Blame Mark Carney for Canada’s Housing Bubble?

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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Damunn
Guest
Damunn

Don’t split the vote. A vote for Greens equals a vote for Christy. #Think

Damunn
Guest
Damunn

Don’t be deceived by the many real estate/Liberal shills on this site pretending to be on your side.

They are not. #think

Vote NDP.

history
Guest
history

Dont be deceived by Dippers pretending to offer the primary alternative. Weaken all three parties that have sitting candidates. Remember the tome by Dave who suggested None of the Above. But give it serious, practical consideration by voting for the Best Independant.

specuskeptic
Member

So, Oracle. Are you going to stick with this handle? Will you promise to cease sock-puppet theatre? It would be nice…

Oracle
Guest
Oracle

Didn’t even notice…corrected.

bestplaceonearth
Guest
bestplaceonearth

are you getting paid for this promotion?

Oracle
Guest
Oracle

Seriously? I’m trying to save what was once Canada.

Gonna be big problems if it becomes China and India separated by the Fraser. Corruption will become accepted way of life.

history
Guest
history

its funny you should mention vote splitting. Why is vote splitting necessarily bad? If someone has a respectable candidate of neither Green, Lib or Dipper, why not go for it?

The eventual winner is substantially weaker because he or she has less of the popular vote, and since coalition politics is weak in Canada, in most areas, including BC, it allows the Federal Libs to continue their campaign of Reducing the Rate of Financing, like theyve been doing since October

Vote to make BC politics weaker by voting for an Independant candidate.

Damunn
Guest
Damunn

Only idiots who don’t understand FPTP would do as you say.

People aren’t idiots. Those that are naive need to be educated.

A vote for the Greens is a vote for Christy.

history
Guest
history

Who are the best Independant candidates in the Fraser Valley ridings, from Surrey to Abbotsford?

Shut It Down Already
Guest
Shut It Down Already

Jill Stein and Gary Johnson?

history
Guest
history

here, i’ll help you…. my whole life spent helping people and getting very little in return

http://elections.bc.ca/2017-general-election/candidates/

C.Junta
Member
C.Junta

Hear, hear. Carney & Flaherty. And that yes-lady from CMHC, whatever her name was. We need more articles like this in the MSM. I may sound like a broken record, but I will post it here again: http://business.financialpost.com/uncategorized/canadas-secret-bank-bailout

history
Guest
history

that article is heavy in the use of a term aspiring Peak Leisure spenders hoped and wished for….. Liquidity Injections.

iow, financial porn.

Serious economists would say that BOC brought Financial Reserves Forward. But it wasnt sexy enough for MSM, who hope to turn the masses into further debbt slaves while appealing to base emotions.

David Lee
Guest
David Lee

Saw this in the linked article and immediately thought of BPOM:

“Many ethnic Chinese in B.C. lean to the Liberals because they “benefit from the status quo,” don’t want change and aren’t concerned about “social justice and fairness,” said Sung, who is also with the group Friends of Hong Kong.”

“The Chinese community tends to be more tolerant of government corruption and lack of transparency because they can compare ‘here’ with ‘there,’” Sung said. “The negative things they see in B.C. are still not as bad as what they know goes on in China, Taiwan or Southeast Asia.”

http://vancouversun.com/news/local-news/b-c-election-2017-religion-and-ethnicity-strongly-shape-election-choices-b-c-poll-finds

Although more “politically correct”, the above excerpts agree with what BPOM has been saying for a long time.

Shut It Down Already
Guest
Shut It Down Already

Everybody with a job benefits from the status quo. It also sounds like some remember the last NDP government. I guess some people get bored of being able to put food on the table and vote for pointless change?

history
Guest
history

Thats why its good to have more than one job, in case things go south, you have insurance. For the aspirig landlord, it’s not disimilar to renting your basement and garage separately.

