Budget, Canada, data, debt

Owe Canada! Canadians love debt

288
288 Comments

Owe Canada posted this in the weekends thread and it’s got some very interesting numbers:

Canadian annual gdp at the present time is $2.06 trillion.

In the 1 year period from the end of December, 2015 to the end of December, 2016 (calendar year 2016) the Canadian economy grew by 1.4% – ie: the size of the economy grew by $28.9 billion.

In this same 1 year time frame the total debt outstanding in Canada grew by $309 billion. For each $1.00 the economy grew in this 1 year period the total debt outstanding increased by $10.69.

Looking at just the total debt outstanding of domestic non-financial sectors in Canada. In the 1 year period from the end of December, 2015 to the end of December, 2016 the total debt outstanding of domestic non-financial sectors increased by $215 billion. For each $1.00 the economy grew in this 1 year period the total debt outstanding of domestic non-financial sectors increased by $7.43.

At the end of December, 2016 the total debt outstanding in Canada was 3.5 times greater than our annual gdp, and looking at just the total debt outstanding of domestic non-financial sectors, that was 2.5 times greater than our annual gdp.

Here’s more from Owe Canada.

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southseacompany

“Toronto housing bubble ‘on par with what we had in the States’: Rosenberg”, BNN Video

http://www.bnn.ca/toronto-housing-bubble-on-par-with-what-we-had-in-the-states-rosenberg-1.717144

“Gluskin Sheff Chief Economist David Rosenberg is joining the growing chorus of calls for government intervention into the Toronto housing market. In an interview on BNN, Rosenberg, who correctly called the U.S. housing bubble in 2005, said the massive deviation from historical norms has him drawing comparisons between the two situations.”

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southseacompany

“Fitch puts Australia housing on ‘alert’ — could Canada be next?”, BNN video

http://www.bnn.ca/video/fitch-puts-australia-housing-on-alert-could-canada-be-next~1095234

“James McCormack, head of global sovereign ratings at Fitch Ratings, discusses the global sovereign bond market as Australia’s ratings wobble from its own soaring housing prices and how Canada’s ratings hinge on debt loads and housing affordability.”

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southseacompany

“Low interest rates put global financial sector at risk, IMF warns”, The Guardian

https://www.theguardian.com/business/2017/apr/06/imf-study-warns-low-interest-rates-threaten-global-financial-sector

“A new study from the IMF said a continuation of the cheap borrowing environment seen since the global financial crisis a decade ago would pose a “significant challenge” to financial institutions and force them to make fundamental changes to their business models.”

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southseacompany

“David Rosenberg: Make no mistake, the Toronto real estate market is in a bubble of historic proportions”, Financial Post

http://business.financialpost.com/investing/david-rosenberg-make-no-mistake-the-toronto-real-estate-is-in-a-bubble-of-historic-proportions

“Whatever the term is for an acceleration in an already parabolic curve, well, that is what we have on our hands today.”

“This is a bubble of historic proportions”

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southseacompany

“Royal Bank CEO ‘increasingly concerned’ about Toronto, Vancouver housing markets”, CBC

http://www.cbc.ca/news/business/royal-bank-ceo-1.4058423

“RBC chief executive Dave McKay attributed the rapid increase in housing prices in the two cities to an “unhealthy combination of factors.””

“He cited an imbalance in supply and demand for residential properties, low interest rates, and speculative activity. All of these factors are mixing to push prices up to unsustainable levels, stressing household balance sheets and locking many people out of the housing market,” ”

“”More capital is getting invested in those homes. And the real risk for us as an economy is the long-term drag that has on the rest of the economy as so much of a person’s net worth and cash flow goes into servicing their home.””

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Newcomer

No mention of communists. Odd that.

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Combat roach

Unfortunately sarcasm isn’t your strong skill, you should rather get back to forum policing and censoring.

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Newcomer

It censuring, not censoring.

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Combat roach

Whatever you call it, you get the point.

