Canada, debt, economy, hype, opinion, prices

Blame Mark Carney for Canada’s Housing Bubble?

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189 Comments

The Financial Post has an article that lays the blame for the enormous Canadian housing bubble on former Bank of Canada Governor Mark Carney:

Carney, perhaps even more than former Fed Chairman Ben Bernanke, was an excellent crisis central banker. Unfortunately, he did not nail the dismount.

After it became clear in 2010 that the developed world had exited the financial crisis, Carney raised rates just a little, to 1 per cent, and then left them there until 2013, when he joined the Bank of England.

Seems like joining the Bank of England should count as nailing the dismount.

If Canada has a hard landing, accompanied by a severe recession or a depression, Carney’s (and to a lesser extent, Poloz’s) mistake will have been unforgivable.

Read the full article over at the financial post.

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KickThemOut

A vote for NDP is also a vote for the status quo. Liberals have ruined the province the last 20 years. NDP ruined the province in the 90s. They are all the same! Why do you people keep thinking that voting for the other guys will change anything?! They are all the same, just like the Democrats and Republicans in US. A bunch of faces pretending to give you a choice when they are all working for the deep state. If you want real change, vote for your independent candidates who’s there for you and have to be accountable to you to get re-elected. That’s the only way to change things at the voting booth. Choosing poison B instead of poison A is not real change. George Washington said that political parties are the scourge and plague and he is… Read more »

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KickThemOut

@BPOM – Bravo keyboard warrior! You sure talk tough here – nuke China, punch HAM in the face, smite the locusts. Yet, when push come to shove, all bark, no bite. Too whimpy to even talk to a HAM in real life. No wonder things are the way it is in this province. All you whiney pathetic keyboard warriors. Pathetic. At least I took action. Thanks to me, 20+ people on the skytrain now have an inkling of why housing prices are so high in this province. Even if only 5 of them go home and do searches online, and spread the word to their friends, that’s a start of real action right there. What have you done? Beside chest puffing on a blog? You seem to care so much about housing and pissed about HAM, yet you can’t even… Read more »

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Joe Worried

20+ people on the skytrain have an inkling you are a sociopath.

You’ve shown the first three traits of an Antisocial Personality Disorder. Seriously, you need some help before you move on to number 4 and hurt someone.

“Key traits that sociopaths and psychopaths share include:
– A disregard for laws and social mores
– A disregard for the rights of others
– A failure to feel remorse or guilt
– A tendency to display violent behaviour”

https://www.psychologytoday.com/blog/wicked-deeds/201401/how-tell-sociopath-psychopath

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KickThemOut

Discussing the topic of the day, the provincial election? Letting people that their home have been sold to foreigners? Having an open frank discussion with facts?

Geez…if you want to talk about psychopathic behaviors, maybe you should look at some upstanding keyboarding warriors on this blog:
1 – Nuking China
2 – Wanting US to perform a regime change of a democratically elected gov’t
3 – Squashing locusts & vermins
4 – Cheering on violence against housing bulls and politicians

I’m out there actually doing work to spread the message that BC Libs have to go, letting HAM know they aren’t welcome here in a country built by my ancestors if they don’t believe, while you people here ride on your high horses on this blog while lamenting poor me, why poor me?! NDP come and save us…whaaaaha….pathetic.

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southseacompany

“Vancouver Detached Homes Get First Price Increase In 8 Months”, Better Dwelling

https://betterdwelling.com/city/vancouver/vancouver-detached-homes-get-first-price-increase-in-8-months/

“Vancouver real estate got a little good news in March. Detached homes stopped their 8 months slide, with a pretty solid uptick in prices.”

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Joe Bias

Better dwelling calls that ‘good news’?

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KickThemOut

If you are part of the winning club known as owners?

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southseacompany

“As Toronto weighs housing tax, prices in Vancouver are creeping up again”, Global video

http://globalnews.ca/news/3386541/as-toronto-weighs-housing-tax-prices-in-vancouver-are-creeping-up-again/

“But if prices in Vancouver keep climbing, it might mean that the impact of British Columbia’s foreign buyer tax is wearing off and that Toronto’s own housing taxes might deliver only a temporary reprieve.”

