Friday Free-for-all! April 14 2017

It’s the end of another week and that means it’s time for another Friday Free-for-all! 

This is our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

taming the CMHC

Home Capital Group at 52 week low

The case for taxing foreign buyers

gas station sold for 75 million

Bank of Canada bubble

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

85 Comments on "Friday Free-for-all! April 14 2017"

Notify of
avatar
Sort by:   newest | oldest | most voted
Best place on meth
Member
Best place on meth

B.C. Liberals feature Alberta lake in campaign ad

http://www.cbc.ca/news/canada/british-columbia/peyto-lake-alberta-bc-liberal-ad-1.4071133

No doubt that Horgan is hacking into the Liberal campaign and changing lakes on them.

realist
Member
realist

Hahaha…good one! Our Premier, and former Minister of Education, should have paid more attention during her school geography class!

Shut It Down Already
Guest
Shut It Down Already

Yeah, this is totally worse than that time Trump tweeted a photo of Nazi soldiers.

southseacompany
Member
southseacompany

“Avalanche of New Supply Under Construction”, Van City Condo Guide

http://vancitycondoguide.com/avalanche-of-new-supply-under-construction/

“The housing boom across Greater Vancouver continues to reach new heights. Recent data released by CMHC highlights an epic proportion of new construction underway. As of February 2017 new homes under construction across Metro Vancouver are up 30% year over year.”

bestplaceonearth
Guest
bestplaceonearth

so fire sales are coming to the pipeline? wishful thinking really!

Joe Mania
Guest
Joe Mania

Of course. We’ve been building 1.3 x household growth for the last 15 years and prices have still risen. Supply’s not the issue.

history
Guest
history

prices rise because of the high rate of refinancing. Effectively selling he house back to yourself every year or two. Extract that lucre for Leisure spending… and do it again, until… Bang! age 55.

no one talks about it, classic denial and bubble.

Just me
Guest
Just me

Many economists have stated in no dubious terms that, in a market like Vancouver circa 2017, additional supply is great for boosting developers’ profits but ineffective to induce more affordability. Especially in the range of housing sizes targeted by families with kids.
Of course, the issue has to do with investors (many of them with foreign money) using real estate in Vancouver as safe deposit boxes. This has been established beyond doubt. And the BC Libs like it to stay that way.

Joe Mania
Guest
Joe Mania

Considering that home prices have doubled to tripled in all 20 major Canadian cities over the last 15 years this isn’t a purely a Vancouver phenomena. Issue isn’t supply and is not just limited to foreign money. Mania is mania and it sucks in everyone.

http://www.torontocondobubble.com/p/canadas-housing-bubble.html

Just me
Guest
Just me

We have been there before. The correlation is quite misleading.
The timing and absolute changes in prices make the markets a lot more dissimilar than the long term correlation suggests.
Example: TO picked up pave just after Vancouver slowed down. Every market is different. Vancouver is driven by foreign money a lot more than Calgary or Montreal, just to state the obvious.

Sebastien
Guest
Sebastien
Here are some corrections and details when talking about yesterday’s thought experiment: Let’s say next year a drug-lord from Guangzhou buys a 5,000,000 $ house in Vancouver West to launder money and to call in escorts from time to time. Let’s see how much he will pay under: The Greens: * 30% FBT = 1,500,000$ * Green PTT = 411,000$ * Surtax based on local income = ? (unknown yet) * 1% Vancouver empty home tax = 50,000$/year Total = Minimum of 50,000$/year + 1,911,000$ The NDP: * Raj Chouhan emailed me back saying that the FBT might not stay under the NDP! * 2% Speculator Tax = 100,000$/year * Existing PTT = 128,000$ * 1% Vancouver empty home tax = 50,000$/year Total = Maximum of 150,000$/year + 128,000$ The Liberals: * 15% FBT = 750,000$ * Existing PTT =… Read more »
UBC in Crisis Mode
Guest
UBC in Crisis Mode

You cannot do anything to the drug-lord. He came in through Quebec investor program, and he is one of us, He pays no foreign tax. Welcome your new neighbour (that is you live on Van West).

Whistler or Bust?
Guest
Whistler or Bust?

The NDP might get rid of FB tax?

