and let boomers decide if they want to pay property taxes on homes they under utilize. At the same time, I just feel its an incredible waste to allow homes to be empty. Let’s set aside the underutilization argument for now and focus purely on empty homes. I think we… Read more »

0
0
space889

Oh look, there is even now an association to advocate for locusts to snap up foreign RE, while lobbying for laws & regulations to protect their god given right to full maximize leeching of gov’t programs and handouts. Shameless…

http://www.snowbirds.org/home

0
0
tim

If an area where snowbirds buy property had a housing shortage and/or they weren’t paying their fair share of taxes for services, I’d have no problem at all with them being taxed to correct the problems. And I doubt anybody else on this board would, either.

0
0
space889

Hmmm…I don’t know about that….

I remember reading bears saying Canadian snowbirds always improve their wintering ground and never ever drive up or price out any locals.

anyways, so you have a few hundred thousand “citizens” living abroad for 182 days / year while collecting full gov’t benefits, that’s no biggie right?

But tens of thousands of rich people paying $10K to $50K in property taxes every year collecting gov’t benefits, that’s suddenly all bad and corrupt and disgusting?!

0
0
patriotz

“that’s no biggie right”

Right, because they have earned those benefits from the Canadian government by working and paying taxes in Canada. I assume you’re bright enough to understand they don’t get any benefits from the places where they spend the winter. And they have to buy their own medical insurance because our Medicare won’t pay US billing rates.

You might also note that in Florida, the biggest snowbird destination, they pay much higher property taxes than the locals and get nothing in return.

0
0
Whistler ir bust?

He would never understand that.

0
0
Shut It Down Already

Nothing? BS.

0
0
Best place on meth

I assume you’re bright enough to understand …

Big mistake making such an assumption.

0
0
space889

Talking about yourself again?

0
0
space889

So they didn’t use any gov’t services while they were working here? They pre-paid all the future gov’t services in their retirement?

Our govt operate on a pay as you as you go principle and hence why the demographic crunch is such a big issue. I thought for a supposed intellectual, you would know that.

Anyone from echo boomers and younger generations will be paying for the boomers debt their entire life and get way less benefits, especially in their retirement. Boomers took & spend their parent generation’s savings and rob their children and grandchildren. Probably the most selfish and entitled generation – well minus BPOM & CO here.

0
0
patriotz

Snowbirds remain Canadian residents and are taxable on all their income including CPP and OAS, dummy. In addition they save the government money because Medicare makes no payments at all for non-emergency care outside the country.

0
0
space889

oh please, you really think the snowbirds are going to pay all non-emergency medical care out of their own pocket? Geez…no, they will come to Canada for that, especially for long term expensive stuff. Frankly I wouldn’t be surprised this org start lobbying for legislations for prov to cover out of country care for snowbirds. With more boomers retiring and thinking about snowbirding and the fact that they votes far more than other age group, wouldn’t surprised if that kind of laws get passed either.

0
0
Bear Vancouverite

Regardless of what other jurisdictions are doing, I am against foreign (and local) money distorting our housing market. Let those foreign jurisdictions deal with their own mess and we focus on ours without arguing about whether snowbirds are ruining other cities.

0
0
space889

Hmmmm…well…from a lot of other people’s POV…

Pot, please meet kettle here..

They don’t see much difference aside from one set of rules & morals for myself, and another set for foreigners. I’m ok with that as long as you don’t go around play some moral high card like certain people here.

0
0
Shut It Down Already

Well, all available data tells us that foreigners are not distorting the housing market.

You remember that stuff….? Data….?

0
0
Bear Vancouverite

Setting aside that data showed up to 24% of Burnaby buyers were foreign (and I would argue 24% definitely distorts), I am talking about foreign money, not foreigners. The problem with the statement that “foreigners” are not distorting our market is you can then discount money funneled in from foreign sources as long as it is used by a “local” (eg a wealthy immigrant, satellite family, part owner, etc).

SIDA, I see that you are a straight shooter even if you take an unpopular position. Do you really believe money coming in from outside of the local job market is not distorting our prices?