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Abdul Lahazi

Three employees sentenced to 18 months in jail in B.C.’s biggest immigration scam:

http://www.cbc.ca/news/canada/british-columbia/three-employees-sentenced-to-18-months-in-jail-in-b-c-s-biggest-immigration-scam-1.4074978

But the sentences are too weak. The crown had asked for three-year sentences. In addition to the 18-month sentences in provincial jail, the women will have to pay fines assessed on their crimes. Ma has been fined $96,000. Jiang $74,000 and Wu $50,000. At least there are deportations coming.

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Just me

Very lenient, considered the scale.
I am confident that many such endeavors are operating at full throttle in the lower mainland. The demand from China is enormous.
Unless we put in place serious legislation penalizing such operations financially, the flow will not be stemmed. Take away all their money, that is when they will stop.

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Bear Vancouverite

Way too lenient even for the boss (he got 7 years and a $900k fine). The cash fines are also far too low to send any meaningful message. This type of fraud is particularly heinous due to the sheer breadth: 1647 clients.

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southseacompany

“Housing market fix?” CBC National

https://www.youtube.com/watch?v=OOCK9sqoZB8

“Jacqueline Hansen looks at the measures introduced to cool Vancouver’s housing market – and whether they would work in Toronto”

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southseacompany

Kinda late, now:
“No measures for homebuyers that could impact house prices in Toronto: Bill Moreau”, Globa

http://globalnews.ca/news/3385097/federal-finance-minister-ontario-counterpart-toronto-mayor-talk-housing-today/

“Three levels of government facing a red-hot housing market in the Greater Toronto Area agreed Tuesday not to introduce any measures that would further boost demand and drive prices even higher.”

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Oracle

Starts tomorrow.

Indian flag going up at my place. Lets make this place India. Vancouver can become China.

Canada is history.

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Shut It Down Already

Oracle, why do you pretend to be from India?

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Oracle

Kick them Out; Be aware of HAM posing as ‘concerned citizens’ on this blog. Read between the lines. They PR parents are loaded to the hilt with real estate.

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Oracle

Liberals are expected to win a majority now. Thats what the majority wanted so I can live with that. But expect: 1) Site C cost overruns. Don’t ask why, just pay with higher hydro bills. 2) ICBC premiums set to go thru the roof. Don’t whine, just pay up. 3) Closure of care homes. Private pay. Sure hope your parents don’t get sick or need 24/7 care. 4) traffic congestion….this i hate since will never use transit. 5) end of medicare. I’m ok with that as seniors need to pay their way.. Let the system collapse. 6) reduce funding to public education..guess should get used to things like they are in India and China. Oh well. can live with that. I’ll be okay with this as will the posters of Asian origin (most here) because they are used to the… Read more »

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Oracle

Bro in law who is well connected just paid $100K over asking. As much as i don’t like it, Lib majority coming and lifting of foreign buyers tax for students first on the agenda.

Unbelievable pent up demand from them. This rise in prices gonna be unmatched in history.

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history

the analysis is good, but it applies to the country you left to come to Canada.

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Oracle

For your sake, i hope you are Asian. Otherwise you have no idea whats coming.

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Best place on meth

Oracle, it’s a darned shame you can just make shit up and not pay any price for it – like proclaiming “lib majority coming ” over and over and over and over….

It’s kind of like the people who accuse others of racism any time they feel like it, there is no penalty to pay for doing so.

I’d like to see those people get sued for defamation, go bankrupt and have their lives completely ruined and come to a miserable end in some back alley amongst needles and dogshit.

There’s just no accountablity anymore in our rapidly failing society and we need to bring it back, don’t you think?

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Shut It Down Already

Lol.

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KickThemOut

Let’s see:
“Key traits that sociopaths and psychopaths share include:
– A disregard for laws and social mores
– A disregard for the rights of others -> check
– A failure to feel remorse or guilt -> check
– A tendency to display violent behaviour” -> check

Bonus – using existing law to screw people with disagreeable views. Manipulative!

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Sebastien

If the Liberals are going to win big anyway, what stops you to vote Green?

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history

try, try, and keep trying. The answer is the lint taken from your navel, dipped in Green tea.

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Oracle

Shut the fuck up you moron.

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history

you wouldnt last an hour on the worksite with me. The only job I recommend for your type falls under the acroynm FIRE.

