Friday Free-for-all! June 8th 2017

It’s that time of the week again… Friday Free-for-all time!

This is our standard 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:

That one fix they haven’t tried
Credit, can’t get enough of it
Always a good time to buy
Domestic investors bought 1 in 5
Fake stats?
Toronto price fall
Why every bubble looks like normal

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

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southseacompany
Member
southseacompany

“Poloz: ‘Anything’ could cause correction amid speculation in Toronto, Vancouver housing”, BNN Video

http://www.bnn.ca/poloz-anything-could-cause-correction-amid-speculation-in-toronto-vancouver-housing-1.773595

“Canada’s financial system is growing more vulnerable to soaring home prices and record debt loads amid signs more homeowners are moving toward riskier borrowing, the Bank of Canada said Thursday.”

“And with speculators helping drive prices higher in Vancouver and Toronto, “just about anything” could trigger a correction, warned Governor Stephen Poloz.”

Abdul Lahazi
Guest
Abdul Lahazi

“Just about anything” except higher interest rates because that’s not going to happen under his watch.

Joe Condo
Guest
Joe Condo

Poloz’s term runs until 2020. Who knows what can happen in 3 years? If the bond market, US Fed or whatever else pushes rates up, there’s nothing he could do about it.

I remember when banks raised interest rates to 20% back in the early eighties. No government gave a crap about people selling their homes at a loss because they couldn’t make payments.

If the winds blew to raise rates then Poloz would just raise them too, and say ” I warned you”

Best place on meth
Member
Best place on meth

Higher interest rates are the one thing that won’t pop the bubble according to the dumbest central banker in world history.

He could raise by 5% and it wouldn’t make any difference.

FOMO
Guest
FOMO

Rates are already going higher. Market is squeezed by HCG debacle. Less funds out there. Alt lending rates going up.

Confucius
Guest
Confucius

A housefly flaps it’s wings and the whole house of cards comes crashing down.

goofus ottawais
Guest
goofus ottawais

there is a very cool video of a fly flapping his wings in slow motion. You can see a three speed gearbox. Leverage and…deleverage

KickThemOut
Member
KickThemOut
Whew…this was a hot week… As I said earlier, I distributed flyers and infographics about the June 4th event last Friday and boy did it went nuclear. The mainland Chinese girls went crying, yes CRYING, to the boss about it! Complaining about how offensive and hurtful it was to them, and he must help them seek justice by firing the person who did it. Wow…. So we had all hands meetings, team meetings, individual meetings with HR and boss, all trying to get us to confess and such. I gotta to tell you, it was pretty intense! The HK and Taiwan ladies got worst of it since they are the biggest suspects, and let’s face it, there were always animosity between those groups. Anyways, managed to survive through it without being found out. However, we all still have to write… Read more »
Combat roach
Guest
Combat roach

Imbecile, there are plenty of other places to publish your deviant sexual fantasies. You are banned, have some pride and stop defecate on self.

best place on earth
Guest
best place on earth

seek medical help – it’s never too early for individual like yourself.

Best place on meth
Member
Best place on meth

Space, thanks for showing everyone what kind of valuable immigrants your people are.

We need more like you……for target practice.

history
Guest
history

Space reminds me of a quick fresh flower, wilting in the hot sun, transplanted too fast, and no soil bun to protect the roots

Abdul Lahazi
Guest
Abdul Lahazi

Labour market crushes expectations with surprise surge of 77,000 full-time jobs:

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=09TB50&mobile=false

“There’s a lot to like here,” said TD senior economist Brian DePratto, who noted it added yet another good set of data to a growing stack of positive economic numbers in recent months.
“We think the Canadian economy is in a very good place right now.”
Bill Adams, senior international economist for PNC Financial Services Group, called the details “glorious.”

But… we… must… keep… interest… rates… low…

Owen
Member
Owen

Oil prices probably won’t get much worse, so the main holdup now is uncertainty over trade. Unfortunately, negotiating with the Trump chaos administration means this could drag on for years (or not, who knows). A NAFTA surprise deal could mean am earlier hike than analysts expect. Either way, if data like this keep coming, rates are going up early 2018, or a spike in inflation may force the bank’s hand sooner.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Here’s another “straw” that was supposed to break the real estate market’s back:

China capital controls.

Owen
Member
Owen

If, as some claim, foreign capital is buying all the pre-sales and flipping them before completion to avoid the tax, losing it might cause resale prices to rise, as fewer starts enter the pipeline due to a lack of financing. That hasn’t shown up yet but I guess it’s too soon to tell.