1. A person authorized to examine books, films, or other material and to remove or suppress what is considered morally, politically, or otherwise objectionable.
2. An official, as in the armed forces, who examines personal mail and official dispatches to remove information considered secret or a risk to security.
3. One that condemns or censures.
4. One of two officials in ancient Rome responsible for taking the public census and supervising public behavior and morals.
5. Psychology The component of the unconscious that is posited by psychoanalytic theory to be responsible for preventing certain thoughts or feelings from reaching the conscious mind.
tr.v. cen·sored, cen·sor·ing, cen·sors
To examine and expurgate.

http://www.thefreedictionary.com/censoring

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Newcomer

Silence is consent. It is immoral to talk to a person promoting evil without censuring them. It makes the interlocutor complicit.

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Oracle

Just me:

Don’t take this the wrong way but it’s SJW like you who Fuck things up for your side. SJW are lacking street smarts and have been on the losing end throughout history.

You have to realize nothing has changed.

Lying will get you ahead (see Trudeau). Sociopaths can start a ‘debate’ or conversation with SJWs such as yourselves and laugh in private.

Help NDP in the 10 close ridings. Denounce the Greens there. And then you may get what you want.

Or you can just be a SJW while others laugh while you debate Newcomer YVR/Sebas, and shut it.

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dan

Mr. Trump just ended the discussion. What have you done!!!

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Sebastien

Oracle = Paid NDP Shill?

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Newcomer

Ha!
Seriously, though, the NDP is incompetent, but not that incompetent.

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Oracle

Are your parents PR?

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Sebastien

Lots of Christy Clark Derangement Syndrome on this forum. Do you guys really think that the NDP will let the construction industry collapse once HAM is gone?

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Oracle

No. But as long as HAM pays their fair share of taxes, then I’m fine.

Do you really think this is just about housing prices? Wrong. I’m. It going to pay for services that overseas millionaires use. …who aren’t even Canadian citizens.

AND…you showed your true colours with your post. I always knew you were a Christy but other sister on this forum sadly naive.

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Oracle

SJW digging themselves a grave.

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Sebastien

I’m a SJW for asking a question?

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Oracle

I can tell by your posts that you put Canada 2nd to your motherland.

Day of reckoning will come.

Canadians will rise to the occasion.

Where are all the Chinese that should be denouncing he hate shown in Richmond papers to the LGBT community.

That hate is not welcome in this country. Leave.

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Sebastien

So anybody who disagree with you is a Chinese agent?

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Sebastien

HAM already pays city taxes and help the resort economy of the town.

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Oracle

Sure YVR. Whatever you Chinese say.

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Just me

1. The BC Libs have been in power for two decades. That is, in itself, unealthy. 2. Out of all possibke leaders, Clark is the worst by a large margin. She us narcistic, has a weak miral compass, has no problem lying even in the face of counterevidence, dies nit give a tiss about law abiding people working to have a barely decent life. Christy Clark has only one concern, and that is….Christy Clark. 3. The intensity of the money and power linkage between the RE lobby has become extreme. To the point hat it is difficult to day if some of these people are politicians, developers or both. 4. The unholy alliance between Christy Clark and the demographic group of rich boomers and wealthy homeowners has allowed the rule of law to be ignored for too long. We have… Read more »

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Vancouver Review

Apr 6, 2017 Daily Review Vancouver Real Estate Housing Bubble News

https://youtu.be/54WGDweTuaI

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paulb

New
200
Price Change
22
Sold
160
TI:8151

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

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bullwhip29

SCMP: Vancouver’s Eastside in ‘moral collapse’, say Chinese election ads
http://www.scmp.com/news/article/2085585/vancouvers-eastside-moral-collapse-say-chinese-election-ads-blaming-unisex

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Newcomer

And your beef with this guy is that he’s a communist, right? That’s why you are mentioning it here — because this is an anti-communist blog, right?

Just trying to understand.

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bullwhip29

krusty and the libs are behind the ads. she was busted for doing the very same thing last time around by circulating all kinds of bs, particularly in chinese language publications. now the campaign is kicking into high gear…

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bullwhip29

taking a page out of 2013 playbook. worked last time and no one even received a slap on the wrist…
http://www.straight.com/news/396241/gabriel-yiu-election-dirty-tricks-woo-chinese-shouldnt-be-tolerated

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Combat roach

Not necessarily, he is probably a small swindler who gambles this time on NDP, classic. However, the bottom line is much more interesting…

“After all, “moral collapse” is in the eye of the beholder. Tax evasion is likely running rampant in Richmond, with poverty-level incomes widely reported in some of the city most luxurious neighborhoods. At least the embattled residents of Chinatown can claim to be genuinely impoverished.”

