The correlation between interest rates and speculation

Bank of Canada Governor Stephen Poloz has said he doesn’t think there’s a strong correlation between interest rates and speculation, claiming even a 5% increase in rates wouldn’t have an impact on real estate speculation in Canada.

Over at BetterDwelling.com they disagree with this thought:

It was almost stupid to not buy property at these rates, since it was almost free money. This didn’t just give speculators more capital, it created speculators out of people that would normally not be able to play the game. These aren’t Bay Street suits with wads of cash. Everyone from your barber to grocery store clerks are turning into real estate speculators. Cheap rates, a larger qualified buyer pool, and the expectation that you can always make money, turned shelter into lottery tickets.

Read the full article here.

127 Comments on "The correlation between interest rates and speculation"

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best place on earth
Guest
best place on earth

Bears think cheap rates are for everyone to have; anyone can just walk in a bank and automatically approved for a big sum. Come on bears, bring your income $250k a year, and a pillow full of your cash, to the bank and see how much they willing to lend you.

Combat roach
Guest
Combat roach

Whenever you post anything here you always reconfirm how retarded you are. Just stunning consistency worth professional attention.

best place on earth
Guest
best place on earth

why there is such a person full of anger like yourself in this best place on earth? we have the best medicare in the world, why don’t you check yourself in a mental clinic. on another note, have you ever tried to apply for a loan before, any loan just to see how the bank works! get out, do stuff, it’s good for your angry mind.

Funky monkey
Guest
Funky monkey

Mental health clinics are not free! It costs money for a shrink
Im a home owner (not in the lower mainland) my job is here.
Here is easy math for what the banks will lend.
100k income = 500,000 loan. More if there is rental income.
I’m sure a person would only have to put down around 7percent for that and have good credit with little debt.

Bear Vancouverite
Member
Bear Vancouverite

I have a family friend who applied for a Mortgage through a TD mortgage broker 2months ago. Income was mid 40k and wife around the same or just above. I don’t know how much was the downpayment, but I was shocked to hear TD approved a $270k+ mortgage.

Shut It Down Already
Guest
Shut It Down Already

Why would less than 4x income be so shocking? That’s about the historical norm. Not that $270K would buy anything, assuming 5% down.

Bear Vancouverite
Member
Bear Vancouverite

Sorry, I miswrote somewhat, what I meant to say was the wife made around the same but was not part of the application process, so his mid 40k alone qualified for 270k+.

Funky monkey
Guest
Funky monkey

They must have debt and a small down payment.
4 years ago I was approved for more than that. From what a recall 420,000 I only made about 80k the year before.

Confucius
Guest
Confucius

Walk into a bank? Are you from the dark ages? Use ratehub’s affordability calculator.

$1,796,474 is how much.

Bestplaceonearth
Guest
Bestplaceonearth

Based on what? The number out of your arse?

Confucius
Guest
Confucius

250k from a giant arse.

southseacompany
Member
southseacompany

“Mortgages bundled”, CBC Video

http://www.cbc.ca/news/mortgages-bundled-1.4074993

“David Madani, senior Canadian economist with Capital Economics, on a new investment offering that experts say could add fuel to the housing fire”

squeak
Member
squeak

Is there any correlation to undeclared, unregulated, corrupt inflow of money from Norway too?

Best place on meth
Member
Best place on meth

Norwegians possess ethics.

david
Guest
david

Yup. Stupid lowe interst rates made the money pretty much “free”.

But one still had to qualify for the mortgage with a (VERY modest) down payment requirement which showed the applicant to be at least somewhat credit-worthy, financially viable, and provided evidence that the applicant had some ability to plan and budget.

But then Flaherty threw all that out the window. Zero down, 40 years, etc etc etc.
Interest rates were the spark….Flaherty was the gasoline.

Sebastien
Guest
Sebastien

Someone committed suicide in that house? :
6030 Elgin Avenue, Burnaby
Oct 14:$2,780,000
Apr 19: $1,980,000
Change: – 800,000 -29%
Assessment: $2,908,000

Oracle
Guest
Oracle

You keep posting this nonsense on garth’s blog as well.

Use your tiny head Mr “For those about to flop” to figure out why price way below assessment. Are your parents from China? PR still?

