Mortgage group urges government to not discourage more debt.

Recent tweaks to housing rules are cutting into mortgage brokers business. They are asking lawmakers to relax existing rules and put the brakes on new rules:

While Ottawa considers what to include in the budget, the mortgage group is urging the government to avoid taking any drastic and unnecessary action because of isolated pockets of danger.

The new rules “disproportionately affect competitive positions of small and mid-sized lenders,” Kerzner said. “There’s a real and growing sentiment that activity in Toronto and Vancouver is negatively impacting those in the rest of the country.”

Read the full article over at the CBC.

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bestplaceonearth
bestplaceonearth
3 years ago

have a good weekend, all the crying babies!

Newcomer
Newcomer
3 years ago

“The search firm Zillow analyzed traffic coming to its website from within China and Canada, and found that their service didn’t see a surge of Seattle-focused searches after the tax was introduced, according to the company’s chief economist, Svenja Gudell.

If buyers were changing locations because of the tax, “you would expect to see an increase in traffic, and we’ve seen absolutely no increase in traffic from Chinese potential buyers,” Gudell said.”

http://vancouversun.com/news/local-news/u-s-website-questions-notion-b-c-s-foreign-buyers-tax-pushes-buyers-to-seattle

Bear Vancouverite
Bear Vancouverite
3 years ago
Reply to  Newcomer

According to analytics companies like Alexa, potentially less than 0.1% of Zillow’s traffic originates from China. Any patterns they see will be too small a fraction to be meaningful, compared to Juwai’s reports.

Not surprisingly, 65% of Juwai’s traffic originates in China.

having said that, Juwai has more of a vested interest in the topic than Zillow does. It would be interesting for Zillow to release the sample size of their data collection or to release the raw data for others to analyse.

trackback

[…] –First time buyer loan problems –China capital outflows reverse –Early signs of financial crisis –Interest rate hikes –Laneway Stratas –Elections BC probe fundraising –Squeeze profits from customers – […]

southseacompany
southseacompany
3 years ago

“Borrowers rush to beat rising rates, pushing mortgage volume 3.3% higher”, CNBC

http://www.cnbc.com/2017/03/08/borrowers-rush-to-beat-rising-rates-pushing-mortgage-volume-higher.html

“As interest rates surged last week and home prices continue to balloon at a breakneck pace, borrowers are wasting no time applying for home loans — they are hoping to get in before affordability gets even worse.”

ostritch
ostritch
3 years ago

This is the strangest early spring market I’ve ever seen. Zero inventory in the city, supposedly capital outflows have halted but huge new swaiths of the city are being built up and condos sold to locals and foreigners. Anything could happen after May.

Newcomer
Newcomer
3 years ago
Reply to  ostritch

So outflows have stopped, but the buying continues. How can we explain that?

Just me
Just me
3 years ago
Reply to  Newcomer

People who see the data suggest that buying is concentrared in condos, thanks to Krusty’s free money.

Just me
Just me
3 years ago

Forest City developer suspends China sales to halt capital outflow: Report

http://www.todayonline.com/world/asia/report-forest-city-developer-suspends-china-sales-halt-capital-outflow

Beijing’s clampdown on capital outflows may have forced Forest City’s developer to close down all its showrooms in mainland China to stop sales to local buyers, the South Morning China Post reported.

The development had been successful in attracting Chinese buyers by offering affordable prices and access to Malaysia’s visa programme for long-term stays, the paper added.

90 per cent of Forest City buyers were reported to be from China.

Shut It Down Already
Shut It Down Already
3 years ago

I saw a lot of Chinese on the bus this morning. Maybe 80%. That must mean that as well as not having jobs and evading taxes they’re spending all day unnecessarily on transit to deny the locals of the service. Disgraceful.

Just me
Just me
3 years ago

The only disgraceful thing here is your constant nagging about racism.
As it has been pointed out many times by most posters, this is about money, not about race.