0
0
Best place on meth

Dumb commie piece of shit, snowbirds don’t go to the US to launder money and escape justice like the vermin from your shihole of origin.

You couldn’t make a valid comparison if your life depended on it, and I wish it did.

0
0
bullwhip29

no, but HAM will certainly try to exploit the “snowbird” exemption somehow. if it were me though, I’d make sure my place was in a perpetual state of renovation and systematically apply for upgrade permits that I know in advance will never get approved

0
0
patriotz

Principal residences are excluded from the vacancy tax outright. There is no “snowbird” exemption per se.

0
0
Shut It Down Already

So right after accusing others of trying to exploit the system you go on to explain how you’d exploit the system? Uh huh…..

0
0
space889

blah, blah, blah, blah, blah….

you sound like an angry dick who probably knows you are simply good for nothing, a complete failure of human being on every level, and just can’t accept it yet. What do they say? Anger and denial are stage 1 of the recovery process? Seems like you are stuck there for a decade now…no hope eh?

0
0
space889

So, how many had a nice stuff of turkey over XMas? I guess it’s a good thing nobody worship turkeys or keep them as pet.

0
0
tim

Feeling insecure and defensive?

0
0
StupidityCheck

Just doing his job. He gets half a Yuan for each post.

0
0
Best place on meth

That half yuan isn’t worth what it used to be, but I suppose the dumb cunt won’t stop even after a surprise devaluation as he has no other skills besides arguing with literally everyone including himself.

0
0
space889

Yes, I’m so pathetic that I don’t even have the skill to post hateful racist posts properly or blame others for all my ills….so ashamed…totally wasted my live.

0
0
space889

Geez…I don’t know….do you feel insecure and defensive about eating beef? Maybe you should try to start up a burger joint with real Canadian AAA beef in India. I’m sure it will be hot seller there!

0
0
space889

And yet not a lot of them are screaming about white perils and scums eating their holy sacred animals, and that whole of NA & Europe are infidels that needs to be wiped out.

Tolerance and understanding of other cultures and eating habits….hmmm…wow…what a novel concept.

0
0
space889

So basically Garth Turner is right then? This sounds a lot like his recent blog posts.

0
0
Mortgageslave

Good point Space, glad you contributed. Royal Le page calling for double digit decrease in Vancouver this year. That’s what we can call the last hat to drop. The banks, gov’t, Sentiment, nothing left. “Royal LePage, a unit of Brookfield Real Estate Services, is preparing a formal forecast for release in early January based on data from Brookfield, which also runs the nation’s biggest property valuation company. Those appraisals are used by banks, insurance companies and mortgage underwriters” Banks will use this information to ensure Down Payments are higher by at least 20%. They won’t approve you with less than 40% in 2017. All banks are raising rates and cutting back on Mortgage investments. I think you should change your name to SpaceCase as you’re out to lunch. In case you didn’t know why our dollar is now at 73… Read more »

0
0
patriotz

” IT’s HOUSING RELATED.”

Nothing to do with oil and commodities? If you say so.

0
0
Mortgageslave

Oil is up significantly in the past two months. Why has our Dollar not followed?

0
0
space889

Because….

Oh never mind, it’s not worth the hassles to explain the FX market to you… Would go over your head anyways..

Here is an explanation I’m sure you will love. It’s all China’s fault that CAD $ is at $0,73 USD!!!

0
0
Newcomer

Why not read financial newspapers and discover some of the reasons, rather than just guessing. It is possible that you alone have guessed what thousands of full-time experts have missed, but you must admit that it is unlikely.

0
0
Shut It Down Already

US interest rate expectations, primarily.

0
0
franko

“…. Why has the dollar not followed?”
Interesting discussion about that on BNN today, suggesting that our economy is far too challenged to be baled out by higher price for West Texas Crude when our oil is landlocked without pipelines to move it to global markets.

0
0
space889

And environmentalist want to keep it that way! Those dirty Albert oil! Keep it in the ground!