Link???

http://vancouversun.com/life/richmond-3-why-does-upscale-neighbourhood-appear-poor-to-tax-officials

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Best place on meth

Sounds like fake Newcomer just had a space889 moment.

That was full retard.

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Just me

The ads targeted Richmond councillor Chak Au, who is running in next month’s provincial elections for the left-leaning NDP in the new riding of Richmond South Centre. British Columbia goes to the polls on May 9, with the right-leaning BC Liberal government of Premier Christy Clark being challenged for power by the NDP, led by John Horgan.

Richmond is voting BC Libs? Why am I not surprised?

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Best place on meth

These ads are so misleading, Richmond is a far worse sewer than the downtown east side these days.

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Oracle

Let’s not blame the people who are there. The chinese people in Richmond are mostly good people.

We would probably do the same if in their position.

It’s our fuckhead politicians and bureaucrats.

Where is the CRA, RCMP, CSIS on all this money laundering.

Either people speak up without fear or be subjected into slavery.

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Best place on meth

I don’t blame the chinese, I blame 70 years of communism and corruption for turning them into the vermin that they are.

I also don’t blame child molesters for being the way they are because they themselves were molested as children.

That being said, I don’t want either group around me or my family.

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Oracle

Fair enough.

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Just me

The country where 70% of millennials are homeowners http://www.bbc.com/news/world-39512599 So how have so many millennials managed to buy their homes? For sons in particular, it’s down to the Bank of Mum and Dad – and underpinned by the marriage market. Thanks to the One Child Policy, there will be 30 million more men than women looking for a partner in China by 2020. Chinese parents know their sons’ chances of marrying well are materially increased if they own a home. And then there’s the fact that elderly Chinese often move in with their children in their twilight years. As a result, many see buying a property in their son or daughter’s name as an investment in the family’s future. Chinese parents are also good savers, with many squirreling away around 30% of their income. Other relatives may be called on… Read more »

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Combat roach

China should rather institute the same sex marriage. Everyone wins and it is cheaper.

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Combat roach

HAM and real-estate business as usual…

A San Mateo County judge set Li’s bail at an unprecedented $35 million based on the affluence of her family, making it one of the most expensive in U.S. history.
But that jumped to $66 million, as California courts require twice the bail amount if the property is used instead of cash.

http://globalnews.ca/news/3361073/california-murder-suspect-expected-to-post-66m-bail/

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Just me

Wow. How much real estate can a single family own? You have to wonder….

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Joe Easing

$33mil can buy you one single family home in Point Grey.

https://www.bcbusiness.ca/big-fat-deal-35-million-for-a-point-grey-property-fit-for-a-first-family

That’s what happens when governments fill the world economy with trillions of dollars. $35 mil ends up becoming a modest sum.

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bullwhip29

that’ll get you nothing but a dorm room these days…

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Combat roach

Surprisingly those lovely people who amassed all those bailout properties are “locals”, but perhaps their money isn’t?

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Just me

David Eby is the one single politician who actually has policies that might have a tangible positive effect on house prices and our quality of life.
I will certainly vote for the NDP. Even if they do half the things they promise, it will be a quantum leap from the arrogant and corrupt ways of Christy Clark and Mike deJong.

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patriotz

“David Eby is the one single politician who actually has policies”

Those are the NDP’s policies, not Eby’s personally. You hear him talking about them because that’s his job as the housing critic. If someone else were the NDP housing critic you’d hear that person saying the same thing.,

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YVR

“If someone else were the NDP housing critic you’d hear that person saying the same thing”

Doubt it. If someone else was housing critic we would rarely hear from them like the rest of the NDP. David Eby is the one bright spot the NDP have IMO.

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Just me

For once I tend to agree with YVR. David Eby is the single most important reason why I am willing to vote for the NDP.
As a comparison, consider Vancouver East MP Jenny Kwan: she would never advocate the policies discussed openly by David Eby. She represents the poorest constituency in the city but bought a home (and lives) in near Kits secondary school. She would probably love further appreciation of her house.
The truth is that, except Eby, the NDP has in the past failed the very people it claimed to defend. I vote for them mostly because we need to get rid of Christy Clark and the BC Libs, who are openly corrupt.