For the others here: HAM here likes to deceive and launder money.

Sebastien
Guest
Sebastien

8920 15th Avenue, Burnaby
Jan 25:$2,298,000
Apr 19: $1,688,000
Change: – 610000.00 -27%
Assessment: $1,508,000

Sebastien
Guest
Sebastien

Richmond today:

4340 Coventry Drive, Richmond
Oct 20:$2,180,000
Apr 19: $1,490,000
Change: – 690,000 -32%
As: $1,651,000

8411 Fairhurst Road, Richmond
Nov 16:$3,180,000
Apr 19: $2,588,000
Change: – 592,000 -19%
As: $2,877,000

8231 Mowbray Road, Richmond
Mar 1:$2,788,000
Apr 19: $1,999,000
Change: – 789,000 -28%
As: $2,089,000

10028 Granville Avenue, Richmond
Feb 21:$4,780,000
Apr 19: $3,990,000
Change: – 790,000 -17%
As: $2,803,000

kabloona
Member
kabloona
“Ontario to query citizenship, residency for real estate purchases starting Monday” http://www.cbc.ca/news/business/ontario-housing-real-estate-1.4076068 “Starting Monday, homebuyers in Ontario will have to provide more information about their citizenship and place of residence when they buy a piece of real estate anywhere in the province. The government first announced the news in last fall’s economic statement, but the new rules come into effect on April 24. Starting then, anyone who buys a piece of land in the province that contains between one and six single-family homes — or agricultural land — must fill out the Prescribed Information for Purposes of Section 5.0.1 Form — one more piece of paper in the sea of red tape associated with real estate. The form will be incorporated with documents that govern the payment of land-transfer taxes, which is a tax everyone in the province who isn’t… Read more »
Combat roach
Guest
Combat roach

Hopefully, BC won’t do anything like that to somehow impact the well-known lack of transparency which makes the local world go around, money, money, money…. Besides that, it would be extremely racist.

Abdul Lahazi
Guest
Abdul Lahazi

How quickly Ontario acted and how slow BC was. And Christy’s half-assed attempt pales in comparison to Ontario. And when will Ontario hand out free money for FTB?

Diadora
Guest
Diadora

Krusty’s handler, Bob Rennie will never allow Krusty to gather info on the actual owners of BC’s RE cause they don’t want to shock the people of the province that BC is now foreign owned. It is bad for RE business.

Bear Vancouverite
Member
Bear Vancouverite

I was wondering whether people would be able to hide behind numbered companies to avoid providing this information and saw the following details:

As part of collecting that tax, the province’s new form must contain information on:

* Whether the home is intended to be a principal residence or an investment property.
* Residency, citizenship and permanent resident status of the individual buying the property.
* Information about the identity of who owns the corporation, if the purchaser is a numbered company.
* Information about so-called beneficial owners, if the person nominally buying the property is acting on behalf of someone else.

So transparency will be much higher in Ontario than here.

Shut It Down Already
Guest
Shut It Down Already

So when it turns out that only 10% are foreigners there won’t be any justifiable reason to reject the stats?

Oracle
Guest
Oracle

Why you a defender of HAM and not local Canadians here?

Your parents aren’t citizens of Canada, are they?

Shut It Down Already
Guest
Shut It Down Already

Oracle, why do you pretend to be from India?

Bear Vancouverite
Member
Bear Vancouverite

If 10% of foreigners are buying it would be further evidence of too much foreign buying for me. I would want to see the Foreign Buyer Tax increased until there is 0% foreign buyer, 0% foreign money involvement.

As I stated before, 10% is too high, 5% is too high, 1% is too high. Residential real estate should be for local tax payers to live in, period.

Shut It Down Already
Guest
Shut It Down Already

That’s not what I asked. Can you think of any cases which aren’t captured by the rules whereby a foreigner could buy a property whilst masking their residency from the stats? If not will you accept the stats as fact once we have them?

YVR
Guest
YVR

“Ontario to query citizenship, residency for real estate purchases starting Monday”

BC already does this. That is how they determine who pays the FB tax and what percent of buyers are foreign.