But, dont be discouraged, BC is all about politics, and it sounds like you’re good at games, changing personas and the like.. y’know, saying anything weird to pull peoples chains.

The Olympic Gold medallist of VCI redundancy.

Whereas i am the Champion of Champion in RE analysis, ‘getting it right’

Where’s Newcomer, for instance?

After establishing my Tour de Force on Leisure spending financed by Mortgage refi addiction… he went Poof! outta here, the same day you refunded your airplane ticket to Indian or Fiji, or wherever you blow your baloney leisure jaunts.

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patriotz

http://www.theglobeandmail.com/news/toronto/no-measures-for-homebuyers-that-could-impact-house-prices-in-toronto-morneau/article34737694/

The federal and Ontario governments have agreed not to introduce any new measures that would stoke demand for housing in Canada to avoid driving Toronto house prices any higher, effectively ruling out expanding programs to help first-time home buyers.

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Best place on meth

Weak. Lame. Gutless.

All government programs to assist first time buyers should be cancelled immediately and the CMHC wound down ASAP.

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Just me

Why no NDP or Green politician takes on Kruelty Clark and shames her about the interest-free loans she gave to first time buyers?
The real gutless people are the opposition: they should state that program is financially and morally wrong, and it should be canceled. Some times you need to do things that might lose some votes.
I am ever more disappointed by our politicians.

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patriotz

“Now, instead of taking action to fix the problem by increasing the supply of affordable housing, Christy Clark thinks that first time homebuyers should get two mortgages instead of one,” NDP housing critic David Eby said in a party news release. “Christy Clark’s plan for first-time home buyers doesn’t do anything to help affordability. Instead, it puts young people who are already facing record levels of debt further into debt, while rewarding developers and speculators, many of whom are big donors to the B.C. Liberal party.”

http://www.straight.com/news/846021/why-premier-christy-clarks-interest-free-housing-loans-could-keep-ndp-opposition-four

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history

stoke the demand for refinancing

there, fixed it for you

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Best place on meth

Greens are gaining momentum, up to 21%.

Minority government is becoming a real possibiltity.

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patriotz

An increasing Green vote makes minority government less likely than it was last time around, because every potential seat gain for the Greens (all on the Island) would come at the NDP’s expense, and elsewhere the NDP would lose seats to the Liberals.

If the Greens really do come in at over 20% on election day, there will be a massive Liberal majority.

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Just me

I think Patriotz is cirrect. It would take an even split if the vite between the 3 main parties to have a genuine chance of minority government.
As it stands, the BC Libs of Kruelty Clark might have a bigger majority than they have now (even if they lose the popular vote by a karge margin).
Food for thought.

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Oracle

Big money already factoring in Lib Majority because of vote split.

Multiple offers on houses in Surrey today. One got sold for $200,000 over asking and the king was huge. No conditions.

Libs won because of Green split. Only thing they sacrificed was taxi drivers.

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history

so your brain is split between candidates as well as poster identities? No worry, Canadas prosperous, advanced, and free medical system is here to help, whatever party wins.

It’s not all bad, you will wake up on the morning of May 10 or 11th, kiss the working plumbing in your house, and thank the plentitude of competent Canadians that preceded you to build such wonder.

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Oracle

Canada FYI is going to be a “Post Nation State”.

Its not yours anymore than it is mine or someone else that temporary;y comes over from China.

Get used to it.

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history

the lint in your belly button is filled up again. Take a shower eh, in that wonderful invention called indoor plumbing, warmed with central heating.

and pray, pray, pray Soros has credit cards for the buddies back home, that you want to see. come over to Surrey ghetto, and buy your sawdust, 20 people to termite. They need not work, just be consumers of free health care…. and breed, breed, breed.

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Oracle

#fakepolls

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Sebastien

Good news.

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paulb

New
515
Price Change
89
Sold
223

TI:8416

https://www.instagram.com/clivestevepaul/

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Diadora

Wow, an ad on this site from Juwai.com. “With 2 million Chinese buyer visits, your property gets the most reach. LIST NOW.”
Guess Vancouver is going to be a Chinese city sooner than later

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Oracle

Wait until the municipal governments are majority Chinese and they declare “Sanctuary City”.

What you gonna do then? hahaha

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Oracle

Thats how you tae over a country in the 21st century. Muslims were trying with babies but this is much faster.