Like Uber!

patriotz
Member

G&M article

The NDP tax, announced Thursday in the party’s campaign platform, would put a 2-per-cent tax on homes of people whose tax returns indicate they pay little or no taxes in British Columbia…. “It’s a very targeted tax toward people who are buying property here, or who own property here, but who aren’t paying income tax here,” NDP MLA David Eby said on Thursday…

The NDP would review the existing foreign-buyers tax to ensure it would not apply to people who live, work and pay taxes in British Columbia, Mr. Eby said.

Just me
Guest
Just me
I seriously doubt the NDP would get rid of the FBT without replacing it with something at least as large. They will need the money badly, and that is a good thing. Where can you find a lot of money to tax in Vancouver and BC? Real estate. Simple logic suggests that an NDP government will be a hugely negative factor for Vancouver RE. That is why, if you drive in Point Grew or SW Marine Drive, almost every homeowner has an Andrew Wilkinson (BC Libs) banner on their property. They did the math allright and they fully understand how disastrous an NDP government might be to their net worth. This is no longer about taxes on earnings and labor income. In this new brave world it is about wealth and taxes on real estate. If you vote for the… Read more »
bestplaceonearth
Guest
bestplaceonearth

the ndp and the green should pull their heads out of the sand, and quit promising all the spending like their own money. on May 10, they will be staying still.

Just me
Guest
Just me

But, in the admittedly unlikely event that the NDP can form a government, homeowners will become a lot poorer almost overnight.
And many people will get back into a market they thought they had lost forever.
If you are on of the oeople currently barred from entering the market, vite for your own interests. That us, vote Krusty and the BC Libs out of office. You won’t regret it.

Bestplaceonearth
Guest
Bestplaceonearth

Job losses and higher taxes are in the order for the NDP. Nevermind​ about buying real estate.

Just me
Guest
Just me

Frankly, I think we are still better off taking some economic pain. Better than mutating into Shenzen, with prices going bonkers and families being crowded out of the city.
Some people call the 90s bad economic times: I think that is ridiculous. In the 90s families could still afford to live in Vancouver.

bestplaceonearth
Guest
bestplaceonearth

If that is your belief, go for it. I will go with the people who make less promises.

Just me
Guest
Just me

I have no beliefs. It us a calculated choice. Vancouver has be ome unaffirdable for people on decent incomes, let alone the poor and working class. This cannot go on.
Change may be painful but it has to occur.

Best place on meth
Member
Best place on meth

If the drug-lord from Guangzhou is found in the trunk of a car, or chopped into 88 pieces, do the calculations change in any way?

Just me
Guest
Just me

B.C. Election 2017: Religion and ethnicity strongly shape election choices, B.C. poll finds

http://vancouversun.com/news/local-news/b-c-election-2017-religion-and-ethnicity-strongly-shape-election-choices-b-c-poll-finds
45 per cent of the province’s ethnic Chinese, who make up the province’s largest visible minority group and are concentrated in Richmond, Vancouver and Burnaby, said indicated they intend to vote for the Liberals.
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.”

Bear Vancouverite
Member
Bear Vancouverite
“45 per cent of the province’s ethnic Chinese… said indicated they intend to vote for the Liberals.” You seem unusually intent on putting negative light on ethnic Chinese when you claim to only care about Foreign Money. From the same article, 45% of Sikhs also intend to vote Liberal. The subheading reads “Evangelical Christians are leaning strongly toward the B.C. Liberals in the next election. “. So in essence, the real story here is that Evangelical Christians of any minority appear to want to vote Liberal, and there happen to be a lot of Chinese Christians. I tried to find out whether Mainstreet Research (who did the poll) released raw data about this but I couldn’t find it. Instead I found this province wide research released on April 12th: http://www.mainstreetresearch.ca/liberals-ndp-gain-campaign-begins/ As you can clearly see, Greater Vancouver has by far… Read more »
Just me
Guest
Just me
The article was in the Van Sun. I did not write it, and I believe it reports more facts than opinions. In any case, let’s make a bet now. Post-election, let’s go and check how the areas which are most intensive in Chinese population votes. One for sure is Richmond, won’t you agree? I am curious to see in how many of the Richmond ridings the NDP comes out victorious. We can repeat this exercise also in other ridings. This is not about the Chinese as an ethnic group per se, but rather as an economic interest that has find shelter under the BC Libs banner. Adnd this economic interest makes life hell for everyone else, as it focuses on RE investment using money from abroad. As I said many times, I would be just as pissed off it it… Read more »
Best place on meth
Member
Best place on meth

“A solid 45 per cent of B.C.’s large Filipino population, the vast majority of whom are Catholic and live in Metro Vancouver, also intended to vote for the NDP.”