But truely, to escape the status quo is to do away with bills. The cell phone bill, the hydro bill. the rent check, the cable bill. Your job(s)? you keep, because it is your ticket that you pay taxes, and thus deserve Canada’s social and medical programs, unlike so many new arrivals.

Just me
Guest
Just me

I have a supposedly great job. But I don’ benefit from the status quo at all. You are just plain wrong.

Shut It Down Already
Guest
Shut It Down Already

You just contradicted yourself.

Just me
Guest
Just me

No. Higher taxes and lower house prices are (sadly perhaps) still in my best interest.
It should not be that way, but it is.

Shut It Down Already
Guest
Shut It Down Already

Renting isn’t an option for you?

Just me
Guest
Just me

It is an option if you can have certainty that greedy “investors” won’t boot you out. Under the BC Libs the guarantees once accorded to tenants are slowly being eroded. The housing lobby needs its pound if flesh, and Kruelty Ckark is happy to comply.

Shut It Down Already
Guest
Shut It Down Already

You do realize that you get to choose your landlord?

Best place on meth
Guest
Best place on meth

Much like higher interest rates and lower house prices are in our best interests, unless we’re parasitic speculators or chinese money launderers.

I’d like to see mortgage rates go back to 20%.

YVR
Guest
YVR

“Higher taxes and lower house prices are (sadly perhaps) still in my best interest.”

How about way higher taxes and the same house prices?

YVR
Guest
YVR

“I have a supposedly great job.”

You are assuming your job will still be there under the NDP. It may not.

Just me
Guest
Just me

Thankfully I know that jobs in BC are not due toKruelty and her BC Libs.
And many people who are employed, live lives that are much worse than similar oeople did in the 1990s (in terms of real wages, affordability of housing and general job security). Life has become harder, not easier, after 16 years of these governments..

Ulsterman
Member
I wasn’t here for the utter catastrophe of the NDP 90’s years, so i thought i’d have a look at the unemployment rate when they were in power. The NDP took over in 1991 when unemployment was 9.9% During their catastrophic loonie left tenure, it dropped to 7.7% by 2001. Then the Liberals took over, enjoyed booming resource prices, followed by the lowest interest rates in history, topped off by a massive influx of foreign money. They of course had direct control of these factors. No other government could have done this…. After 10 years (2001-2011) they managed to reduce the unemployment rate to drum roll…7.5% Now of course we can debate the quality of jobs etc, but apparently we still have some of the lowest incomes in Canada, so I’m not sure the overall quality of jobs under the… Read more »
Ulsterman
Member
Just me
Guest
Just me

Very useful info. Thanks for gathering and sharing it. I would try and let the local NDP party know about it, as they might find it useful to rebut the nonsense of the BC Libs about their economic stewardship.

Shut It Down Already
Guest
Shut It Down Already

You’re ignoring that massive anomaly which made an appearance in the the 2009 stats? The unemployment rate was doing to 4.6% until the GFC came along which you could hardly pin on any provincial government.

Just me
Guest
Just me

You cannot account for all the stimulus that came with superlow interest rates and stimulation in the US and then not account for the financial crisis. Would the unemployment rate be 4.6% without the policies that induced the financial crisis? And should the BC Libs really claim they were the reason for teh accommodative interest policy?

Shut It Down Already
Guest
Shut It Down Already

With the NDP at the reigns BC underperformed the rest of Canada. With the Liberals they bettered it. This goes some way to removing interest rates from the equation.

Egad
Guest
Egad

You hate the ndp beacause last time they were in power local taxpayers could afford a house in Vancouver. You love that locals are priced out and you want things to stay that way.

Shut It Down Already
Guest
Shut It Down Already

Some of us merely think that house prices aren’t the be all and end all, whereas for others that seems to be the only thing that they’re concerned about.

Just me
Guest
Just me

It is a housing blog after all.

Just me
Guest
Just me

If we are doing so great, why are so many people upset? Including some people who would, under different circumstances, naturally be inclined to vote right-of-centre?
Kruelty Clark has to go.