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Oracle

With a municipal police force like Richmond is going to get (RCMP out), then you will go to jail …

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Just me

2 million? This site has such low traffic for China. Losers.

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KickThemOut

Little doubt foreign buyers are pumping up Victoria’s housing market, says BMO chief economist

http://www.vancouversun.com/little+doubt+foreign+buyers+pumping+victoria+housing+market+says+chief/13308472/story.html

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history

im in Vic. Although i dont doubt that it’s foreign buyers, i keep hearing it’s cashed out Canadians from Vcr and other parts of the country, jacking up prices. The bigger problem is that the city is filling up with people who dont work, putting a strain on housing for workers. The city is chuck full of people on dole or retired, and the workers get nothin. BC Libs categorically Dont Give A Care for workers unless they are a breed of TFW, or heavily indebted home owners commuting to AB oil fields to clean toilets.

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Oracle

Looks like polling shows the Liberals are going to win this election.– If the polls are correct.

The Cons have bowed out to help Christy. The Greens are counting on the naivety of the SJWs to split the NDP vote in key ridings. Looks like they succeeded.

So another 4 years of Christy.

Be ready to Pay to play and Be corrupt to get ahead. Joint the gang!

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BubbleTea

Link please.

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Oracle

Show me link that denies this.

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Oracle

and reference it in proper format

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Spec

Here, moron. http://www.cbc.ca/news/canada/british-columbia/bc-2017-poll-tracker-1.4054593

You are very dim. Prove me wrong.

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Sebastien

Why are you so eager to auto-enslave yourself to the NDP? Don’t you seen that nothing will change under them?

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Oracle

You need change every 4 years. You realize you give Libs the vote that they have free reign on corruption??

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BubbleTea

44 per cent of all voters liked the idea of a 30 per cent foreign buyers tax, the poll found.
http://vancouversun.com/news/local-news/b-c-election-2017-latest-poll-shows-greens-taking-votes-from-liberals-ndp
Great idea, why not make it 100%!

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KickThemOut

Why not make it 300%? That would simply choke off any foreigners who would even dare to imagine buying a place here.

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Diadora

Agree. Canada is home for Canadians not foreign speculators. Choke off the foreigners so Canadian citizens can buy!

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history

before pointing the finger at foreign speculation, we need to get our own house in order. Bring in rules that cut down on rampant refinancing. The Feds have started this process, they Get It. The Feds and Prov goo could do more to stop the non working baloney students. A non working mindset has sprung up here that is really bad for the future. Only so many can be murdered with fentanyl

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KickThemOut

Actually, apply the tax to FTW, super visa grandparents, and PRs as well. If any owner isn’t an actual living breathing tax paying citizen, tax the hell out of them / it.

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Oracle

In 3 weeks, you will see massive increases in price. Greatest ever in a month IMO.

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Bear Vancouverite

My wife heard the Green party proposed increase of FBT to 30% and asked why not 100%. Her basic gist was “if they want to buy without tax, they can become a citizen like me and work and pay taxes like I do”.

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Just me

Your wife made a very sensible point. I still don’t understand why so many people resist it and label the FBT racist.

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Best place on meth

Come on, you know why they label it racist.

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Just me

Fair enough.
Might it be about…money?

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KickThemOut

This is the election season and I decided to start doing my part. Yesterday on skytrain going home, a well dressed Chinese lady with the obligatory LV bag sat down beside me. She looks to be a bit lost, I guess skytrain isn’t her normal mode of transport. Anyways, I decided to ask her who does she plan to vote for. She ignores me so I asked her louder, loud enough that other riders can also here. Got a few stares but whatever. She tried to say not understand me. So at this point, I decided to start to lay into her. I asked her how long she’s in the country and why isn’t she taking English class and integrate into the country? Why is she even here if she weren’t willing to learn the language of the land? Properly… Read more »

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best place on earth

nicely done, stalking a woman in public place. if i were that woman, i would ask you to shut up, in a polite way!

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KickThemOut

If a guy sat beside me, I would have done the same thing.

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best place on earth

if you are a busy body, run for office, not stalking people in public transit. take your med regularly.

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Oracle

Are your parents PR?

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Joe Freedom

Ah, freedom and democracy.