There goes the religious argument.

patriotz
Member

Not at all. Evangelical Protestants are bedrock supporters of the BC Liberals, as they were for the Socreds and as they are for the federal Conservatives.

But Catholics whether of European or Asian ancestry have always been more nuanced in their political leanings. They have always been prominent in the union movement, for starters.

patriotz
Member

“45 per cent of the province’s ethnic Chinese… said indicated they intend to vote for the Liberals.”

That’s less than 1% above what the Liberals got province wide in the last election. The % of Chinese who voted Liberal last time was clearly higher than 45%, and it will be higher this time. It would appear that many Chinese are reluctant to indicate their preference.

Best place on meth
Member
Best place on meth

There reluctant to even vote, as witnessed by the poor turnout in Richmond last election.

The Reverend Condo
Guest
The Reverend Condo

They fail to mention the largest religion in BC; Realestatism. The faith that property prices always rise.

And there’s no separation of church and state for that denomination.

Happy Easter.

BubbleTea
Guest
BubbleTea

Its panic time: Bank for International Settlements says Canada is showing early warning signs of financial crisis
Canada’s 17.4 per cent figure is up from last fall and well above the closely watched BIS threshold of 10 per cent.
http://business.financialpost.com/news/economy/bank-for-international-settlements-says-canada-is-showing-early-warning-signs-of-financial-crisis

Screwed
Guest
Screwed

Old topic

southseacompany
Member
southseacompany

“Globe editorial: Pop Canada’s housing bubble, before it pops the economy”, Globe & Mail

http://www.theglobeandmail.com/opinion/editorials/globe-editorial-pop-canadas-housing-bubble-before-it-pops-the-economy/article34709215/

“National Bank economist Stéfane Marion recently wrote that “close to 55 per cent of regional markets in Canada are reporting price inflation of at least 10 per cent. This record proportion is very similar to that observed in the United States in 2005, at the peak of the market.””

southseacompany
Member
southseacompany

“Opinion: Housing reset — Supply myth exposed, but more of the same”, Vancouver Sun

http://vancouversun.com/opinion/op-ed/opinion-housing-reset-supply-myth-exposed-but-more-of-the-same

“The City of Vancouver is finally admitting that they cannot build their way out of the housing affordability crisis. The supply myth has been driving ever-escalating amounts of market housing, but affordability is getting worse, not better. The city now says that “we have plenty of supply — what we need is the right supply.””

history
Guest
history

not a supply problem, correct. Plenty of housing available, but why rent? Houses arent for living in, they are an ATM for never ending Leisure trips, until now.

The economy teeters, and heavily indebted leisure classes kneel and pray for war and ‘force majeure’

Doomcouver
Guest
Doomcouver

The best analogy I heard was that the remedy to tulip-mania wasn’t growing more tulips.

LS in Arbutus
Guest
LS in Arbutus

Had dinner last night with a friend whose used the equity in their Vancouver house to buy an investment property in Peterbourough. And is thinking about buying another. It’s already gone up $60k… supposedly. What do you say? This is damn scary. People borrowing equity from their homes…. to buy investments or vacations or to fund their lifestyles.

Ulsterman
Member

Common sense would of course say this is very risky in a market where prices cannot keep going up at current rates. But then again, people said this about Vancouver 10 years ago and those who were bold (foolish?) have made out like bandits. So i for one have long-ago given up critiquing people’s real estate investment decisions, no matter how speculative they appear to be.

LS in Arbutus
Guest
LS in Arbutus

I am with you. I say nothing – but certainly this cannot end well…. and this person is essentially retirement age. So, the house is the nest egg…. it does got to show the speculative nature of it all. Can’t lose!!!

Abdul Lahazi
Guest
Abdul Lahazi

Yup, it’s like buying stock on margin.

Shut It Down Already
Guest
Shut It Down Already

Not really. You can’t sell a house brick by brick if you need the cash.