Though I’m curious what do they think people in countries without oil are supposed to do? Live in the medieval ages? Or if they themselves use any energy derived from fossil fuel.

0
0
Shut It Down Already

You think downpayment requirements are going to increase to 40% within 12 months?

0
0
space889

Wait, I’m Garth Turner now?? Woohoo?!?! I’m sure he will be happy to know that.

0
0
UBC in Crisis Mode

People still buying in Van West, and little price change, which means foreign money is still coming:
September sales: 58
October sales: 76
November sales: 65
December sales: 40 (estimate)

0
0
Abdul Lahazi

The crafty Chineze know how to work around the system. Other than the outright ban on all Chinese we cannot stop the flood of their offshore money.

0
0
patriotz

Why would we want to stop money coming into Canada? What we need to do is stop people from buying RE at excessive prices.

0
0
squeak

1/It seems just fine to allow oodles of money coming into Canada. 2/ Stop who to buy RE at excessive prices: I guess you mean Canadians, not foreigners. 3/ So, if Canadians are priced out, I guess they will have to rent: from who? 4/ So if wealthy foreigners now own good chunk of the RE, and can leave homes empty, as this would not have any effect on them, where are the Canadians going to live? And Christy, puleeze, we really don’t want any so called “affordable” home projects which I believe will turn into ghettos, why don’t you move in there yourself, Christy? 5/ I thought a reason for people to buy was not to be subjected to the whims of raising rents and making life difficult by landlords, to feel they have a sense of control over… Read more »

0
0
Mortgageslave

If you all believe that foreign money is still coming into the country, the stats that our Federal Government is now keeping will reflect this. If this is true, they stated that they will raise the foreign tax to 25 percent with one days notice. Our Federal Gov’t has a mandate. They know an economy cannot prosper is people can’t afford to pay for shelter. They will ensure that their mandate is met. Look out below… “more affordable housing”

0
0
franko

Mortgageslave,
You’ve gotta make your sarcasm a bit more transparent. Either that or you’ve been dipping into their coolaid.

0
0
patriotz

” Stop who to buy RE at excessive prices: I guess you mean Canadians, not foreigners”

I mean every buyer without exception. Any person, trust, or corporation.

0
0
Bear Vancouverite

We should welcome oodles of money from foreign sources as long as it goes into VC funding, research, development of tech and health, infrastructure, and investments outside of residential real estate (or any real estate for that matter aside from building rental housing).

0
0
Just me

Perhaps we should question how that money was acquired and whether it was legally transferred? Or is it ok to accept any money?
And why, please, should we as a society simply become a resort for corrupt rich chinese? Who said that money should be accepted no questions asked?
Most people do NOT benefit from those money inflows. In fact they get hurt by such inflows. Should we just ignore theim?

0
0
squeak

If this level of integrity could be displayed by Canada and other countries, I think this would solve many issues. Good and valid questions.
But they have not been asked.. This is a country where they chase after a lousy piece of liver pate at the yvr but ignore suitcases with money, real or counterfeit.

0
0
space889

Yes, why is that? The liver pate or beef jerky is already dead, and likely going to be eaten in a few months. I seriously don’t know where the harm is in allowing that to be brought in. Live animal & plants I can understand. But cooked food??

0
0
Shut It Down Already

Cooked meat can still be a risk. Do you not remember the Maple Leaf Foods outbreak in 2008?

For products prepared overseas there’s no guarantee that things were cooked at the appropriate temperature for the correct amount of time.

0
0
space889

I don’t know about other countries, but for a lot of the Chinese food on the banned list like beef jerk, you can buy the exact same thing on shelves at local T&T. Hence most people don’t get why it’s such a big deal.

As for food poisoning, that’s a problem everywhere. So banning certain stuff don’t really reduce the risk that much. As well, I doubt well do tourists would knowingly buy low quality stuff to bring back to consume.

I think it might more have to do with protecting local industry, due to lobbying by special interests, than any actual environmental / food safety concerns. There are lots of stupid laws & regs that exists soles due to special interest group lobbying.