Best place on meth
Member
Best place on meth

Condos have been overbuilt to supply the foreign market.

Shaking out the speculators with a hefty foreign buyer tax will quickly expose the undersupply myth.

Shut It Down Already
Guest
Shut It Down Already

Right, that’s why condos took off this year when the provincial government started offering downpayment assistance to foreigners.

Bestplaceonearth
Guest
Bestplaceonearth

Aren’t you getting tired of repeating the same shite every single day? Find some thing constructive to do, or go protesting something.

Best place on meth
Member
Best place on meth

Wow,

That was a constructive comment.

Wow!

Bestplaceonearth
Guest
Bestplaceonearth

Yes, saving your soul is a difficult task.

Owen
Member
Owen

What makes you so sure that condos have been overbuilt? I mean, what exactly is the source of this information? The city’s stats say the number of empty homes hasn’t really been increasing over the years.

Best place on meth
Member
Best place on meth

CMHC has stats showing housing units built and housing formation.

There has been a surplus of units built for many years, currently around 20K compared to 17K new households formed.

So in the last 2 years, not only have there been 6,000 more units built than required, but inventory has dropped by another 6,000.

Who’s bought these 12,000 surplus units?

And why are pre-sales being marketed in china?

Shut It Down Already
Guest
Shut It Down Already

Speculators, dumbass.

paulb
Member
Active Member

New
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TI:8958

http://www.clivestevepaul.com

history
Guest
history

I can assure you that the NASDAQ is going to completely crash sometime between now and July 21st

http://slopeofhope.com/2017/06/beginners-luck.html

Hyper-mega-Bull
Member
Hyper-mega-Bull

stock market crashes
governments print money
houses go up.

YVR
Guest
YVR

Looks like the GreenDP called victory too soon. The most likely scenario at this point is an election in the fall. Nobody is going to appoint a speaker which will result in an election. Better donate those $5 bills if you want fuel in that Horgan bus.

“B.C. NDP warns supporters election could be called in weeks”

“We could face an election call in just a couple weeks,” it reads. “Can you chip in $5 or more so we can be confident we’re all ready for whatever happens?” The NDP isn’t the only party soliciting donations; the Liberals have added more than $1.4 million to their war chest since the election was held just one month ago.

http://bc.ctvnews.ca/b-c-ndp-warns-supporters-election-could-be-called-in-weeks-1.3452359

Combat roach
Guest
Combat roach

Sad, how ugly it gets when greed and corporate interests get in a way of something what should be democracy in attempt .

YVR
Guest
YVR

Democracy would have seen the Greens support the Liberals who won the most seats and the popular vote. If the Greens did that we wouldn’t have this issue. The Green and NDP coalition does not have enough seats for a speaker and a majority of votes in the legislature. They got poor advice when the planned this. Therefore if the Greens or NDP do not want to support the Liberals in the legislature (they do have a choice) there will be another election. That is democracy.

Bestplaceonearth
Guest
Bestplaceonearth

Rather spend 45 mil for another election, than billions with the ndpreen.

history
Guest
history

touche, in our debt money economy, debt comes first, then comes the spending

Best place on meth
Member
Best place on meth

If Corrupt Cunt is so desperate to hang on to power that she would try to engineer another election right away, she’ll destroy her party.

Go for it, CC.

YVR
Guest
YVR

An election is at the hands of the NDP and Greens. They are the ones that will make the call on the election. If either the NDP or Greens don’t want an election it wont happen.

Best place on meth
Member
Best place on meth

” Horgan stood by the email Friday, suggesting Lieutenant-Governor Judith Guichon could choose to reject the NDP’s minority government and send British Columbians back to the polls over the summer.

“I don’t think anyone wants that to happen, but it’s a real possibility,” Horgan said. “Until we get to the position of forming a government, anything can happen.”

Reject on what grounds? Paid off by the Libs?

bullwhip29
Guest
bullwhip29

guichon is a Liberal supporter. famiily own massive acreage and has done so for generations too. if push comes to shove, she’ll back krusty

Combat roach
Guest
Combat roach
Best place on meth
Member
Best place on meth

Adorable, the love is unmistakable.

Good move by Horgan to get it out there, that Guichon might not be trustworthy to do her job properly.

Now it’s going to be harder for her to fuck over the majority of voters.

Just me
Guest
Just me

I agree. An early vote would be very bad for the BC Libs. They would have most to lose: might open the floodgates.

