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Friday Free-for-all! June 8th 2017

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113 Comments

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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[…] –Poloz: ‘anything’ could cause correction –Owners face threat of rising rates –Interest rates are a blunt tool –Realtor revolt –Manitoba wants foreign buyers – […]

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[…] Southseacompany pointed out this article where Bank of Canada governor Stephen Poloz is reported to have said that low interest rates have done their job. […]

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Abdul Lahazi

Year-long money laundering investigation leads to nine arrests:
http://www.news1130.com/2017/06/13/year-long-money-laundering-investigation-leads-nine-arrests/

Sgt. Brenda Winpenny says the hierarchy of this organized crime group has national and international links.
“Without getting into specifics… there definitely has been an influence from mainland China,” she says.

Mainland China? What a surprise…

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BubbleTea

Anbang confirms chairman detained by Chinese government
https://www.ft.com/content/d076cf8c-5064-11e7-bfb8-997009366969
Doesnt look good for Bentalll and Retirement Homes Anbang had purchased.

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Combat roach

If it weren’t serious it would be laughable to watch how clowns consider the state security.

U.S. rebukes Canada over Chinese takeover of Norsat

The Trudeau government’s decision to greenlight a Chinese takeover of a Canadian high-tech firm that sells satellite-communication systems to the American military jeopardizes U.S. national security, a congressional commission warned Monday and urged the Pentagon to “immediately review” its dealings with Vancouver-based Norsat International.

https://www.theglobeandmail.com/news/politics/us-rebukes-canada-over-chinese-takeover-of-norsat/article35294914/?cmpid=rss1&google_editors_picks=true

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Abdul Lahazi

Justine admires communist regimes so he has no problem giving them all our secrets because he doesn’t see commies as a threat.

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squeak

I don’t think JT has the intellectual capacity to be in the position he is in.

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Combat roach

But knows how to take selfies.

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Shut It Down Already

You’d probably say the same about Norsat’s board of directors?

Smart people tend not to be so quick to judge, especially when they don’t have all the facts.

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KickThemOut

Good to see both bestplaceonearth and BPOM both agree that the bear leader BPOM need some medical help. If only bears are charitable souls willing to chip in some changes for BPOM’s mental health therapy. Well, bears also need to get out of their basement and do something positive for a change, rather than posting stupid useless links on a blog all day long.

Maybe BPOM will have better chance seeking help from the bulls who actually have some $$$, and initiative to actually do something. Maybe a therapist will be charitable and take on BPOM’s disciples as well for group therapy sessions.

Get help people….it’s so sad that it’s almost no longer funny now.

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southseacompany

“Bank of Canada governor says low interest rates have done their job”, CTV

http://www.ctvnews.ca/business/bank-of-canada-governor-says-low-interest-rates-have-done-their-job-1.3457108

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southseacompany

Looking back at this headline from January 2015. Gee, thanks for the ‘job’ low interest rates have done, Poloz

“Mortgage rate thaw renews fears of Canadian housing bubble”, January 2015

http://business.financialpost.com/personal-finance/mortgages-real-estate/mortgage-rate-thaw-renews-fears-of-canadian-housing-bubble

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bullwhip29

looking back at this headline from June 8, 2017…
http://www.bnn.ca/poloz-anything-could-cause-correction-amid-speculation-in-toronto-vancouver-housing-1.773595

>>> i dont know what sorts of games poloz and wilkins are playing but higher rates would knock out all the legs from under the Cdn economy. i suspect their scheme is to get buyers to lock in sooner rather than later and then drag their feet on hiking indefinitely. completely irresponsible…

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southseacompany

“Realtor sees ‘troubling’ downturn in Toronto housing as sales drop 44%”, BNN Video

http://www.bnn.ca/realtor-sees-troubling-downturn-in-toronto-housing-as-sales-plummet-44-1.776748

“New data suggests the rapid decline in Toronto home sales is accelerating, and at least one housing bear sees a Canadian real estate correction of up to 40 per cent coming.”

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bullwhip29

Farmland speculation: The buck stops with municipal politicians
http://vancouversun.com/opinion/op-ed/opinion-farmland-speculation-the-buck-stops-with-municipal-politicians

>>> some comments from David Baines…

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southseacompany

“Average payments on new mortgages climbing faster than inflation, CMHC says”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/average-payments-on-new-mortgages-climbing-faster-than-inflation-cmhc-says

“Canada Mortgage and Housing Corp. says the fact that the average scheduled monthly payment is growing faster than inflation is concerning because it suggests that homeowners could struggle to make their payments going forward”

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Abdul Lahazi

Couple’s tiny-home dream killed by City of Vancouver rules:
http://www.cbc.ca/news/canada/british-columbia/couple-s-tiny-home-dream-killed-by-city-of-vancouver-rules-1.4154700

Here is a productive and industrious couple trying to make a go of it in expensive Vancouver and the city shuts them down. So much for Gregor wanting to “help” people live in Vancouver.

