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Mortgage rules are working to cool market

August 23, 2017 VCI Admin

Pointed out by SouthSeaCompany: Mortgage rule changes are cooling housing market: Morneau

“Finance Minister Bill Morneau says last October’s sweeping mortgage rule changes aimed at cooling Canada’s housing market have successfully dampened high-risk borrowing.”
“But despite a report urging Ottawa to look at ways of boosting support for Canadians entering the housing market, the Minister ruled out any new measures along those lines, expressing concern that such an approach would encourage higher house prices.”

Read the full article over at the Globe and Mail.

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bullwhip29

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Click to flag and open «Comment Reporting» form. You can choose reporting category and send message to website administrator. Admins may or may not choose to remove the comment or block the author. And please don't worry, your report will be anonymous.

Construction company Aecon reportedly considering a sale
https://www.theglobeandmail.com/report-on-business/construction-company-aecon-reportedly-considering-a-sale/article36088237/

“the people, who asked not to be identified because the matter is private said the company could attract interest from Chinese bidders”

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bullwhip29

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for those not up to speed on the matter, Aecon Group Inc. is Canada’s largest publicly traded construction company, providing a range of services to private and public sector clients across its three core segments of Infrastructure, Energy, and Mining.
https://en.wikipedia.org/wiki/Aecon

VCI Real Estate Aug 25 2017 | Vancouver Condo Info

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[…] –RE based policy painful no matter what –Interest rate normalization –Sharp reversal in Toronto –Tougher penalties for Realtors? –Foreign buyer ban for farm land? –Retail sales slow but hike still expected – […]

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history

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you had your chance to sell to the Chinese, but that wont save you now

http://www.obj.ca/article/cominar-reit-focus-ottawa-quebec-it-sells-14-portfolio

“One of Canada’s largest commercial property owners is selling the Dixie Outlet Mall near Toronto and Calgary’s Scotia Centre tower, as it unloads about 100 properties following a ratings downgrade to focus on its base in Quebec and the Ottawa region.”

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southseacompany

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“‘Painful no matter what happens’: economists worried by B.C.’s financial reliance on real estate”, CBC

http://www.cbc.ca/news/canada/british-columbia/real-estate-economy-1.4260288

“UBC prof. says it’s bad policy to base a budget around real estate industry”

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history

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Main Stream Media is the sick dog on the street. Following the prop of the elites.

Nurture the poodle, is what i say. In fact, renovate your house around your pet. It benefits the construction trades, although the human tradesmen (who we really dont give a shit about because he doesnt launder money)….will need to sleep in the vehicles.

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YVR

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Lindsay Tedds, an economist at the University of Victoria, agrees that the current framework of B.C.’s economy relies heavily on the strength of the market. “Much as we like to point to Alberta being so reliant on their oil revenues, we are very reliant on the real estate industry to prop up our economy,” As I told everyone prior to the election this is why the NDP will not intentionally cool the market. They want to spend all the revenue it brings in. Looks like more programs to help people buy coming as the NDP solution, which of course just makes it worse. At this point however, Somerville said despite the NDP’s promises of cooling the market, so far their strategies are more geared towards making it easier for people at the bottom end of the market to buy property.

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southseacompany

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“Price Slump, Tight Cash Wreak Havoc in Canada’s Top Housing Market”, Reuters

https://money.usnews.com/investing/news/articles/2017-08-25/price-slump-tight-cash-wreak-havoc-in-canadas-top-housing-market

“The sharp reversal in Toronto’s home prices has thrown Canada’s biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago.”

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YVR

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More high priority things getting done from our federal government.

Beginning Aug. 31, Immigration, Refugees and Citizenship Canada (IRCC) will introduce an interim measure to allow people to identify themselves as having a gender that is unspecified. Immigration Minister Ahmed Hussen said he was making the change so all Canadians can feel safe

http://www.cbc.ca/news/politics/transgender-passport-x-identify-1.4261667

I feel so much safer now. Lets not worry about the illegal refugees from god knows where pouring across the border or the immigration fraud and money laundering that the Immigration Minister should be dealing with.