YVR
Guest
YVR

It wasn’t just incompetence running the province the NDP was also corrupt. Both NDP premiers Mike Harcourt and Glen Clark resigned under corruption scandals. Mike Harcourt was funneling money supposed to be for charity to the NDP party (bingo-gate) and was forced to resign. Glen Clark who took over on the next NDP term was arrested on the 6 o’clock news for taking bribes for a casino license. These guys made CC look like a girl guide.

Burnaby Bear
Guest
Burnaby Bear
You should at least post facts, if you are going to look at the level of corruption of politicians. Mike Harcourt was never found to be directly responsible nor directly involved in the “Bingogate” affair. He resigned because it was best for the party to be able to start afresh. Glen Clark was charged with accepting a bribe, having a deck built on his house for less than the actual value by a guy who wanted to get a casino license. Clark was acquitted of all charges. And the fact that the News Hour crew was there before the police was always viewed as a set up. Compare these two, not guilty premiers with High Commissioner Gordon “Have another martini” Campbell and Christy “$50,000 a year expense money” Clark and tell which appear to be directly benefiting from their political… Read more »
Ulsterman
Member

Thanks for posting this. It would appear that because some people here dislike the NDP of the 90s then any NDP government of the future must be identical. I bet Tony Blair of New Labour was pleased that he didn’t try politics in BC. It could be 2177 and grizzled old Grampas will still be moaning on about the Glen Clark years.

Egad
Guest
Egad

Why does this guy post so often day after day? You would think someone was paying him.

david
Guest
david

Carney merely tinkered with interest rates.
It was idiot Jim Flaherty who weaponized those low rates, putting in place CMHC lending policies that threw gas on the housing market.

He pulled them back a few years later, but a lot of long-term market damage was already done, and our entire national psyche towards real estate was corrupted.

history
Guest
history

The irony was that he was ill at the time, perhaps even aware of his pending mortality. Under this Known (if it was known), the philosophy of playing now and paying later becomes even more poignant. Perhaps Flaherty is now an angel for those praying for ForceMajeure.

Just me
Guest
Just me

Carney did much worse than that. He introduced the concept if firward guidance: basically he committed to keeping low interest rates for literally years ahead. That generated massive amounts of risk taking.
Poloz simply brought this approach to its extreme consequences, instead if rectifying things.
Since David Dodge resigned in 2008, the BoC has been managed in a rather incompetent way. Dodge was the last governor who genuinely cared about the consequences of his actions.

Just me
Guest
Just me
More achievements by Kruelty Clark and the BC Libs. HQ Vancouver’s ‘success stories’ suspect as Asian companies sputter or fall under scrutiny http://business.financialpost.com/news/vancouver-outreach-success-stories-suspect-as-asian-companies-sputter-or-fall-under-scrutiny Critics say if millions of public dollars are going to be spent on this sort of outreach, it needs to be accompanied by due diligence. Many Chinese companies are “immature” first-generation outfits with “murky” ownership structures, said Jeremy Paltiel, a political science professor at Carleton University. “Are we actually gaining something real?” he said. HQ Vancouver was established in February 2015 as a three-year pilot project with funding from B.C.’s Ministry of International Trade ($3.3 million), Western Economic Diversification Canada ($1.9 million), and the B.C. Business Council ($1.2 million). Yuen Pau Woo, former head of the Asia-Pacific Foundation, was named president. Kruelty has many pet projects like this one. And gives money away for interest free loans… Read more »
Best place on meth
Guest
Best place on meth

This shady group is connected to the communist government and exists only to faciliate infiltration and subversion.

It’s horrifying that Turdeau appointed the ringleader to the Senate.

Just me
Guest
Just me

I hope you are wrong. But I would not be surprised if you are right. I remember reading an interview with the new BC senator. Very diappointing stuff. He was basically saying it would be racist not to embrace the Chinese dictatorship.