Many younger voters would be inclined to show up this time round.

YVR
Guest
YVR

LOL. An early vote favours the Liberals. Landslide IMO. People who voted Green will flip now they know a Green vote is an NDP vote.

patriotz
Member

“People who voted Green will flip now they know a Green vote is an NDP vote.”

As has been reported, the Greens nearly reached an agreement with the Liberals but changed their minds after a furious pushback from their own members and supporters.

The BC Liberals came close to forming an alliance with the Green Party that would have salvaged Premier Christy Clark’s government. But in the end, it was an arrangement many Greens simply could not stomach, reports Justine Hunter

https://www.theglobeandmail.com/news/british-columbia/how-a-deal-with-the-greens-slipped-away-from-christy-clarks-bcliberals/article35170767/

YVR
Guest
YVR

“The pressure came from environmental and First Nations groups”

In other words the swamp wanted the NDP in control. Regular Green votes which is what counts in an election obviously would have voted NDP if they wanted the NDP running things. Nobody predicted an NDP/Green alliance prior to the election. With this in play now it changes how people will vote in the next election.

patriotz
Member

““The pressure came from environmental and First Nations groups”

Hey, how about finishing the sentence:

“that increased pressure publicly and through direct calls and e-mails from supporters who did not want them to prop up the Liberal government for another four years. ”

Quit being ridiculous. The Greens, like any other party, care about getting elected and if they thought their own voters would rather have them support the Liberals that’s exactly what they would have done.

YVR
Guest
YVR

“The Greens, like any other party, care about getting elected”

The Green party thought the alliance with the NDP would work. They got bad advice. It looks like there is zero chance the NDP/Green alliance with govern now. If you want to predict this is good for the Greens in the next election go ahead.

Just me
Guest
Just me

The Greens would be wiped away. But Liberal voters would not support the BC Lind. Majority of them cannot even stomach the idea of a CC government.

bullwhip29
Guest
bullwhip29

actually the libs have nothing to lose. an early vote would favor them as the ndp and greens are broke and krusty will undoubtedly tweek her election platform to appease many who initially opted for a change. i would expect voter turn out to be lower too as fatigue sets in. on the other hand the situation could be dragged out indefinitely to keep horgan from getting his hands on the keys to the office

southseacompany
Member
southseacompany

“Canada’s housing market on the brink of ‘severe downturn,’ warns Capital Economics”, BNN

http://www.bnn.ca/canada-s-housing-market-on-the-brink-of-severe-downturn-warns-capital-economics-1.774787

“The hot housing markets in Vancouver and Toronto appear to be on the verge of a severe downturn that could hit Canadian economic growth, says David Madani, Senior Canadian Economist at Capital Economics.”

““The uptick in Vancouver home sales is nothing more than a head fake, while the worsening sales slump in Toronto’s much larger housing market points to a correction in prices,” said Madani in a report.”

history
Guest
history

kinda doubt it. when has BNN, Madani, or MacLeans been right? More likely we have a Moon landing with Nasa Bankers telling the aforementioned media it was all faked. Write off your losses on Chinese toilet paper and flush.

southseacompany
Member
southseacompany

“How an NDP government in B.C. would tackle Vancouver housing costs”, BNN Video

http://www.bnn.ca/real-estate/video/how-an-ndp-government-in-b-c-would-tackle-vancouver-housing-costs%7E1140739

“Greg Bonnell speaks with David Eby, BC NDP MLA, about Vancouver housing prices and changes that may come under an NDP provincial government.”

Just me
Guest
Just me

David Eby is great. If he actually follows up on removing anonymity on the title for real estate and add a levy on non-tax-residents and non-filers, the effects will be unprecedented. Literally.

I actually believe some people are very nervous right now.

southseacompany
Member
southseacompany

“The rise of the grey market for lenders”, BNN Video

http://www.bnn.ca/real-estate/video/the-rise-of-the-grey-market-for-lenders~1140731

‘Albert Collu, president of Verico Financial Group, talks about the rise of the so-called grey market for lending.”

history
Guest
history

‘so called’ gotta luv that expression. The author probably has a loan with one of these guys, repackaged a dozen times, and dependant on the next crop of afghani opium, if they can succesfully run the gamut thru Iran, Qatar, Saudi, Iraq, Jorden, Isntrael and Lebanon