Where we can go about our business without being interrogated about our personal political beliefs, or harassed by strangers we choose not to engage with.

Simple concept, yet there are those illiberal types, on both the right and left of the spectrum, who don’t quite get it.

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KickThemOut

This is the most important provincial election cycle and we have an opportunity to raise the issues in public and get the message out. Dirty corrupt foreign money, regardless of whether the owner is a token citizen in name or not, is not welcome! Nor is their owner! We need to get the BC Libs out by letting people know that their corrupt housing policies have sold our province to foreigners. We need to get people worked up so we will take back our homes, kick out these “citizens” that are in name only, loyal to the communist party. And we need to make it clear to these people that if you don’t play the rules, they are not welcome here. They are here as guest at our graciousness, and we have the right to kick them out whenever we… Read more »

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best place on earth

then take your opinion out with the politicians, not to the bystanders. again, if someone does the like to me on public transit, i would take off my sock and shovel down his/her mouth.

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KickThemOut

Yes, how’s that working out for you? Do politician give a shit about what you think? Until you pony up $50K campaign fund raiser check, no one gives a shit about you or your views. The ONLY way to have any effect at change is through grassroots movements to oust all the organized political parties, elect independents not in pocket of deep state and rich, and drain the fing swamp.

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Joe Worried

So you take it out on some random person? That is only a few steps away from the man who randomly gunned down a Cleveland retiree a yesterday because he was angry at his girlfriend.

It doesn’t sound normal. You need to chill out.

Don’t let the bubble get the worst of you. It will burst and all who bought will lose.

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Yellow Beaver

Just say’in: if you asked me in public to acknowledge who I’m going to vote for, I’d tell you take a long cold hard suck on my ass.

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oh la la

Was it written on her face “I am a Canadian citizen”?
Dumb ass. You deserve to be homeless.

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KickThemOut

She could have said no, I’m not a citizen then.

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best place on earth

and why the fu*k did she have to respond to you? who the fu*ck do you think you are?

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Abdul Lahazi

Troll alert !!!

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Best place on meth

It’s just spaceshit and his new persona.

It’s kind of like Stephen Colbert’s old right-winger act.

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southseacompany

“Vancouver’s housing correction could be over”, Maclean’s

http://www.macleans.ca/economy/vancouvers-housing-correction-could-be-over/

“In past month, sales in Vancouver area have leapt forward by close to 50 per cent, says Royal LePage”

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Bag it and tag it

cherry picking the month over month sales numbers which a rarely used…because the year of year sales numbers are negative.

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best place on earth

didn’t you notice there is not enough listings to sell, but prices gradually creep up?

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best place on earth

too bad, bears could have picked up a bargain last october.

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southseacompany

“The Bank Of Canada Is Full Of S**T, Here’s How Interest Rates Impact Speculation”, Better Dwelling

https://betterdwelling.com/the-bank-of-canada-is-full-of-st-heres-how-interest-rates-impact-speculation/

“Despite the known correlation between interest rates and speculation, Stephen Poloz, head of Bank of Canada (BoC), maintains they aren’t related.”

” Rather than leave that thought as a mystery for the ages, we crunched some numbers to show you what the likely impact of a 5% rate hike would look like.”

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history

ooo, oh my, the MSM has discovered the word Correlation. Where did they learn that word in its purist application? Was it me, history?

i’ll say it again, so that it’s clear to the MSM and poster boy wonder SSC:

the most astounding Positive correlation in all of RE economics..

0.82 positive correlation between Rate of Refinancing and Housing prices.

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history

Didja notice the MSM doesnt want to say Rate of Refi’s, so the plebes get it?

this is because of Denial, the hallmark of a bubble

oh no, it’s called Speculation, y’know, what Other people do, Not the 71% of the population that dables with their mortgages to do the dirty deed

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ostritch

How can a Canadian be to blame when the same thing has/is happening in Australia? Speaking of which, didn’t you guys get into a blather a few months ago saying Sydney was crashing? It ain’t.

And hey look at this. South Main of all places gets a mention as likely to outperform by far:

https://www.domain.com.au/news/the-surprise-sydney-suburb-in-worlds-top-10-for-wealthy-property-buyers-20170301-gun0sh/

An unexpected Sydney suburb has joined the ranks of 10 hand-selected global locations likely to attract the world’s wealthiest eager to buy real estate, a report released on Wednesday revealed.