Best place on meth
Guest
Best place on meth

“The appointment would have only made sense if “it was the Chinese government that appointed him to the Canadian Senate, because he’s certainly very focused on looking out for Chinese interests,” Cullen said.”

http://vancouversun.com/news/local-news/b-c-s-new-egghead-senator-caught-up-in-partisan-spat

And look how quickly the accusations of racsim came out, right on cue.

Just me
Guest
Just me

Yes, this is a worrying fact. Even more worrying, not a pip from local politicians.

Shut It Down Already
Guest
Shut It Down Already

You can’t bleat abut accusations of racism whilst smugly using racial slurs and thinking you’re a genius for doing so.

Just me
Guest
Just me

The only oerson bleating about racism is you. Most of the others have long realized this is about money, not about race.

Shut It Down Already
Guest
Shut It Down Already

You clearly do not read, or choose to ignore, the continued uses of racial slurs by a certain poster. One has to wonder why you defend him so.

david
Guest
david

Empirical evidence of the electoral divide:

Lower Kits…lots of older rental houses……”NDP, Dave Eby” lawn signs have sprouted up like weeds.

West Point Grey…..many properties are owner-occupied by elderly folks …..large “Liberal, Vince Lombardi” signs dominant.

……those who want this game to stop, vs. those who have won big and want the game to continue.

Shut It Down Already
Guest
Shut It Down Already

Wait, I thought all those properties were empty?

Just me
Guest
Just me

No, just the mansions and the glass boxes in the sky. Nirmal people are still leaving somewhere.

Shut It Down Already
Guest
Shut It Down Already

Ok, so what’s a “mansion” by your definition and are you suggesting that none of them have lawn signs?

I’m willing to take your word that the condos have no lawn signs.

Just me
Guest
Just me

A mansion is a very expensive reaidence. And if you have a walk in Point Grey or Arbutus you can see a lot of empty such residences.

Damunn
Guest
Damunn

Just me and Admin:

See the true colours of most of the posters here? These people want status quo and want corruption to continue. #Think

Don’t vote Green and split the vote!!!!!

Sebastien
Guest
Sebastien

NDP = status quo

Just me
Guest
Just me

Care to clarify this cryptic assumption?

Best place on meth
Guest
Best place on meth

“Remember the 90’s?”

SQUAAAWWWKKK!!!!

Egad
Guest
Egad

In remember that the 90s were the last time that local taxpayers could afford a house in Vancouver. The NDP is for locals. Liberals are for foreign investors and those who make money off them.

Best place on meth
Guest
Best place on meth

“The NDP is for locals. Liberals are for foreign investors and those who make money off them.”

Nailed it.

YVR
Guest
YVR

“The NDP is for locals. Liberals are for foreign investors ”

Yes the foreign investors loved that 15% tax plus the increase in property purchase tax. They will hate all the free stuff the NDP will give them without paying income taxes.

Just me
Guest
Just me

They will,particularly,love the 2% extra carrying costs they will face for not filing sufficiently high tax returns.

YVR
Guest
YVR

That 2% tax was canceled except for vacant houses owned by foreign speculators. The NDP didn’t even have the balls to put their own legislation in their platform. That tells you everything you need to know.

Just me
Guest
Just me

Patriotz shiwed you multiple links that confirm you are wrong. But you think that repeating this nonsense multiple times will make it sound real.
People can see through the BC Libs this time. And many are realizing how corrupt and ineffective they have become. They will cist you a lot of money. Not that you care: you vote with your belly, not your brain.

Just me
Guest
Just me

So true.

Best place on meth
Guest
Best place on meth

Time to stop blaming Carney as Polozer has been in charge for 4 years now.

The whole mess is now on him.