Doomcouver
Guest
Doomcouver

I say nothing in situations like this. People have been talking about the Vancouver real estate bubble for the better part of a decade now and the bulls on real estate have made incredible gains in wealth during that time. They’re incredibly smug about it, and their hubris has made them ignorant to the nature of asset bubbles. When our market corrects though, anyone with too much leverage in real estate is going to be plunged into financial ruin very quickly. I honestly don’t know how these people can sleep at night. Having that much debt in real estate would make me incredibly anxious. I guess they think we’ve reached real estate speculator nirvana, where bidding wars continue forever, and a never ending flood of wealthy immigrants will come and buy your overpriced squares of dirt.

history
Guest
history
Not even ZH can figure out RE. Only history has solved the RE mystery. Not unclear to me. I know the cause. “At the end of 2016 we reported that the formerly invincible London home market had suffered its biggest crack in years, when home prices plunged the most in six years according to Rightmove. Asking prices in London dropped 4.3% in December with inner London down 6%. Meanwhile, the most exclusive neighborhoods, like Kensington and Chelsea, recorded even sharper declines at nearly 10% as home buyers migrated to cheaper areas of the city. “While it was unclear what was the catalyst: whether post-Brexit nerves, China’s crackdown on capital outflows, the ongoing depressed commodity market, or reduced migrations by wealthy Russian and Arab oligarchs, … ….what is obvious is that the slump has continued, and according to the Royal Institution… Read more »
Best place on meth
Member
Best place on meth

There is no mystery when it comes to real estate the last few years, only 3 words are required to explain the situation.

Interest

Rates

Chinamen

Any questions?

history
Guest
history

not really, but close. Interest rates are low, why are home prices coming down?

answer. Refinancing has slowed. It has slowed because Leisure travel spending has peaked. Including Chinaman leisure travel.

Peak fertility rates globally was 1962.

Sebastien
Guest
Sebastien

340 Bayview Road, West Vancouver
Mar 29:$2,860,000
Apr 15: $1,998,000
Change: – 862,000 -30%
Assessment: $1,323,000

Sebastien
Guest
Sebastien

Vancouver is being hit:

5223 Ross Street, Vancouver
Jan 13:$1,799,000
Apr 15: $1,249,000
Change: – 550,000 -31%
Assessment: $1,626,100

2916 W 33rd Avenue, Vancouver
Dec 21:$2,498,000
Apr 15: $1,880,000
Change: – 618,000 -25%
Assessment: $1,858,000

Ulsterman
Member

What i hate about Van real estate (beyond the obvious) is the deceitful nature of the agents. Your reduction info would obviously suggest that the property has been on the market for some time with no sale. However, someone like me with no insider listing info would read the listing and see: “A must see!!! First showing openhouse April/22&23 2-4pm. Agent open Monday 4:30-5:00” No word of days on market or massive price drops.

Ulsterman
Member

with reference to 2916 W 33rd Avenue, Vancouver btw

Shut It Down Already
Guest
Shut It Down Already

If you were a potential buyer you’d have that info from your own agent.

Ulsterman
Member

I shouldn’t need to hire a real estate agent just to see an honest price or transaction history, If Sebastien’s info is correct it is deceitful for the new agent to write the listing the way they did. This wouldn’t be tolerated in any other respectable “profession”.

Shut It Down Already
Guest
Shut It Down Already

Maybe they renovated or made some sort of changes after the original no sale? Or maybe they’re using the term “first” interchangeably with “next”?

I don’t see a problem if you plan on doing your homework before purchase.

squeak
Member
squeak

Exactly, the real estate business is shrouded in “mystery”. Which is very interesting b/c that is the one biggest purchase people buy or look at and yet all this pertinent info is not up front or easily available. We need transparency and the rules to change and a system overhaul.

When you buy e.g. stock/mutual funds or a car (new that is) the info is upfront, there is no mystery, to help you make an informed solid decision.

No unfairness in that.

history
Guest
history
Best place on meth
Member
Best place on meth

How awkward when both leaders put on their costumes and show up at the same place to pander to the ethnic vote.

http://www.cbc.ca/news/canada/british-columbia/vaisakhi-vancouver-election-2017-1.4071944

BubbleTea
Guest
BubbleTea

UK to create world’s first register of foreign property owners
A public register of foreign property owners using companies and other structures and arrangements to buy real estate is to be created in the UK, the first of its kind in the world.
The new register will be public and will include those who own or want to buy property in the UK. It will be easily accessible and avoid creating a disproportionate burden or put off legitimate investors.
One of the main aims is to prevent those buying property from hiding behind offshore corporate vehicles as they are regarded as vehicles for hiding illicit funds and laundering the proceeds of crime.
http://www.propertywire.com/news/global-news/uk-create-worlds-first-register-foreign-property-owners/
Justin, Krusty, what are you waiting for?