Abdul Lahazi
Guest
Abdul Lahazi

Transforming studio living: MIT startup brings robotic furniture to Vancouver:

http://www.cbc.ca/news/canada/british-columbia/transforming-studio-living-mit-startup-brings-robotic-furniture-to-vancouver-1.4154740?cmp=rss

And look who their partner is; Bosa Development Corporation, one of the premier consumer rip-off developer/builders in the lower mainland. So now you can live in a 200 square foot condo and have your furniture move around automatically.

history
Guest
history

and from your Bosa highrise… you still cant do anything about the wailing sirens and street noise, as ambulances take the latest boomer to the hospital… gotta luv urban livin

history
Guest
history

remember Nothern Telecom?

todays mortgage broker efficiency reminds me of the Canadian telecom industry back in 2000

https://www.canadianmortgagetrends.com/2017/06/new-app-broker-cheat-sheet-lender-policies/

history
Guest
history

Horgan prepping the plebes for a new election.

reminds me of Woodstock 69. Peeps didnt really know what they were due for… set the scene for years afterwords. When the second writ is dropped, get involved, political rally, party, and generally Get Down… one two, one two, get down everybody…

Best place on meth
Member
Best place on meth

When the second writ is dropped…..

Much like the “imminent” Trump impeachment, some people are getting way ahead of reality.

Shut It Down Already
Guest
Shut It Down Already

You’re right, we should totally trust the guy who accused his predecessor of wiretapping him, promised that there’d be smoking gun evidence “in two weeks”, then never mentioned it again.

fassda
Guest
fassda

Seems legit. So refreshing to have a politician that doesn’t lie ever unless it’s absolutely brazen and obvious.

LS in Arbutus
Guest
LS in Arbutus
https://www.ft.com/content/c8bae1f4-3898-11e7-821a-6027b8a20f23 The gilded glut: falling demand hits luxury property market Three years after the global financial crisis, developers began selling the first “ultra-luxury” apartments in One57, a smooth 90-storey glass tower along the south side of Central Park designed by the French architect Christian de Portzamparc. It was a sensation. Within six months, half of its multimillion-dollar residences had sold. In 2013 a consortium led by the hedge fund manager Bill Ackman agreed to pay $91.5m for a 13,500 sq ft condominium in the building. Mr Ackman told an interviewer that he had no plans to live in it. Instead, he and his friends planned to “flip” it for a higher price after having a few parties there. Another condo sold for more than $100m. The story is different today, however. The developer, Extell, is selling the remaining One57 apartments… Read more »
Just me
Guest
Just me
Some bits and bobs. “Over the last 10 years we have seen different international nations acquiring great wealth — in East Asia, the Middle East,” says Winston Chesterfield, director at Wealth-X, a research group. “That audience was spreading its wings, flying around the world looking for units, especially in major cities.” Such capital flows can dry up rapidly, however. For example, Chinese, Hong Kong and Taiwanese purchasers spent $27bn on US homes in the year to March 2016, according to the National Association of Realtors, but the numbers of mainland Chinese buyers are shrinking, agents say, as outbound capital faces tougher scrutiny from Beijing. Developers also have another problem: the use of their creations as visual symbols of inequality and corruption. In Vancouver and Sydney, local administrations have responded with taxes to deter foreign buyers. The US has taken measures… Read more »
C.Junta
Member
C.Junta
Skook
Member
Skook
After a sabbatical, I’ve begun to post again over at my Sunshine Coast RE blog. Just a few entries so far to get back in the groove. https://sunshinecoastbcrealestatestatist…ogspot.ca/ If you look at the blog title, you’ll notice a change – I’m going to be adding Powell River stats – something a thought about in the past. Here’s the projected order of posting: – Powell River 2016 sales stats – Powell River 2017 sales stats – Bowen Island 2016 sales stats – Bowen Island 2017 sales stats – SC 2016 sales stats – SC 2016 sales summaries – SC 2017 sales stats In addition, I’m preparing “About” pages for Powell River & Bowen Island; as well as, demographic/population posts for all three areas based on last month’s release of 2016 Canada Census data (scary). If you’re interested in what’s happening in… Read more »
history
Guest
history

https://www.castanet.net/edition/news-story-197931-3-.htm#197931

Residents on the Sunshine Coast are taking their housing crisis into their own hands.