Just me
Guest
Just me

I agree entirely. The crazy runup of the past few years is fully due to Poloz and his team. They put their career concerns before the health of the housing market. And they appear to have an unhealthy obsession with a weak CAD$.
Poloz will have to go if the SHTF.

Doomcouver
Guest
Doomcouver
Yeah I can’t stand Poloz, his habitual dovish rhetoric has really messed up the Canadian dollar. Carney wasn’t much better, but he used to pepper in some optimism on raising rates to keep speculators from dumping CAD too rapidly. What Poloz doesn’t seem to realize is a low dollar is only good if your country has a reasonably strong manufacturing base, and ample materials you can value add in your own country. Our manufacturing sector is relatively anemic, and the goods we make have too many foreign inputs for a low dollar to help much. All the low interest rate does is incentivize consumers to borrow more: the opposite of what you want when you’ve already inflated a massive real estate bubble. What we really needed was a central banker with some balls that would rip the bandaid off and… Read more »
ostritch
Member
ostritch

I guess if we go thru 3 different bank governors who all do, say and believe the same things then that’s the way it was meant to be and will very likely continue along the same lines. No major hikes in interest rates on the horizon. Low returns/low rates. Tough for seniors and those on fixed incomes. Encourages those with time and/or money to borrow and spend.

Real Estate Junkie
Guest
Real Estate Junkie

Who’s to really blame, the original dealer who gets you hooked on easy money smack?
Or the one who comes after that satisfies the addiction you already have?

Just me
Guest
Just me

A tale of two markets, just like Vancouver. Slumping at the top, still active at the bottom. The effects of Xi Jinping’s capital controls are being felt also in London. As soon as Jinping’s relents, you will see the top of the market perking up.

London House-Price Growth at Five-Year Low as Luxury End Slumps.

https://www.bloomberg.com/news/articles/2017-04-17/london-house-price-growth-at-five-year-low-as-luxury-end-slumps

Shut It Down Already
Guest
Shut It Down Already

Londoners blame Russians, not Chinese.

Just me
Guest
Just me

I am sure the get their fair share of mainlanders in the high end of the market, do you doubt it?

Shut It Down Already
Guest
Shut It Down Already

I’ve no idea, and have no stats on the subject.

Just me
Guest
Just me

Do you have stats about the Russians? Just asking since you mentioned them first.

Shut It Down Already
Guest
Shut It Down Already

No I don’t. But I’m aware of Londoners who blame Russian billionaires for high property prices. It’s also been a theme in certain newspapers.

Just me
Guest
Just me

Yes, newspapers are great. Had a look at the ones BPOM linked abovee?

Shut It Down Already
Guest
Shut It Down Already

You mean like The Guardian?

https://www.theguardian.com/cities/2014/may/09/rich-russians-buying-london-property-real-estate

Every bubbly city has somebody to blame, rich foreigners of some description, yet it’s always the locals who are somehow left holding the bag when it unwinds.

Best place on meth
Guest
Best place on meth

Chinese are not a big factor in London (facepalm).

https://www.theguardian.com/cities/2016/sep/29/inside-china-passion-foreign-property-investment-uk

“It’s a big market now, but it is likely to be anywhere from two to four times the size in 10 years’ time,” Pittar says. “The exciting thing about China is that there are 168 cities with more than a million people. ”

No, that’s not an exciting thing , it’s a positively horrifying thing.

Best place on meth
Guest
Best place on meth

Especially not in the pricey west end.

https://www.cbreresidential.com/uk/en-GB/news/why-chinese-property-buyers-are-flocking-to-londons-west-end

Oh hey, what’s this?

“Overall in the West End, according to our West End residential, Our Patch, Our View Q3 2015 report, we saw sales activity up 78 per cent compared with the previous quarter.

This can be explained by the hiatus in London caused by the May General Election, where many buyers feared the election of a left-wing Labour government. When the Conservatives were elected instead, the brakes came off.”

NDP! NDP! NDP!