It is because of people like you that we are unable to have a grown-up conversation about housing and immigration policy.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

Please re-read some of the posts here, especially from BPOM and Combat Roach, then say “grown-up conversation” again with a straight face. There’s nothing adult about what they say aside from the foul language and slurs. Neither of those things would be necessary in a conversation about “money” – wouldn’t you agree?

Just me
Just me
3 years ago

I agree with substance. And your statements about race have no substance, in my vuew.

If a bunch if French millionaires came and ruined my city, I would be just as pissed off about it. As far as I am concerned, the origin of the crooks is irrelevant.

However, it is in fact the case that a wave of millionaire migrants from China has irremediably ruined the social fabric of this city.
And I want to be free to say it openly without fear of being reprimanded and branded a racist.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

Nobody has ruined your city, drama queen.

Combat roach
Combat roach
3 years ago

Your attempt to be witty while race baiting is rather pathetic. Don’t make the complete fool of yourself.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Combat roach

You’re right, I’ll leave that to you. Tell us again how many people you saw today who look different to you.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

Can I carry salt buckets on transit?

paulb
paulb
3 years ago

New
133
Price Change
33
Sold
137

TI:8197

http://www.clivestevepaul.com

Newcomer
Newcomer
3 years ago
Reply to  paulb

It’s a rush away from the exits.

bestplaceonearth
bestplaceonearth
3 years ago
Reply to  Newcomer

exits of what actually? i thought the market was crashing and no one buys anymore, eh bears?

Egad
Egad
3 years ago

We are about a year into the weak market. Some houses were available at 33% off peak prices. Did any of the Bears buy? I doubt it. Now the market is strengthening again and I think the Bears have missed another boat.

Bestplaceonearth
Bestplaceonearth
3 years ago
Reply to  Egad

Missed it again since October 16.

Newcomer
Newcomer
3 years ago
Reply to  Egad

Spoken like a true speculator. Houses are available at 500 times rent. If you want one, go get one.

Newcomer
Newcomer
3 years ago

Nobody can help what you think, man.

Just me
Just me
3 years ago
Reply to  paulb

Over 100% sale/list ratio. It might be starting again.

Best place on meth
Best place on meth
3 years ago
Reply to  Just me

Nothing is starting, listings are unually low but detached sales are still well below average.

Condo buyers are going hog wild with Krusty’s welfare program for ftb’s, that’s where the sales are.

Fucking bitch, handing over my tax dollars to homeowners again.

Just me
Just me
3 years ago

Program of free mortgages costs 700 million.
That is a lot of tax dollars. For comparison, that is roughly the same as the total yearly tax revenue from fuel taxation, or from tobacco taxation!

http://bcbudget.gov.bc.ca/2017/bfp/2017_Budget_and_Fiscal_Plan.pdf

See page 23 for tax revenues.

The help to buy instituted by Chrusty Clark is also more expensive than the yearly outlays for jey expenditures in education or health.

Talk about priorities. I now fully realize Krusty’ s objectives.

patriotz
3 years ago

Ontario reconsidering a foreign buyers’ tax to cool housing market
So what’s it about – as Bob Rennie would say, polls. The Ontario Liberals desperately need a lift. But the dynamics are different – their opposition, the Ontario PC’s, are the party with closest ties to the RE industry (their recently departed leader heads the Ontario RE association).

Doomcouver
Doomcouver
3 years ago
Reply to  patriotz

With Vancouver prices slowly imploding and Toronto’s skyrocketing after the tax, it’s harder for politicians to claim foreign buyers have no influence. The voters don’t buy it anymore. This puts the political establishment in a catch 22 where if they do nothing they won’t get re-elected, and if they crash the market they won’t get re-elected. So, like Christy Clark they’re trying to skate the thin line of making it look like on paper you’re doing something while hoping that prices keep going up anyways. What we need are some automatic rules enacted as it relates to foreign ownership, and ownership of multiple properties. If you tied price-to-rent and price-to-income metrics against whether or not foreigners are allowed to buy, or if anyone is allowed to own more than 1-2 homes, you could very effectively control prices. The political will… Read more »

Newcomer
Newcomer
3 years ago
Reply to  Doomcouver

Toronto is about to implement a FBT. If that sends Vancouver prices back up to the moon, FBs will be implicated. If not, we will know it was just hysterics.