Simple Solution
Member
Simple Solution

All these years, must be too complicated to just ask for buyer’s Notice of Assessment from CRA. I mean, its not like that form has residency and tax status on it…..

Just me
Guest
Just me

That would puta stop to manynthings. That is why is not actively pursued.

Oracle
Guest
Oracle

Bingo. They can stop this money laundering bullshit if they wanted in its tracks.

Trudeau selling us out.

Just me
Guest
Just me

Not for limited companies. We don’t ascertain benficial owners.
Someone asked Kruelty Clark a few mimths ago, she said that it would increase red taper for companies and that we are open for business.

Combat roach
Guest
Combat roach
Couldn’t resist but to repost this quite long but fair and balanced assessment of Vancouver except for the minor part “tons vs many Chinese”. Perhaps Herman B. checks VCI so I thank him for this piece posted on Quora. Is Vancouver a good city to live in? Herman B, lives in Vancouver, BC Written Apr 13 Born and raised in Vancouver, I’ve been here for almost 4 decades and have seen the ups and downs. The answer is: it depends. It’ll be good… if you like a city like Vancouver. Here’s what’s great about it. Great to raise kids. Very safe, and the ‘bad’ schools really are not that bad. My kids go to a school that is ranked as one of the worse in the province, and I really don’t think it’s that bad. Beats most schools in the… Read more »
Best place on meth
Member
Best place on meth

““You can’t survive in vancouver on their measly incomes” Yes. You can. Just don’t come in with very high standards”

An example of high standards is expecting to live above ground on an average salary.

Abdul Lahazi
Guest
Abdul Lahazi

“tons vs many Chinese”. How about “many tons”?

paulb
Member

New
324
Price Change
55
Sold
269
TI:8350

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

Bear Vancouverite
Member
Bear Vancouverite
Has anyone ever wondered how the NDP can possibly win if: 1) 70% of the BC population are homeowners, and arguably many homeowners don’t want housing to go crash. 2) 18% of our provincial GDP comes from housing, it is our #1 industry. Would not anyone in the FIRE industry fear an NDP government that is not friendly to real estate? Surely they and their families would vote Liberals. 3) Anyone not in camp #1 or #2 who simply hate/fear the NDP. Aside from YVR & Whistler or bust, and Sebastien here, there are many others I have spoken to. Sources: 70% homeowners in BC: http://www.cbc.ca/news/more-homeowners-fewer-renters-statscan-says-1.745914 18% of BC GDP: http://vancitycondoguide.com/the-only-game-in-town/ I have spoken to people who have nothing to do with the FIRE industry, do not own homes, want home prices to come down, and refuse to vote NDP… Read more »
patriotz
Member

The NDP hasn’t said it’s going to increase income taxes for anyone (I take it you mean income taxes by “bracket”) but it will retain the present surtax for the very highest income earners. It has said it will increase taxes for people who don’t vote for them anyway (rich foreigners, rich immigrants, and RE speculators). People are fine with higher taxes as long as they’re on someone else.

Four years ago the NDP came less than 4% behind with a bad campaign and hopeless leader. It’s not a given they they will win this time but it don’t think it’s a given they won’t. No party needs a majority of the vote to win.

Abdul Lahazi
Guest
Abdul Lahazi

For me, it’s not how good the NDP are, but how bad the Liberals are. That’s why I’m voting NDP.

dyugle
Guest
dyugle

The balanced budget that increases the debt. The Liberals are not all that great.

YVR
Guest
YVR

Four years ago the NDP came less than 4% behind with a bad campaign and hopeless leader.

They still have a bad campaign platform and hopeless leader. Are you hoping for a different result with a much stronger Green party to compete with? The Greens learned for the last election. The NDP didn’t.

Oracle
Guest
Oracle

so says HAM…

Bear Vancouverite
Member
Bear Vancouverite

patriotz, I believe that “will retain the present surtax for the very highest income earners” statement is incorrect. The surtax ended already on Jan 2016, therefore the NDP will increase taxes on that higher income earner when they bring back the surtax.

Patiently Waiting
Member
Patiently Waiting

Whether they realize it or not, a lot of home owners would benefit from a crash. It is a great time to move up.

patriotz
Member

Owners can’t move up when they’re upside down on their mortgage, and these are the people who are most likely to want to move up, not the long time owners who have lots of equity. That’s one of the reasons why busts take on momentum.