0
0
Shut It Down Already

I’d say it’s more about making a rule which is quick and simple to follow when processing huge volumes of passengers. Or should the border agents be given a list of thousands of different products to work through with each passenger? Should that same list appear on the customs declaration card?

It’s just about practicalities of enforcement.

If you think it’s unfair by all means bring your food items in, just be prepared to pony up the $800 fine.

0
0
space889

My preference would be to change the rules & simplify them. Cooked food – ok.
Live animal, seeds, plants, etc – no.

Actually, custom officers already do what you say when they have to assess duties on items brought over the duty free limit. If you ever look at the CSBA website about the various rule son duties and what you can / can’t bring in, the rules on those are simply mind boggling. I did once just out of curiosity after reading some news story about people having to pay duties on pricey cameras. I think just the TV & recording equipment category has a PDF rule book that runs into hundreds of pages.

0
0
Shut It Down Already

I’ve honestly never understood those who want to travel with food, suitcases full of fish and sausages etc. You’ve no idea what temperatures those items were subject to whilst in transit. Cooked or not (I’m guessing you didn’t literally mean “live”).

As you said, you can probably find what you want at T&T anyway…. I also hear that the local food is ok.

0
0
Shut It Down Already

They have dogs trained specifically to sniff out cash. How is that ignoring the problem exactly?

0
0
space889

I think the big problem is that most people thinking if you declare more than $10K in cash, you will pay 30% – 50% income tax on that $10K in cash, and hence they don’t want to declare. But that’s not the case in 99% of the cases. More education would probably help I think.

0
0
bullwhip29

you are talking as though the transition is still underway and that it can be reversed. the horses left the stable a long time ago.

0
0
space889

Well, if you are the gov’t or gov’t employee, what do you think it’s easier? Close 1 eye, accept tens of millions of dollar into the country which will be spend, resulting in more property & sales taxes, generate some economic activity, and likely lots of $$$ for lawyers when China comes with extradition request. Or, spend time & $$ investigating how people got their money, or whether they have hidden assets they intend to move into Canada after they come here, and stop all those $$$$ from entering the country? Basically, spend $$ for nothing?

Which do you think is more appealing to politicians & rank & file gov’t union employees who get paid the same whether they work their butt off, or sit around and do 1 rubber stamp very 30 mins?

0
0
No Money Down

For context:
2015 Van West Detached Sales
September sales: 125
October sales: 163
November sales: 165

2016 sales are down 50-60% over 2015, with November showing the largest % decline.

0
0
bullwhip29

less hot money buying, but they were never in it to sell anytime soon. basically all the prized assets have been cherry picked to death and will likely not be made available in any great qty as it is in their nature to hold as long term investment, pass on to their offspring and never sell.

0
0
space889

hence why I don’t think foreign money is as much of a factor pushing prices up as it was say 3 to 5 years ago, when people were hotly debating whether there is HAM and how big an impact is it.

As usual, I think a lot of the bears are late to the party.

0
0
bullwhip29

everything that has happened since august is clear proof that HAM is primary driver of the RE market here (and now elsewhere)

0
0
Newcomer

Like what? I can’t think of one thing.

0
0
space889

Maybe the perception of HAM everywhere and that there is going to be some 15% off deals. The foreign money transaction $$$ amount according to gov’t stats isn’t that much, unless you don’t believe that stat?

After the tax, foreign buying has almost completely dried up, and yet I still don’t see much price fall for the condo / TH type of dwelling that most locals buy.

0
0
Shut It Down Already

What a ridiculous thing to say. Sales are still strong, and greedy locals are still hoping to grab their lottery ticket before they’re priced out forever. What on earth makes you think the last 6 months have proven beyond question that foreigners are behind the wheel?

0
0
Newcomer

Never mind the recession. So you get laid off, big deal. What do you need a job for? Buy a condo, and never worry about money again!

That article points to a lot of things shrinking, but they leave out our biggest source of wealth, which is our ever growing consumer credit. — You’re richer than you think!

0
0