Along with areas as diverse as Vancouver’s South Main, Berlin’s Mediaspree and Shanghai’s ZhangJiang, it was Randwick in Sydney’s inner east chosen as a neighbourhood where property is poised to outperform the rest of the city, Knight Frank’s Wealth Report 2017 found.

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Just me

Who said that the governor of the Reserve Bank of Australia is behaving more honourably than Poloz or Carney?

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The Wizard of Money

All western central banks colluded in the money conjuring enterprise. Carney met with his buddies very few weeks in Basel, Switzerland, coordinating the tidal wave.

“The Monarchs of Money”, CBC 2013
https://www.youtube.com/watch?v=7T_VxdLJdDU

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Best place on meth

Rafe Mair:

Christy Clark “has doubled the provincial debt and ruined our former crown jewel, BC Hydro, and, having bankrupted it in all but name, committed it to a further $10 billion for Site C for power we don’t need and for which we have”

http://commonsensecanadian.ca/rafe-christy-clark-must-go/

Green leader Andrew Weaver “who’s about as green as last year’s Christmas tree, supported ruining the environment with so-called “run of river projects”

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Just me

From the article: I don’t know about you but I often look at what’s seen as a minor thing in making my judgment on a person’s character. As we learn here from Mike Smyth, Christy Clark has cost taxpayers, not the Liberal Party, folks, for “photography: $923,374 to be precise, for the salaries and massive travel expenses of two full-time photographers to take still photos and videos for the government. “The pictures and videos provide positive content for the government’s social-media channels on YouTube, Facebook and Twitter.” With typical raw, blatant hypocrisy, here’s what Premier Clark says in her latest Liberal Party election pledge: “Controlling government spending is the foundation, it’s the bedrock, of what we’re trying to do.” This woman is not only vain and incompetent beyond description, she’s incapable of telling the truth as she makes us look… Read more »

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YVR

How does the $923,374 compare to the $700,000,000 the NDP wasted on the fast ferries?

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Just me

And how dies that compare to the almost 1 billion price tag of the interest-free loans that Kruelty Ckark is soending to bribe first time buyers.
I don’t expect you to be objective, I oniw you are going to vote for Kruelty against all evidence. But please do not make it sound like it is some kind of informed rational choice.

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Funkey Monkey

Did you just make that number up? Including inflation?

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Ulsterman

I guess that’s inflation for ya. For the last 15 years the Liberals reported they’d wasted $500,000,000 on the ferries.

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Best place on meth

Projected cost of fast ferries was $210M, which ended up being $450M.

It was a failure but the motives were good and it put BC shipyards to work and used local materials to build them.

Anyhoo, Krusty is embarking on her own usesless make work project called site C.

Projected cost $6,600M amd most likely to double.

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Royce McC

Geez YVR –

I have supported that BC Liberals in the past, but let’s be real here. They outdid the $450M fast cat cost with the new roof of BC place alone.
http://www.timescolonist.com/news/b-c/b-c-place-roof-raises-cost-questions-1.2222844

Yeah, yeah – inflation. Still.

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Just me

China Home Prices Rise in More Cities as Buyers Beat Curbs

https://www.bloomberg.com/news/articles/2017-04-18/china-home-prices-rise-in-more-cities-as-buyers-flock-to-market

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LS in Arbutus

Transparency advocates raise alarm over anonymous ownership

https://www.biv.com/article/2017/4/transparency-advocates-raise-alarm-over-anonymous-/

“The gap between public perceptions of Canada as this progressive, transparent, reputable society where we associate Canada with good governance and kind of best practice, and actually, the way that we structure companies and trusts and the way that property is owned here is anything but – it’s totally opaque,” he said.

But Ross said that perception is changing as people “are seeing property prices, for instance, skyrocketing.”

“When it’s something tangible like that – stories of students buying $30 million mansions – and knowing that there doesn’t have to be any disclosure on where the money came from and who really owns it, that’s resonating with people. It’s now on people’s doorstep here.”

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Just me

It is not just that people were ill informed.
In good part this is due to piliticians like Kruelty Clark actively encouraging these kinds of opaque investments. She calls these people “investors”. Kruelty ckaims we need this.

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