Oracle
Guest
Oracle

so says an Immigration Canada employee

YVR
Guest
YVR

“Has anyone ever wondered how the NDP can possibly win if..:”

They can’t. But for different reasons than you state. People will not vote for the NDP because:

1. They want to keep their jobs.
2. Working people do not want to pay higher taxes.
3. Most people do not support the NDP policies that favour unions, big government, big debt and are anti business.

If the NDP were simply running as an alternative to the Liberals they could win in a landslide. Personally I think it is time to hand the opposition to the Greens.

Oracle
Guest
Oracle

so says HAM…

Oracle
Guest
Oracle

who wants a vote split…

HAM lying though his teeth….not surprised.

SpacedOut
Guest
SpacedOut

Jesus. STFU Dude. Nobody wants your opinion on EVERY single comment that’s made on this site. Learn some decorum. I know it feels great to spout off like a douche on an anonymous housing blog, but just because the internet lets you do it doesn’t mean you should. Try and add value tot he conversation, instead of being the belligerent mouthpiece in the room that doesn’t know when its their turn to talk.

Oracle
Guest
Oracle

Most condo and townhouse owners want real estate prices to come down.

Many Green voters know their vote is a vote for Christy and Kinder Morgan.

So this section may end up closer than I think.

Best place on meth
Member
Best place on meth

Site C dam project has become ‘uneconomic’ and should be suspended: UBC report

http://www.cbc.ca/news/canada/british-columbia/site-c-suspension-ubc-report-1.4074750

“A new report is calling for the suspension of B.C.’s Site C dam project, saying it’s no longer going to benefit the provincial economy as once expected and that power from the hydroelectric station will likely be exported at losses of up to $1 billion.”

This is almost as good as the LNG windfall we were promised.

Funky monkey
Guest
Funky monkey

But people still talk about fast ferries.
This dam is already out of date.

Simple Solution
Member
Simple Solution
southseacompany
Member
southseacompany

“Mortgage rates falling as Ontario readies housing measures”, Globe & Mail

http://www.theglobeandmail.com/real-estate/the-market/mortgage-rates-falling-as-ontario-readies-housing-measures/article34754835/

“As the Ontario government prepares to unveil measures to cool housing prices in Greater Toronto, another factor is making the market more attractive for prospective home buyers: Mortgage rates have been falling again.”

Loon
Guest
Loon

With the real estate industry such a big factor in our economy, I’d say feeding and caring for our bubble is a priority for most people who own. I fully expect a Lib win as most voters own, who of them would want the economy to tank with an NDP gov?

Although a housing reset is what we probably need in the long term it doesn’t mean we’ll actually get it now. Goddamn crystal ball is acting up again.

Sebastien
Guest
Sebastien

Who here really thinks that a NDP gov’t will allow the bubble to pop? If prices would drop, they probably wouldn’t enforce certain laws to allow the inflow of HAM.

Greens are more Malthusian, more dedicated to the environment than the economy. That’s why we have to vote at least some in to block any measure by a NDP/Liberal gov’t to reflate the bubble.

patriotz
Member

1) The Greens will not win any seats in the Lower Mainland or in the Interior except, just maybe, Nelson.
2) Any Green seat gains will come on Vancouver Island at the expense of the NDP
3) Given the above, if the Greens make significant gains in votes we will get a Liberal majority.

Oracle
Guest
Oracle

so says a HAM Liberal shill who is trying to be smart…

Londonernow
Member
Londonernow

Since many of you here are “foreign buyers deniers” I guess this won’t have any impact:
http://www.cbc.ca/news/canada/toronto/kathleen-wynne-housing-market-home-prices-rent-control-1.4076283

patriotz
Member

Perhaps you could tell us your definition of “foreign buyers deniers”, as it obviously does not mean someone who denies there are foreign buyers.

Getting more on-topic, the Ontario changes to rent control actually bring it in line with BC. Buildings built after 1991 had no rent control at all. Now all buildings will have rent control for sitting tenants.

Will have more to say later, it appears on the surface that the Ontario changes are more substantial than those introduced in BC (e.g. all cities will be authorized to impose a vacancy tax) but less than those proposed by the BC NDP.