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history

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Interesting policy change. Well, who care anyway? Can the immigrant work with construction tools? Read a blueprint? How is his or her back? Can IT carry a 20kg bag of cement? Wire a house, install plumbing? Roofing?

naaaaw cant do any of that, but they will live in a house built to code… Gimme!!!

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paulb

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Screwed

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Will never reach 10k…

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Best place on meth

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Never?

If only someone offered me such a bet where the loser dies.

I would be all over it.

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best place on earth

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no one needs to die. but bears’ lives have been screwed since 2004.

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Combat roach

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Give us more, your wisdom heals.

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KickThemOut

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Is stress and jealous getting a little bit too much for VanGirl or another bear here?

Vancouver SkyTrain Passenger Goes On Racist Rant, Gets Called Out By Riders
http://www.huffingtonpost.ca/2017/08/24/vancouver-skytrain-passenger-goes-on-racist-rant-gets-called-out-by-passengers_a_23178680/

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75 year old,….known to police for anger issues…..clearly another Nazi.

I can’t believe how many Nazis there suddenly are everywhere, pretty soon they’ll outnumber money laundering shinease.

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Shut It Down Already

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You’ve forgotten already?

http://globalnews.ca/news/3059918/rash-of-disturbing-acts-of-racism-reported-in-u-s-after-donald-trump-wins-u-s-election/

Some morons thought that the events of November gave them a voice. They were mistaken.

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YVR

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Acts of racism didn’t take place prior to Trump? There are no stats that indicate anything has increased. It is all fake news. I recall some pretty nasty stuff taking place under Obama. Like mass shootings increasing by 8 times compared to Bush and any other presidency:

http://truthstreammedia.com/wp-content/uploads/2015/12/msbypres.jpg

Your article cites 5 relatively minor isolated incidents across the US. Hardly a rash and not comparable to the things that happened under Obama’s watch. Did the 162 mass shooters think Obama gave them a voice?

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Shut It Down Already

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Did the shooters use Obama’s name whilst committing their crimes? No.

I always thought “shit for brains” was a metaphor until you came along.

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YVR

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Obama has invited the group BLM to the Whitehouse and defended them after they continuously slaughter police offices. He also blamed “both sides” after 5 police officers who did nothing other than being police officers were murdered by a BLM activist at a BLM protest.

http://m.washingtontimes.com/news/2016/jul/12/obama-defends-black-lives-matter-protests-police-m/

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YVR

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“Christian, who shows support for Vermont Sen. Bernie Sanders on his Facebook page”

Witnesses said Christian stabbed three people who tried to calm him down after he was directing hate speech at two teen girls on the train who are believed to be Muslim.

https://www.usatoday.com/story/news/nation-now/2017/05/30/portland-train-stabbing-suspect/353963001/

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YVR

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Actually the most recent example was done under Bernie Sanders name. Which is is worse. Trying to murder the Congress in a mass shooting or spray painting graffiti on a wall?

Scalise shooter identified, was Sanders volunteer

http://thehill.com/blogs/blog-briefing-room/337743-shooter-identified-as-illinois-man

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Shut It Down Already

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Do you realize that there’s a difference between being a supporter of somebody and invoking their name (via, say, attire) whilst committing the deed? Do you understand that the very next day after the election there were racial attacks carried out by morons basically saying “Trump won, and because of that I’m free to act like this!”.

What am I saying? Of course you don’t.

Neither of your links are relevant.

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6 of 10 deadliest mass shootings in US history during Obama presidency.

Why did so many mass murderers feel they could come out during Barack’s tenure?

But obviously a bunch of losers marching with $5 Walmart tiki torches is the big issue here.

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Shut It Down Already

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“Made in China” tiki torches? Not the smartest, are they?