Just me
Just me
3 years ago
Reply to  Newcomer

Sometimes I have to wonder whether you actually live in Vancouver.
You would really denote the influence of mainland Chinese money on our real estate market as “hysterics”?

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

The facts don’t indicate it’s worth the enormous attention, no.

Just me
Just me
3 years ago

As usual, you mention facts without providing any.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

FFS. Foreign buyers make up approximately 10% of the market. This has been discussed countless times. Have you forgotten already or is it just another dumb debating tactic?

Just me
Just me
3 years ago
Reply to  Doomcouver

Good analysis.
I agree with every line you wrote. Glad to see that the truth is being recognized by more and more people.

history
history
3 years ago
Reply to  patriotz

So what’s it about – as Bob Rennie would say, polls.

funny you would say that since libtard MSM self destructed on fake polling during USA election campaign. Canada no different. CBC, Globe, @ junk links

Just me
Just me
3 years ago

Capital controls the talk of China parliamentarians

https://www.ft.com/content/0ece9690-048c-11e7-ace0-1ce02ef0def9

The top bureaucrats are probably debating how to best move their loot out of the country.

Just me
Just me
3 years ago
Banned oracle
Banned oracle
3 years ago
Reply to  Just me

Chinese imports up 45% YoY while exports up 4.2%.

That tells you corrupt money is fleeing China via “import-over invoicing”. Real import growth is probably 5%.

Thus 40% of their total exports is money leaving fraudulently

No Money Down
No Money Down
3 years ago
Reply to  Banned oracle

One gets such wholesale returns of conjecture out of such a trifling investment of fact

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  No Money Down

It’s how 90% of the world moves money across boarders. You don’t know about it because you are a naive Canadian. Basically globalization version of a country bumpkin

history
history
3 years ago
Reply to  Banned oracle

invoice scams are endemic. Accountants, bookeepers, bankers, brokers, agents….anyone that touches money with a computer and has the power to tithe, fee, or surcharge. Scam jobs… balance sheet wonderboys and girls..West Coast is full of it. Christy Soros working hard to produce more jobs in this industry. TFWs for all the other jobs.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Doomcouver
Doomcouver
3 years ago

If that’s actually in Richmond, all of Richmond is full-serve. I wonder if the pump-jockey forgot to take it out. That would be even more hilarious.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  Doomcouver

I’ve pumped my own gas plenty of times in Richmond. You have to get out to enter your pin anyway.

Best place on meth
Best place on meth
3 years ago
Reply to  Doomcouver

The sad part is they drove all the way back from the Seattle outlet mall like this and customs didn’t even notice.

Funky monkey
Funky monkey
3 years ago
Reply to  Doomcouver

That’s #8 road. That’s the cement plant in the background

Best place on meth
Best place on meth
3 years ago
Reply to  Funky monkey

Richmond now has a #8 road?

Wow, they really have taken over.

history
history
3 years ago

ive said it before. Mortgage brokers might want to career change into the Insolvency industry, since they are experts in putting their clients there.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  history

the last time you said it were you wrong because insolvencies aren’t an issue at this point?

Dave
3 years ago
Reply to  history

This type of thing actually happened in the early 80’s. Professionals who previously worked for developers, started to work for the banks trying to collect and foreclose on failed deals.

As they say, history doesn’t repeat, but it does rhyme. The brokers will switch teams when it suits them.

Just me
Just me
3 years ago

A sight to behold:

http://myrealtycheck.ca/

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  Just me

the site is very slow to load.

history
history
3 years ago
Reply to  Just me

like this one?