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patriotz

“Jenny Kwan: she would never advocate the policies discussed openly by David Eby.”

That’s because she’s now an MP and the federal party keeps its nose out of provincial policies. If she were still an MLA she would advocate Eby’s policies, like all NDP MLA’s because they are the BC NDP’s policies.

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Just me

My point is that if jenny Kwan was the housing critic of the NDP, those policies would NOT be official policy of the party.
She lives in Vancouver west, she never even raised the issue in any meaningful way. Not even in passing.

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Just me

This is exactly proof of what I am saying. This is about social housing.
I am talking about policies that reduce market housing. Where was she while the Chinese mainlanders were buying up all the market housing?
Social housing is important, but for too long politicians have used it as an excuse not to do anything about the undue influence of offshore money on market housing.
David Eby is the first to see that there is a clear connection between the two, and to do something for people who want to buy market housing.

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patriotz

You don’t seem to understand that the NDP, both federally and provincially, is a collectivist party in which individual MLA’s and MP’s are not free to stake out their own positions on major issues. If any MLA or MP is not taking the position you want, it’s because the party doesn’t support it.

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Just me

Then why did the NDP, either provincially or federally, raise the issue of the market housing crisis and of Chinese money inflows?
They were hypocrites, like the rest. As I said, Jenny Kwan and her family have a fairly comfortable life in Kits, shopping at the local farmer’s market on weekends.
She does not care about reducing the price of market housing in Vancouver.
For her advocating social housing for the Vancouver east side is nothing but a well-paying job.

David Eby, admit it or not, is unlike any previous NDP politician we have seen in the past 20 years. He is not scared of calling the offshore money out. And he is the main reason I will cast my vote for the NDP in May (I will have to try and forget about Jenny Kwan when casting my ballot).

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Oracle

How much you getting paid to post by Ottawa (us taxpayers)

Either deny this or be silent.

??

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YVR

When Gregor ran for his first term as mayor, (fresh out of the NDP) his main platform was similar to Jenny Kwan, end homelessness. Nothing about homes for normal working class people. After several terms as Mayor homelessness has increased slightly and prices for housing in Vancouver for those that work have tripled and rents have doubled. Remember it was Gregor who said it would be racist to do something about foreign money.

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Best place on meth

Jenny Kwan is the reason I didn’t vote NDP federally last time.

She comepletely side-stepped the chinese money laundering issue when asked about it.

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YVR

“That’s because she’s now an MP and the federal party keeps its nose out of provincial policies.”

What? Most of the stuff Eby talks about are actually federal responsibility. Immigration, CRA, money laundering, CMHC, banks, etc. are all federal responsibilities which Jenny Kwan ignores. You would think she would be advocating for change on these issues living in Vancouver but she does not.

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Oracle

Limit post secondary foreign student enrolment to 15% of a school.

Horgan can do that.

He better.

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Just me

I beg to disagree. Policies are shaped by the “party critic” in charge. And I frankly doubt the NDP would have such resounding and effective policies in place without Eby.
Their silence about the housing crisis and the inflows of Chinese money during the past election was shameful. I did not vote NDP last election, as there was absolutely nothing in their platform about housing (and I am not talking just about housing for the indigent).
David Eby has been the first person in that party who was not scared to call a spade a spade. he clearly indicated the key role that offshore money is playing in our market. Many others in the NDP fell short of doing that, and they should be ashamed for it.

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Combat roach

Right on. One can imagine how much pushback Eby gets internally due to an endemic racial dogmatism.

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patriotz

” I did not vote NDP last election, as there was absolutely nothing in their platform about housing ”

That is simply not true, in fact I gave a summary of all parties’ platforms in this forum prior to the last election. Did they have the 2% tax – no they didn’t.

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Just me

Oh, come off it. Most of it was about building housing in the Vancouver east side. There was no money of foreign money inflows, investors’ negative influence. As far as I can remember, there were no clear measures to tame and reduce prices. These are all things that seemed to become policy after Eby’s stature rised in the party.
The NDP, until recently, had not much housing policy apart from social housing.
This is the first time in which they are proposing clear and tangible measures that would impact offshore investors. That is the main reason I will vote for them.

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YVR

“These are all things that seemed to become policy after Eby’s stature rised in the party.”