Just me
Guest
Just me

Kruety Clark is probably thunking: pver my dead body!
Nit a chance she would allow such a register.

squeak
Member
squeak

And why would she be opposed to a register (transparency)?

( I like to hear what the real reasons are, that she will not do it).

Best place on meth
Member
Best place on meth

Krusty will bleat some nonsense about this being government meddling in a free market (while handing out taxpayer money to first time buyers) and simultaneously taking a dig at wealthy renters – and Justine the feminist will utter a series of uhmm….uhmm….uhmms….before taking a selfie with an adoring groupie and scurrying off to his next photo shoot.

Just me
Guest
Just me

I was typing in a rush and had a lot of typos. But one of them turned out to be accurate. I think that calling our current premier Kruelty Clark is a rather accurate description. I seriously brlieve character traits that make her immune to compassion and other people’s views.

And yes, to echo BPOM, I also think she would have the guts she is a free narket politicians, after rebating money to homeowners and giving free loans to people (on my dime).

LS in Arbutus
Guest
LS in Arbutus
I already said this was coming worldwide. FATCA and CRS (Common reporting standards) track off-shore money for bank accounts for both tax evasion and money laundering purposes. And perhaps this explains (in part) the movement of wealth into real estate. Property is (and now was) like a new kind of “anonymous” off-shore bank account. I have already stated that it’s a matter of time before governments start tracking real estate like they do with bank accounts. Collection of taxpayer identification numbers and the like. No reason you can’t do it for real estate exactly like you do for bank accounts… although I guess, unlike FATCA, the US gov’t can’t hold banks hostage for not enforcing… but they can ask governments to enforce. If this is a good idea for bank accounts, why not real estate? The US is already tracking… Read more »
LS in Arbutus
Guest
LS in Arbutus

I’d also say, this comes at the exact time Cdns, Ozzies, Chinese and others have blown their brains out with debt…. governments have been asleep at the switch.

realist
Member
realist

“governments have been asleep at the switch” is true, as they often are so, but it is a most charitable interpretation…pathologically lazy, complicit, corrupt, on the take from both local RE interests and foreign money laundries at the same time, etc, also spring to mind as possibilities.

Shut It Down Already
Guest
Shut It Down Already

There’s absolutely nothing forcing anybody to buy. But it would seem that these days just about anybody you meet is some sort of amateur real estate investor. It’s almost like they’re looking for an easy path to riches.

realist
Member
realist

Very well said!

Ulsterman
Member

Smirking Christy Clark would need to “study” this proposal for a decade before even considering it.

Just me
Guest
Just me
Best place on meth
Member
Best place on meth

I am in awe of the stupid locusts and their suicidal mission to die by real estate.

GO LOCUSTS, GO!!!

Doomcouver
Guest
Doomcouver

Unbelievable the stupidity on display here. By definition this trend can not continue forever, yet they keep on buying with seemingly no fear at all. The herd mentality seems especially strong with mainland Chinese for some reason. You’d think they’d learned something after the last stock market crash. I guess not…

Just me
Guest
Just me

As soon as you relent with regulation, this happens.

Singapore Home Sales Surge to Highest in Almost Four Years

https://www.bloomberg.com/news/articles/2017-04-17/singapore-home-sales-surge-to-highest-in-almost-four-years

southseacompany
Member
southseacompany

“Business update: Poloz on Toronto’s housing market | Your Morning”, CTV video

https://www.youtube.com/watch?v=kInKLM4MTeg

“BNN’s Jameson Berkow tells us about the stunning admission the Bank of Canada governor made in an exclusive BNN interview.”

Just me
Guest
Just me

More shameful behavior by the Bank of Canada.
This crazy housing market is like a big tree branch hanging over a house: everyone kniws it might crack any time and do enirmous damage. But no one wants to interfere with it, in fear that they might be held responsible for the eventual damage.
Total lack of keadership, these guys are career oriented bureaucrats. Their objective is to preoare for their next career step, come hell or high water.

Joe History
Guest
Joe History

Pontius Poloz. The governor washes his hands of the bubble.