Pamela Robertson created a GoFundMe page with the lofty goal of raising $1 million to buy an 11-acre property five minutes from Gibsons and build 46 small homes to help with the region’s housing crisis.

bullwhip29
Guest
bullwhip29
by clark leaving the isld, sunshine coast and other regions tax free not to mention a healthy dose of nimbyism throughout communities like this it is no surprise things ended up this way. powell river is an odd situation with all the intl schools on the drawing board. why here? i recently visited a relative there in april and i had to do a double take when visiting willingdon beach which i almost mistook for garry point park as there were numerous parties all sporting canada goose parkas enjoying a little outdoor hotpot action. i never experienced the same thing in gibsons or sechelt but many observers tell me many 1000’s of detached homes were scooped up in 2015/16 mostly by asian investors who are either rebuilding or using as vacation homes (and not renting out for most part).
southseacompany
Member
southseacompany

“A Realtor’s Revolt: Why Steve Saretsky is exposing the truth about Vancouver’s real estate industry.”, The Tyee

https://thetyee.ca/News/2017/06/12/Realtor-Revolt-Vancouver/

“in Saretsky’s words: “I would boil it down to low interest rates creating an easy credit environment, slash foreign capital coming in and distorting the market, and ultimately, as prices went up, it fuelled a fear-of-missing-out speculation.””

history
Guest
history

“(Vancouver has).. tremendous amount of appeal to people all over the world. ”

okay, why is that Steve?

southseacompany
Member
southseacompany

“Canada’s new housing risk: uninsured mortgages”, Globe & Mail

https://www.theglobeandmail.com/report-on-business/rob-commentary/canadas-new-housing-risk-uninsured-mortgages/article35280632/

“The problem is that many Canadians are now bypassing mortgage insurance altogether, creating new risks for borrowers and lenders. Buyers are choosing to make larger down payments on more expensive homes and stretching out amortization periods, exacerbating the country’s debt problem. Meanwhile, lenders are more exposed because a growing share of their mortgage portfolios is not insured against defaults.”

southseacompany
Member
southseacompany

“This week: Get ready for the Fed to raise interest rates”, CNBC

http://www.cnbc.com/2017/06/11/this-week-get-ready-for-the-fed-to-raise-interest-rates.html

“Unless something completely off the wall happens in the next couple of days, the Fed is going to approve another quarter-point hike.”

southseacompany
Member
southseacompany

“Fitch warns of risks for Canada’s banks as housing prices remain elevated”, BNN Video

http://www.bnn.ca/video/fitch-puts-canada-s-banks-on-watch-as-housing-prices-remain-elevated~1141353

“Doriana Gamboa, senior director at Fitch Ratings, joins BNN’s Catherine Murray for a look at why escalating housing prices could signal a red flag on Fitch’s ratings for Canada’s banks.”

KickThemOut
Member
KickThemOut

How low and pathetic this blog has sink down into…a fetid pile of shit thanks to a bunch of tough talking: I’m 6 feet muscular guy and I love beating up on small sickly weak Chinese – that is if I get bother to get off my chiseled butt and actually get out of the basement, not blinded by the sun, and do something. I hate house bubble but I’m too lazy to even attend a protest about it. I hate the BC LIbs but I’m too cheap to donate money to other candidates. What? Volunteer?! Are you out of your mind? I’m too lazy to attend a protest or do anything useful and you want me to volunteer for candidates to defeat CC who I hate to my bones?

Bestplaceonearth
Guest
Bestplaceonearth

Get medical help.

Best place on meth
Member
Best place on meth

Severe and incurable medical condition?

CHECK!

http://www.bbc.com/news/world-us-canada-31170569

bullwhip29
Guest
bullwhip29

lol…it all makes sense now with those dreams and fantasies about muscular guys with chiseled butts that can never be acted on or revealed to his parents…

time to move out of the basement, space

KickThemOut
Member
KickThemOut

And there is always accusing people to be somebody else if they can’t get their way. At least I’m actively doing something about it. You just sit on your ass and cry like a baby.

Hyper-mega-Bull
Member
Hyper-mega-Bull

Canada’s Tech Firms Capitalize On Immigration Anxiety In The Age Of Trump

http://www.npr.org/2017/06/09/532220824/canadas-tech-firms-capitalize-on-immigration-anxiety-in-the-age-of-trump

Hyper-mega-Bull
Member
Hyper-mega-Bull

these hightech workers can out compete most of you in the rental and real estate markets.

Funkeymonkey
Member
Funkeymonkey

Not me I make more than tech workers.

Hyper-mega-Bull
Member
Hyper-mega-Bull

no one cares

paulb
Member
Active Member

New
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TI:9076

http://www.clivestevepaul.com

Best place on meth
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Best place on meth
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