Shut It Down Already
Guest
Shut It Down Already

A “foreign buyer denier” is somebody who doesn’t move the goalposts every time new data is revealed which suggests that it’s greedy indebted locals driving the market because “real estate is a good investment that always goes up”.

Oracle
Guest
Oracle

so says HAM…

Londonernow
Member
Londonernow

Sh-It is a textbook FB denier.

Just me
Guest
Just me

Goalposts are not being moved. A 10% share of foreign buyers is, in itself, a massive amount. Especially so at the margin, if these buyers are at the higher end of the budget distribution.
They can shift prices indefinitely up.

Shut It Down Already
Guest
Shut It Down Already

They were moved the very day that data on foreign buyers became available and didn’t reflect the mantra that locals are not responsible for high prices. Now you’re trying to defend an unfalsifiable argument, as we’ll never be able to trace the history of every single dollar in the country.

Just me
Guest
Just me

Locals aon credit are responsible for vancouver’s high housing prices and foreign buyers only…….blah blah blah

Oracle
Guest
Oracle

so says an Immigration Canada employee..

Londonernow
Member
Londonernow

“Foreign buyer deniers” definition: People who won’t accept that foreign buyers are driving housing demand despite massively increasing supply that outstrips local household formation. FB Deniers are also vehemently opposed to any tax on foreign house buyers while at the same time arguing that any such tax will have no discernible effect.

patriotz
Member

Who on this board is opposed to a tax on foreign house buyers?

southseacompany
Member
southseacompany

This one is interesting, considering that the pre-sale system seems to rely on investors who hen flip assignments;

“The government will ban speculators from “assignment flipping” in the pre-construction housing market, the sources say. The move is targeted at investors who put deposits on multiple units at pre-construction prices — typically in condominiums, but sometimes in new subdivisions — then sell the title for profit before the building is complete, a process known as assignment.”

Bear Vancouverite
Member
Bear Vancouverite

If combined with a Foreign Buyer Tax that could have strong effect, otherwise foreign buyers would just wait until completion to flip it. Locals presumably already must pay capital gains on such sales.

patriotz
Member

Assignment flips are taxable as business income.

Londonernow
Member
Londonernow

The UK government is proposing new rules requiring non-UK entities that already own, or intend to acquire, UK real estate, be required to disclose information about the beneficial owners of the entity. This registry would then be publicly accessible.

If something like this proposed disclosure requirement were brought in to Canada, my guess is the market would tank overnight, but then again I’m not a “foreign buyer denier”.

patriotz
Member

Ontario has in fact brought this in effective last Monday. Three nights later the market has not collapsed. However, let’s see what happens over the next few months in conjunction with today’s measures.

http://www.cbc.ca/news/business/ontario-housing-real-estate-1.4076068

Londonernow
Member
Londonernow

Patriotz is the leader of the “Foreign Buyer Deniers” and no amount of evidence will ever change his mind.

Shut It Down Already
Guest
Shut It Down Already

You have no evidence, only vague assertion. The true evidence we have tells us that foreigners are but a tiny fraction of the wider market.

Londonernow
Member
Londonernow

Hey “Sh–It, please inform yourself about how markets work: they are driven by the marginal buyer. It would be much appreciated if you could please look that up before commenting.

Just me
Guest
Just me

Londonernow, you will never convince that guy. He lives in a world populated by racist perpetrators. He does not understand the basics of how markets work, but nonetheless he is arrogant and self-assured.
Essentially, the wrong kind of puritan, following ghosts.
If he has not recognized the massive role that foreign money plays (borrowed or not) he never will. Let him cook in his own race-obsessed fantasy world.

Shut It Down Already
Guest
Shut It Down Already

I just gifted you the perfect opportunity to come back with that awesome evidence you have and this is your response?

Just me
Guest
Just me

You are making a mockery of yourself. I cannot entertain such ridiculous statements.
If, as of 2017 in Vancouver, a person is still willing to say that foreign money plays only a minor role in the real estate market, I suppose they need medical attention as they have serious mental health problems.