4 – 800 Idabel Lake Road, Kelowna
Jan 7:$75,000.00
Mar 8: $249,900.00
Change: 174900.00 233%

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

Chinese interest in Vancouver real estate not limited to high-end sector: report

https://www.biv.com/article/2017/3/chinese-interest-vancouver-real-estate-not-limited/

Whistler or Bust?
Whistler or Bust?
3 years ago
Reply to  Just me

A sight to behold. I have been making out like a bandit on rate reset preferred shares. They are other ways to make money than Vancouver RE.

Screwed
Screwed
3 years ago
Reply to  Just me

Uppa uppa uppa

Banned Oracle
Banned Oracle
3 years ago

Any ideas on whether the capital gains inclusion rate for real estate is going to be upped from 50%? Or do the banks/developers going to keep it at 50%?

due to Toronto boom, we might see it at 75% or possibly 100%?

southseacompany
southseacompany
3 years ago

“ALBERT EDWARDS: The Fed is about to cause a bond market ‘bloodbath'”, Business Insider

http://www.businessinsider.com/albert-edwards-bond-market-bloodbath-2017-3

“”Accelerated Fed rate hikes will cause tremors in the Treasury bond markets, forcing rates up, most especially in the 2 year – just like 1994,” Edwards wrote.”

BubbleTea
BubbleTea
3 years ago

The world’s greatest overseas real estate binge might finally be over.
China’s Capital Outflows Just Reversed, Bad News For Global Real Estate.
https://betterdwelling.com/chinas-capital-outflows-just-reversed-bad-news-for-global-real-estate/#_

southseacompany
southseacompany
3 years ago

“Risk of faster US interest rate cycle looms”, Financial Times

https://www.ft.com/content/8a6e1458-040d-11e7-aa5b-6bb07f5c8e12

“A new urgency is gripping financial markets. Talk of a Federal Reserve rate increase next week is no longer the main conversation, with interest rate futures now pricing it as a near certainty. How quickly the Fed moves after March is now the hot topic.”

southseacompany
southseacompany
3 years ago

“First-time Buyer Loan Sparking More Problem”, HiBusiness.ca

http://hibusiness.ca/2017/03/09/first-time-buyer-loan-sparking-more-problem/

“It seems like the intended purpose of the loan for first-time buyers is taking a different direction from its intended path, the five-year interest free loan to help first-time buyers gain entry into the housing market is stimulating a bigger problem. It was hopeful that the government’s efforts of introducing new laws will help cool down home prices but far from that, they are resulting to higher home prices instead.”

MarKoz
3 years ago

What a bizarre website. Needs an ESL tutor…

Just me
Just me
3 years ago
Reply to  MarKoz

I stopped reading at the second paragraph.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

How to tell if you are vulnerable to CIA hacking tools

https://www.youtube.com/watch?v=w4-eJL1jjVQ

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

Trump sends B-52 NUCLEAR BOMBERS to South Korea after North fires missiles at Japan and US warns of ‘overwhelming’ response

https://www.thesun.co.uk/news/3049573/donald-trump-sends-b-52-nuclear-bombers-to-south-korea-after-north-fires-missiles-at-japan-and-us-warns-of-overwhelming-response/

Shut It Down Already
Shut It Down Already
3 years ago

Obama sent B1 and B52 bombers last year, so what’s your point?

Banned Oracle
Banned Oracle
3 years ago

Point is we have to stop China aggression in the South China sea. They have to be taught a lesson to not build illegal islands in international waters. Are you with our ally the USA or are you not?

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Banned Oracle

Er, it’s in response to North Korea.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

You don’t want to talk about Obama’s bombers anymore?

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

i’m not making argument i am stating facts. so their is no “point” other than the facts themselves.

care to share with everyone why you dislike facts?

Shut It Down Already
Shut It Down Already
3 years ago

It’s a real estate blog?

Newcomer
Newcomer
3 years ago

The Sun. Really?

history
history
3 years ago
Reply to  Newcomer

The Snow is comin down, holy mama ….Vcr Island

the weather premium in Coast housing is what? 30-40 %?