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bullwhip29

typical vancouverites ratting out their neighbors…

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Hyper-mega-Bull

park your trailer in a trailer park just like everyone else.

thankfully being into local indie bands and know how feed the CBC self righteous BS doesn’t make you above the law.

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Shut It Down Already

I can only imagine your reaction, and that if your fellow clowns, if these people had been Chinese.

But you’re not at all biased, right?

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Abdul Lahazi

Average payments on new mortgages climbing faster than inflation, CMHC says:
https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TGB0902&mobile=false

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Bag it and tag it

Interesting article, which is implying world wide credit is drying up led by China, which would be a leading indicator of a global real estate crash if the trend continues…
http://www.zerohedge.com/news/2017-06-12/ubs-has-some-very-bad-news-global-economy

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Abdul Lahazi

Speaking of credit availability:
http://globalnews.ca/news/3522985/future-of-sears-canada-in-doubt/

TORONTO – Sears Canada says it has been unable to arrange as much financing as it hoped and there’s “significant doubt” of the company’s ability to continue as a going concern. Sears Canada says it had expected to able to borrow $175 million, but now expects to borrow only about $109 million.

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southseacompany

“Bank of Canada signals next move will likely be rate hike in ‘hawkish’ speech about growth”, CTV

http://www.ctvnews.ca/business/home-prices-could-fall-up-to-40-per-cent-economist-1.3454660

‘Senior deputy governor Carolyn Wilkins said the gains are something Canada hasn’t seen since before the oil-price collapse nearly three years ago. Analysts said these and other comments suggest the central bank is beginning to assess when, not if, the bank might introduce its first rate increase in nearly seven years.”

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bullwhip29

it’s all about what they do, not what they say…unless, of course,the purpose of jawboning the market higher was to somehow pull housing demand forward. imho this will probably not be enough to offset the new lending guidelines that either have been or will soon be rolled out by the various banks. imho it is highly irresponsible for these folks to make such false claims about a so called rebounding cdn economy when, in fact, the more likely outcome is another recession in both cda, the US and elsewhere

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LS in Arbutus

https://twitter.com/604realtor/status/874316150200442880

Not sure if you can see this but it says that starting June 18th that Scotia Bank making it harder for foreign buyers in #VanRE. Maximum loan will be $750,000 (50% loan to value). US buyers can get 80% loan-val

Supposedly TD to follow. <<< Game changer if true.

But shouldn't be an issue since off-shore buyers only pay cash, right?

Oh and 7283 Wiltshire Street Vancouver <<< Foreclosure…. $4.98 million

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bullwhip29

i think BMO and CIBC have already implemented similar measures. we’re not at defcon 5 or anything like that yet, but the powers that be are acutely aware that the forecast is for stormier weather going forward. this said, the very same players know that the health of the Vanc housing market is a key factor in the bigger scheme of things and according to some (incl myself) is likely too big to fail. prices in toronto and elsewhere (ie. victoria) would not be where they are had the bubble here not been blown up to extreme levels. given this, i maintain my belief that some divine intervention will keep our gangster in chief krusty in power for way longer than most expect.

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Combat roach

Maybe in Toronto but Vancouver is different. Major stakeholders would keep pumping money in, to maintain their hard earned and laundered investments afloat?

Home prices could fall up to 40 per cent: economist

http://www.ctvnews.ca/mobile/business/home-prices-could-fall-up-to-40-per-cent-economist-1.3454660

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Shut It Down Already

“Major stakeholders would keep pumping money in, to maintain their hard earned and laundered investments afloat?”

How would that work then?

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Combat roach

The same way it works in China but much easier due to a small scope and huge interest. At the and it’s literally their territory although we like to call it BC, Canada.

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Shut It Down Already

What on earth are you trying to say?

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paulb

New
367
Price Change
83
Sold
167

TI:9076

http://www.clivestevepaul.com

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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

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Hyper-mega-Bull

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

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Funky monkey

Not me I make more than tech workers.

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Hyper-mega-Bull

no one cares

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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.

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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?

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Bestplaceonearth

Get medical help.

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Best place on meth

Severe and incurable medical condition?

CHECK!

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

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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

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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.”

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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.”

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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.”

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