Of course it is about Eby. Without him the NDP housing critic would be talking about getting more housing for fentanyl users and any talk of treating foreign ownership differnt would be racist. I still am amazed they let Eby talk like he does. If they could get a dozen more like Eby the NDP may turn the party around and be a viable choice.

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Best place on meth

We must find a way to clone Eby.

The technology exists, the future of our province depends on it.

I am putting in an order of “Clone Eby” t-shirts as we speak, they should arrive from china in two weeks.

Time is short.

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Oracle

I know some of the NDP candidates. Personally. Some even have connections to developers. They better do something about housing if elected …otherwise…

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Combat roach

No biggie, but not a day goes by without some shit hits the surface. The utter banana republic…

B.C. government misled public after 2012 Health Ministry firings: report

http://www.theglobeandmail.com/news/british-columbia/bc-government-misled-public-after-2012-health-ministry-firings-report/article34615260/

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ostritch

So Trump has ordered extra scrutiny of H1B visas. Is anyone hearing any anecdotals on this? Perhaps extra scrutiny of tech workers when they travel on business across the border? If his policies have bite, I expect it won’t be long before Vancouver gets its long-desired expansion of tech offices here.

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Newcomer

I think that is likely. We could end up with hundreds of new temporary immigrants.

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ostritch

You know the visa process is very weird right now. Last night a kiwi bartender told me that his wait for his visa is only 14 weeks because he already has his job in Canada and his friend, who married a Canadian, has to wait 2 years with an 8-month delay for a work permit. It used to be that bartender would never qualify for a visa based on work alone.

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Newcomer

If he’s a Kiwi, he’s probably here on the Working Holiday program, which is a reciprocal program for people under 30 and good for up to a two-year stay.

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Bear Vancouverite

I suspect the program ends up with a net zero change in total local workers since Canadians go there to work.

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Oracle

Wrong. Canada is a net importer BY FAR in this program. Other countries send 99x more here than we go there.

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Oracle

How you know this? Sounds like you well versed in immigration matters.

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bullwhip29

B.C. government spin machine cranked up to the max
http://theprovince.com/news/bc-politics/b-c-govt-spin-machine-cranked-up-to-the-max

“The government’s YouTube channel has 2,223 videos. If you watched one every day during your lunch break, it would take over six years to catch every taxpayer-financed happy moment.”

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bullwhip29

‘Forces of no’ dig in for tunnel replacement ceremony http://vancouversun.com/news/politics/vaughn-palmer-forces-of-no-dig-in-for-tunnel-replacement-ceremony “…the ground-breaking was scrapped altogether and the announcement moved inside adjacent Delta Fire Hall No. 4, where the minister’s words could be heard by the assembled news media.” “We very much respect the rights of people to express their strongly held views,” Stone told reporters. “But we also owe it to BCers to be able to get this message out. We were not confident that we would be able to directly address BCers, in the midst of some folks who did not appear to be willing to be respectful.” Stone insisted that the ministry’s $3.5 billion budget will cover the full cost. Even if it does not, the province will be on the hook for the full amount…the project will be “self supporting,” meaning full freight will be covered by… Read more »

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bullwhip29

Advocates aim to abolish no-pet policies in B.C. rental properties
http://vancouversun.com/news/local-news/advocates-hope-to-discuss-ending-no-pet-policies-in-b-c-rental-properties

>>> good lord…

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bullwhip29

RCMP looking into Vancouver land deal
http://www.news1130.com/2017/04/05/rcmp-investigating-vancouver-land-deal/

“Without opening up the deal to other bidders or getting a third-party appraisal, the city valued the property at $15 million, but following the exchange last August, BC Assessment pegged the land at $130 million. ”

“…local real estate marketer Bob Rennie, who’s a prominent supporter of the BC Liberals, initially presented the Yaletown loan proposal to the BC Housing Board and the company involved, Brenhill Developments…”

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YVR

If the NDP lose this election expect Horgan to resign and Gregor and Meggs to take over the BC NDP.

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Spec

The NDs would not welcome Gregor back IMHO… They’re big on loyalty and he abandoned them.

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patriotz

“Gregor and Meggs to take over the BC NDP”

I know lots of people have rational reasons to dislike the NDP but I can’t understand why anyone would want to spout nonsense like this. It’s well documented that Gregor left the NDP when he became mayor and has ties to the federal Liberals, who the NDP membership (remember it’s the same federally and provincially) despise.