Shut It Down Already
Guest
Shut It Down Already

Why do you feel the need for insults? And once again, where is your evidence? I’ve stated numerous times that I do not dispute the stats being collated by the province and that they indicate a small proportion of foreign buyers (in the order of 10%, but it varies by area). Feel free to bring something concrete and contradictory to the table.

Are you really so blind to the cult of real estate in this city? To the fact that everybody would rather own a house than a fat RRSP? That CMHC has insured billions of dollars of mortgages that should never have been issued to borrowers who are barely credit worthy? That persistently low interest rate are giving many the sense that this is somehow normal?

Again, I await your data, statistics, and other evidence.

Just me
Guest
Just me

All you listed is quite true. But you are a flat earth believer if, after all that has happened in the past few years, you remain convinced that Chinese buyers are just a side show . Where I live they are the only show.

Shut It Down Already
Guest
Shut It Down Already
Your analogy is quite poor. Flat earthers believed the earth was flat even when evidence was uncovered that it was not. It’s very much like those who insisted that foreigners drive the market then ignored the very data they’d demanded because it didn’t agree with them. You have no stats or data to support your view. If you did you’d have posted them by now. And if it was strong enough I’d change my opinion in a heartbeat. But whilst every low-level office worker I know lusts after real estate or even owns multiple rental properties then, along with the government stats whxih support me and not you, I’m fairly confident in my application of reason. Given this seems to be the only argument you’ve presented what exactly has happened in the last few years (aside from rising prices and… Read more »
Just me
Guest
Just me
You don’t change your mind unless you see the names on the bank accounts? And you seriously think that might happen? You think these guys are going to volunteer the info? Or the BC Libs will try and measure the actual money flows? Seeing the empty mansions and the luxury car dealerships popping up, the numbered companies and students buying mansions is not enough proof for you? Not enough evidence? How about the parking lots at UBC? Or the majority of Mandarin-only estate agents on the westside? Still no? How about the scarily exact lining up of money flows from China with price apprecuation? Or perhaps the body if evidence put together by UBC professir David Ley and SFU researchers over the oast few years? Still nothing? Let me try with the phenomenon if China-only listings on websites like Juwai?… Read more »
patriotz
Member

That’s right, and the marginal buyer is the buyer who is least able and willing to pay the current market price.

Shut It Down Already
Guest
Shut It Down Already

If you’re trying to suggest that you get to cherrypick whatever tiny subset of the market suits you and label those buyers “marginal” then it’s not me who needs the education.

Stratahacker
Guest
Stratahacker

Liar

Shut It Down Already
Guest
Shut It Down Already

Strong argument.

Oracle
Guest
Oracle

STFU HAM

specuskeptic
Member

Hi Oracle. Keeping it honest, I see…. you hypocrite.

Oracle
Guest
Oracle

Let me guess, are you HAM too?

Londonernow
Member
Londonernow

Patriotz are you being misleading on purpose? Ontario’s isn’t the same thing. Its only going forward, while the UK’s proposal is also on existing homes already purchased. I think you’d find a lot of eager sellers in Ontario and BC if ownership on existing homes had to be disclosed and more importantly publicly accessible.
Please stop saying Canada, Ontario or BC are doing anything to stop the money laundering as that is not true and you know it.

Just me
Guest
Just me

For those who keep dreaming that this market will adjust itself without strong political intervention.

https://www.bloomberg.com/news/articles/2017-04-20/u-s-mortgage-rates-drop-to-five-month-low-with-30-year-at-3-97

U.S. mortgage rates dropped for a fifth week, sending home-loan costs down to their lowest point since the week after the presidential election.

Any hope of significant price adjustment rests on local goverments and federal politicians making it harder to stash money in RE.

KickThemOut
Member
KickThemOut

So basically more interference from big government. Gosh, you must government don’t you? I bet you are the kind of person who just begs for the big ole good government to come and save you!

Bear Vancouverite
Member
Bear Vancouverite

Government interference is exactly why the bubble has sustained itself so long. I would love less interference from the government. Start by cancelling CMHC, deferred Property Taxes, $37.5k subprime loans, unlimited capital gains exemptions on primary residence (unlimited in total dollar volume per transaction and in transactions per time period), PTT exemptions, quantitative easing, emergency low interest rates, and First Time buyer withdrawals from RSPs. Let the banks take 100% of risk for defaults and reduce total credit in the system and see what happens next, because that’s what less interference looks like.