Just me
Guest
Just me

Don’t forget all the deputy governors, who go around pontificating about the way the housing market is out of control but also insist that has nothing to do with their policy choices.
Many of them are eyeing the big chair that will become free in a few years when Poloz moves to the next step in his high-end bureaucratic career, Just like Carney did (and Greenspan, Bernanke in the US) these guys are reluctant to stop the ballooning phase of the housing bubble because doing so would be a rather dangerous career move.
Unfortunately these institutions may provide perverse incentives to policy makers.

southseacompany
Member
southseacompany

No one thought of the exit strategy. Well, maybe Carney did… by exiting to the BoE.

“Canada’s housing bubble can be traced to Mark Carney and his bias for easy policy'”

http://business.financialpost.com/news/economy/canadas-housing-bubble-can-be-traced-to-mark-carney-and-his-bias-for-easy-policy-jared-dillian

squeak
Member
squeak
I can see why they would be reluctant (career moves) to do the right thing, but that begs the question why are they more concerned about their “careers” than doing the right thing in their job? I don’t have the exact numbers, but the general trend has been that those at the top of big organizations/corporations earn enormous amount of money +what else that is kept secretly in the board rooms. A president/ceo used to make around 10fold of what a worker used to earn in a year 30, 40 years ago, those numbers are now in the 100’s fold. So I believe this trend is one of the reasons why they put their careers first and the doing the right thing is not the priority. (Just look at the mess we are in now, speaks for itself, take some… Read more »
southseacompany
Member
southseacompany

“Five signs Canada has real estate mania”, Maclean’s magazine video

https://www.youtube.com/watch?v=V4XVoX7MhHI

“House prices. Home ownership. Household debt. The economy. Bubble denial. Why Canadian real estate makes the U.S. bubble a decade ago look tiny”

realist
Member
realist

A few choice comments by Poloz in his BNN interview on Canadian RE:
“So, no. In the end, in fact, borrowing isn’t even part of that equation.”
“It’s got very little to do with the cost of credit.”
“it’s not one of those credit-fuelled interest rate driven kind of situations. It’s just sentiment.”

Well, I’m so glad to be informed…and here I was under the false impression that RE is the most leveraged asset in Canada, and thus highly interest-rate sensitive!

Best place on meth
Member
Best place on meth

“With speculation in the market, I could raise interest rates by 5% and it would have no effect”.

Try it, genuis!

realist
Member
realist

Poloz’s best line of all: “Nobody can explain 30 per cent.”
Oh, yes, a few can and have, but even fewer wish to hear…Here is link to the transcript of Poloz’s convoluted and sophomoric comments.

http://www.bnn.ca/nobody-can-explain-30-poloz-says-sharp-rate-rise-wouldn-t-quell-hot-housing-1.722951

Just me
Guest
Just me

Our elected representatives should request a parliamentary hearing and subject Poloz to serious questioning.
It is unacceptable that a person with such high institutional responsibilities dismisses reality so easily and claims some absurd high moral ground.
Of course the cost of servicing debt is key to feed this bubble. If the cost of credit was just a bit higher (say, a mortgage rate of 3.8% instead of 2.5%) you would immediately observe the start of deleveraging. Is this the best team of economists the country has for the job? I seriously doubt it.

Abdul Lahazi
Guest
Abdul Lahazi

Upton Sinclair — ‘It is difficult to get a man to understand something, when his salary depends on his not understanding it.’

southseacompany
Member
southseacompany

“Speculators do not create rising home prices. It’s the other way round – rising prices create speculators”, South China Morning Post

http://www.scmp.com/business/article/2088223/speculators-do-not-create-rising-home-prices-its-other-way-round-rising

“It is interest rates or, more specifically, the US Federal Reserve Board’s misguided efforts to destroy the price of money, that have got us into this fix of ridiculously high home prices.”

“And there is nothing we can do about it short of breaking our peg to the US dollar, which may have even worse results.

“So we thrash about instead with pointless anti-speculation taxes.”

Just me
Guest
Just me

More about the perverse effects of Poloz’s dirt-cheap money.

BMO Bundles Uninsured Mortgages in a Canadian Bond First

https://www.bloomberg.com/news/articles/2017-04-17/bank-of-montreal-to-offer-mbs-as-canada-shrinks-mortgage-support

wpDiscuz