You might want to contrast with MIke Harcourt who had run provincially for the NDP prior to being mayor and kept his membership.

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YVR

“It’s well documented that Gregor left the NDP when he became mayor”

Optics and you know it. The NDP will beg Gregor to come on board and lead them to the next election if they lose this one.

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Newcomer

I doubt it. They tend to promote from within. The primary drivers within the NDP are respect for members, respect for process and respect for the electorate. Although they are in favor of winning elections, it’s never been a central issue for them.

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bullwhip29

Morneau calls for meeting with Tory, Sousa on overheating housing market
http://www.theglobeandmail.com/news/national/morneau-calls-for-meeting-with-tory-sousa-on-overheating-housing-market/article34612453/

>>> the solution is simple…get rid of the FBT in Vancouver and balance will be restored

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Oracle

There are 10 ridings in the lower mainland that ware very close and they will decide the election.

Few notes:

1) I will post these ridings and go donate/volunteer to get out the vote in these ridings. Find the renters and get them to vote.

2) try not be influenced by the Libs and RE puppets here (Newcom, Shut, and YVR (sebastien)) etc.

3) make the Green Party enemy #1. If they didn’t exist, NDP would have won in 2013.

Use this slogan every site you post:

“A vote for the Greens is a vote for Christy”

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ostritch

People who can’t stomach either party WILL vote Green.

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Shut It Down Already

Nope – they’ll stay home.

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Sebastien

No. A vote for the Greens is a vote for the Greens.
If you want real change on the long run, you have to third party. Democracy is a process, don’t obsess on a single election.

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Just me

Democracy can be a very flawed process, especially when you leave a party in power for 20 years because you have to make a statement and vote Green.
Take a stand in another election. But this May make sure Christy Clark does not do four more years of damage.

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Shut It Down Already

Yes, sometimes people get bored of having good jobs and choose to vote for arbitrary change.

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Sebastien

I told you, I don’t have skin in the game. What makes me a “RE puppet”?

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Newcomer

It is simpler that way. Prices change because of corrupt Chinese people (entirely external) and people who say otherwise are paid agents of the Chinese people, or people who, in turn, work for them. That way, people who cannot afford to buy or rent where they would like to are complete victims of the unstoppable outside force and are blameless for their predicament. If you suggest that ordinary market forces are involved then the whiners would have some control, and that would be messy.

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Just me

Denying a fairly evident truth is not going to be helpful in any way (neither to you nor others). If you are so doubtful about the influence of Chinese money in house prices in vancouver, simply go fo a walk on the west side of the city. You will observe that most residents are now people who, by most metrics (e.g. current occupation, upbringing, participation in the labor market) are hard to qualify as locals. They have much money, and of course they have crowded out other people by buying in a sparsely built area. Even more troubling, you will find that many of the homes on the west side are not even inhabited. Rather, they are used like gold bricks as a storage of value by offshore “investors”. This is plainly visible and most people (of any political orientation)… Read more »

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Shut It Down Already

Tell us more about these metrics!

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Bear Vancouverite

You said you’d post those ridings 2 weeks ago, so far I still see no post listing the ridings, but many other unrelated posts since then.

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Shut It Down Already

1) no you won’t.

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Just me

No. Local hillbillies, but Chinese money.

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Shut It Down Already

Banks’ money, dummy.

Or are you suggesting that people are only able scrape together 5% down for a condo because some Chinese dude in another city bought a house? I’d like to hear the mechanism via which a Chinese money makes it into the pockets of first time buyers.

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southseacompany

“Housing prices skyrocketing in Toronto”, CBC The National

https://www.youtube.com/watch?v=7ws6pYWn6C4

“In Canada’s hottest housing market, more evidence of the breakneck pace of Toronto real estate prices is seemingly coming out every day, fueling more talk of corrective measures.”

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southseacompany

“Why mortgages, other interest rates could go up faster than you think”, CNBC

http://www.cnbc.com/2017/04/05/mortgages-and-other-rates-could-go-up-even-faster-than-markets-thought.html

“Interest rates may be going up even faster than you think.”

“That’s because the Federal Reserve, in the minutes from its last meeting, announced that it would begin to shrink its balance sheet, ending some of the extreme measures it took to save the economy during the financial crisis.”

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