Bear Vancouverite
Member
Bear Vancouverite

Also it would be nice if our Premier stops going on trips to foreign countries with realtors in tow and instead starts to build an economy on something aside from selling each other houses.

Just me
Guest
Just me

One lives in hope.
That is a very good list, thanks. There is no free market, the BC Libs rigged the market to the vast advantage of homeowners. This bought them a lot of votes.
We need to try and stop this bandwagon.

Just me
Guest
Just me

If there was any doubt, I am voting NDP.
And I am not a left of centre kind of guy.
It us our last hope. Four more years of the same would be irreversible.

Egad
Guest
Egad

It’s already irreversible. Sorry.

KickThemOut
Member
KickThemOut

So basically you are voting for poison B instead of poison A and thinking you are actually making a choice. This is so laughable…no wonder the province is in such toilets now.

If you want real change, vote for independent candidates with no ties to big money, or deep state. Candidates who depends on grass roots and actual performance to get re-elected, who will have to answer to the voters all the time, not simply during election campaigns. Only when you get rid of the notion that you must elect a party can you possible see how real change might be possible.

Best place on meth
Member
Best place on meth

I don’t see the NDP as left of centre, I see them as centre.

They definitely were left of centre before.

southseacompany
Member
southseacompany

“Kelowna home prices soar”, Global

http://globalnews.ca/news/3390612/kelowna-home-prices-soar/

“Home prices in the central Okanagan have been steadily rising for some time but new numbers released this week show prices continue to soar.”

Just me
Guest
Just me

Hard earned equity!

southseacompany
Member
southseacompany

“Canada’s $1.1 Trillion Shadow Banking Sector Is Now Half As Large As Banks”, Better Dwelling

https://betterdwelling.com/canadas-1-1-trillion-shadow-banking-sector-now-half-large-banks/

“While BoC researchers caution there are “significant gaps” in data and knowledge, what they could find was massive. They estimated that the industry has liabilities of $1.1 trillion dollars, just a little more than half of the $2.1 trillion in liabilities Canadian banks have. It’s also going to get a lot bigger soon, as BoC researchers noted further regulation of traditional banks will “lead to migration of activity from the traditional banking sector to the shadow.””

southseacompany
Member
southseacompany

“ROB CARRICK; Why first-timers should rethink buying in a hot housing market”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/first-timers-should-rethink-buying-in-a-hot-housing-market/article34735602/?cmpid=rss1&google_editors_picks=true

“The Fear of Missing Out phenomenon in the housing market is leading to bad buying decisions. First-time buyers should be much more afraid of getting into a hot real estate market. The risk of taking on more financial weight than you can carry has never been higher.”

history
Guest
history

http://www.debtdeflation.com/blogs/2017/04/12/can-we-avoid-another-financial-crisis/#comments

first comment zeroes in on the famous correlation. It’s emphatically clear, the Rate of Refinancing, 0.82 Positive Correlation to prices. The words speculation and interest rates are substitute creations of MSM.

KickThemOut
Member
KickThemOut

Ontario is doing something about their housing and fast:

https://ca.finance.yahoo.com/news/foreign-buyers-tax-expanded-rent-090000086.html

best place on earth
Guest
best place on earth

It didn’t work in Vancouver; it will not work in TO either.

KickThemOut
Member
KickThemOut

It will work in unexpected and interesting ways, and not for the good of most of the locals. But hey, Chinese dudes will be shafted with 15% tax so who cares, right?!

Bet those renters are loving the new rental cap rule right now. Hope they don’t have to move any time soon.

Shut It Down Already
Guest
Shut It Down Already

There’s an even smaller fraction of foreign buyers in Toronto. But that’s not the only change they introduced today.

Oracle
Guest
Oracle

Typical HAM comment.

#Invasion

Best place on meth
Member
Best place on meth

Sure it worked in Vancouver, sales in Toronto and Victoria went ballistic right after.

It’s like playing fucking whack-a-locust.

Oracle
Guest
Oracle

So why you got your panties in a knot over this?? HAM by chance?

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