Best place on meth
Guest
Best place on meth

“Although the West End saw significant Chinese interest in the third quarter, Chinese buyers also spread their wings to some other emerging London markets.”

Obvious locust reference.

Totally racist.

LS in Arbutus
Guest
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.”

Just me
Guest
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.

Just me
Guest
Just me
Best place on meth
Guest
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”

Just me
Guest
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 »
YVR
Guest
YVR

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

Just me
Guest
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.

Funkeymonkey
Member
Funkeymonkey

Did you just make that number up? Including inflation?

Ulsterman
Member

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

Best place on meth
Guest
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.

Royce McC
Guest
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.

ostritch
Member
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.

Just me
Guest
Just me

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

The Wizard of Money
Guest
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

southseacompany
Member
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.”

history
Guest
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.

history
Guest
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

southseacompany
Member
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”

Bag it and tag it
Member
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.

best place on earth
Guest
best place on earth

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

best place on earth
Guest
best place on earth

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

KickThemOut
Member
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 »
best place on earth
Guest
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!

KickThemOut
Member
KickThemOut

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

best place on earth
Guest
best place on earth

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

Oracle
Guest
Oracle

Are your parents PR?

Joe Freedom
Guest
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.

KickThemOut
Member
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 »
best place on earth
Guest
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.

KickThemOut
Member
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.

Joe Worried
Guest
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.

Yellow Beaver
Guest
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.

oh la la
Guest
oh la la

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

KickThemOut
Member
KickThemOut

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

best place on earth
Guest
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?

Abdul Lahazi
Guest
Abdul Lahazi

Troll alert !!!

Best place on meth
Guest
Best place on meth

It’s just spaceshit and his new persona.

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

BubbleTea
Guest
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%!

KickThemOut
Member
KickThemOut

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

Diadora
Guest
Diadora

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

history
Guest
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

KickThemOut
Member
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.

Oracle
Guest
Oracle

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

Bear Vancouverite
Member
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”.

Just me
Guest
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.

Best place on meth
Guest
Best place on meth

Come on, you know why they label it racist.

Just me
Guest
Just me

Fair enough.
Might it be about…money?

Oracle
Guest
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!

BubbleTea
Guest
BubbleTea

Link please.

Oracle
Guest
Oracle

Show me link that denies this.

Oracle
Guest
Oracle

and reference it in proper format

specuskeptic
Member
Sebastien
Guest
Sebastien

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

Oracle
Guest
Oracle

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

KickThemOut
Member
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

history
Guest
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.

Diadora
Guest
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

Oracle
Guest
Oracle

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

What you gonna do then? hahaha

Oracle
Guest
Oracle

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

Oracle
Guest
Oracle

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

Just me
Guest
Just me

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

paulb
Member

New
515
Price Change
89
Sold
223

TI:8416

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

Best place on meth
Guest
Best place on meth

Greens are gaining momentum, up to 21%.

Minority government is becoming a real possibiltity.

patriotz
Member

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.

Just me
Guest
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.

Best place on meth
Guest
Best place on meth
Oracle
Guest
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.

history
Guest
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.

Oracle
Guest
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.

history
Guest
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.

Oracle
Guest
Oracle

#fakepolls

Sebastien
Guest
Sebastien

Good news.

patriotz
Member

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.

Best place on meth
Guest
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.

Just me
Guest
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.

patriotz
Member

“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

history
Guest
history

stoke the demand for refinancing

there, fixed it for you

Hyper-mega-Bull
Member
Hyper-mega-Bull
Oracle
Guest
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 »
Oracle
Guest
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.

history
Guest
history

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

Oracle
Guest
Oracle

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

Best place on meth
Guest
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?

Shut It Down Already
Guest
Shut It Down Already

Lol.

KickThemOut
Member
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!

Sebastien
Guest
Sebastien

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

history
Guest
history

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

Oracle
Guest
Oracle

Shut the fuck up you moron.

history
Guest
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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