“Canadian home sales cool in April; new listings spike”, Globe & Mail

http://www.theglobeandmail.com/real-estate/the-market/canadian-home-sales-cool-gta-leads-decline/article34986046/

“Resales of Canadian homes fell 1.7 per cent in April from record highs in March as new listings spiked”

“actual sales, not seasonally adjusted, were down 7.5 per cent from April 2016”

“Often, when you have a truly unsustainable housing market, you will see very rapid price increases (and) very rapid credit growth,” Poloz said. “But we don’t see that in the credit side, so I do think a significant amount of this that is fundamental, but layered on top, is a speculative element.”

Fundamental? I guess incomes in Toronto must be rising at 30-50%+ per year to fundamentally support the incredible rise in home prices. Boy, the people must be ecstatic there to be living in such times…..

http://ca.reuters.com/article/businessNews/idCAKCN18B041-OCABS?pageNumber=1&virtualBrandChannel=0

You can read the bulk of the Globe and Mail article here at Z-H: http://www.zerohedge.com/news/2017-05-13/canada-hasnt-seen-bank-run-such-decades-finance-minister-wont-rule-out-home-capital- “….Canada hasn’t seen a run on a bank such as this in decades, and many in the current crop of regulators have no personal experience dealing with the sort of crisis that unfolded in late April at Canada’s largest alternative mortgage lender. A source said regulators began co-ordinating discussions “early on” in the crisis, before Home Capital was front page news, but no one anticipated the company was so vulnerable. Last summer, OSFI had no concerns with the company’s capital levels, liquidity or stress test results, according to another person familiar with the matter. But as the week of April 24 progressed, regulators grew worried they may not be able to halt the company’s slide. At one meeting involving officials from OSFI, CDIC and the… Read more »

“Mayday at Home Capital”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/home-capital-saga-real-estate/article34972594/

“In the early hours of Monday, May 1, exhausted representatives for Home Capital and a group of lenders hung up the phone in frustration. A deal to give the company an emergency $2-billion loan appeared to be falling apart. Directors at the mortgage firm felt that without the money, they wouldn’t be able to open for business a few hours later.”

“The dramatic story of a financial institution’s near-collapse.”

“Supply scarce for condos as prices climb in Metro Vancouver”, CBC

http://www.cbc.ca/news/canada/british-columbia/vancouver-condo-market-high-1.4111631

“Experts blame the higher condo prices on a lack of new housing projects and government incentives such as the B.C. Home Owner Mortgage and Equity Partnership Program, which is aimed at helping first-time home buyers and has added new buyers to an already overheated market.”

“Tom Davidoff, an associate professor of urban economics at the University of British Columbia, said just as the housing market was starting to cool off, the introduction of the home-buyers program — which helps first-time home buyers with a loan of up to 5 per cent of the purchase price — propped up the market and helped drive up prices.”

“Mark Carney warns Bank of England interest rates set to RISE sooner than expected”, Express

http://www.express.co.uk/finance/city/803213/mark-carney-interest-rates-latest-update-news-economy-negative-savings-inflation

“MARK Carney warned Britons could see interest rates rise sooner than expected, as one of the Bank of England’s key policymakers again called for an immediate hike.”

New
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Price Change
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TI:8597

Just listed! 1225 Elmwood Drive, North Vancouver http://www.clivestevepaul.com/Properties.php/Details/348#viewdetail
We list and sell a lot of real estate on the North Shore & Vancouver. I’ve always appreciated the support of the VCI community. If you know of anyone thinking of buying or selling don’t forget us! TY Paul http://www.clivestevepaul.com