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Combat roach

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Aside that obvious crackhead rather interesting thing is an ubiquitous excuse that became justification to tolerate and accept every shit as a part of multiculturalism.

“man apologized and explained it’s normal for people to talk loudly in the Philippines.”

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I once yelled at someone from the Philippines.

Told them to get their car off the sidewalk, that’s not where we park in Canada.

True story.

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Best place on meth

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Feds widen hunt for dirty money in Miami real estate

http://www.miamiherald.com/news/business/real-estate-news/article168915302.html

On Tuesday, the U.S. Treasury Department announced it would extend and expand a temporary initiative designed to uncover criminals laundering money through real estate. The decree targets secretive shell companies — corporations that don’t have to reveal their true owners — buying luxury homes. The feds have already renewed the rules twice since announcing them in January 2016.

But this time, there’s a big difference — and it’s putting Miami’s struggling condo market under even more scrutiny.

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DaMann

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And this isn’t being done here why? it’s a total Banana republic here with virtual open door policy to any and all corrupt money. Bloody shameful what’s been going on and what is allowed to go on.

But hey, as long as people are preoccupied with now eradicating Sir John A Macdonald from history then that’s all we need right? Fucking morons

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patriotz

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Cool down, that was a resolution of Elementary Teachers’ Federation of Ontario. Easy to say things like that when you have no power to do anything, and even in Ontario nobody cares what they think. I can assure you that the average person in Ontario is concerned with much the same issues as the average person in BC. I can also assure you that the Ontario government, which is facing an election next year, won’t go near it.

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Combat roach

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Any legal, meaningful action that could potentially have race card pulled off by local douchebags is not feasible. Too many assholes are now benefiting from the “race issue business” therefore they will (ab)use it until the last available Chinese.

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Mick Murphy

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New book could help Chinese-Canadian issues in Richmond

“When you see yourself as a guest, it’s easier to come here and take advantage of the place, and leave,” Ding said.

http://www.richmond-news.com/news/new-book-could-help-chinese-canadian-issues-in-richmond-author-1.22112253

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YVR

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Looks like Weaver is the only one looking to take action on housing.

“The NDP need to start sending the market a message that the speculation will end sooner, rather than later,” Weaver said. According to Weaver, the NDP campaigned with promises to tackle housing affordability, but have been too quiet since taking office. He said in the coming days he will announce plans to press the NDP into action.

The NDP star MLA Selina is reviewing data before “considering whether to make any moves on affordable housing”. Wow I knew the NDP were frauds but never guessed they could be this bad.

Meanwhile, new NDP Housing Minister Selina Robinson has said the government must review data on measures such as the Metro foreign-buyer tax before considering whether to make any moves on housing affordability.

http://vancouversun.com/news/local-news/green-leader-weaver-pushes-foreign-buyer-ban-for-farmland

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Doomcouver

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Ironic that the Green swing vote might be the only reason why we could see some cheaper housing. I could see the NDP not tackling affordability to keep all their homeowner voters happy, but if the Greens threaten to trigger a re-election, the NDP will almost assuredly cave to their demands.

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Dave

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I actually think the current situation is quite stable. Neither the NDP nor Greens want to call an election because they know the Liberals will be very competitive and could possibly win a majority. I think this is ultimately why Weaver signed with the NDP and not the Liberals. The Liberals would have been more likely to pull the plug and seek a majority government. With the NDP, the Greens are more likely to get electoral reform which is 90% of what they want. And they’re not leaving the coalition until they get it. They only possible way they would is if their supporters go nuts over Kinder Morgan and Site C. But short of a complete coup, I don’t see Weaver pulling the plug. Peripheral issues like housing come and go, but minority governments in BC are more rare… Read more »

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YVR

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I don’t know about triggering an election right now but they will either force them to act or embarrass them.

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Dave

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The Greens won’t pull the rug out on the government until they get a referendum on electoral reform. That’s their only possible pathway to having any power beyond the current government.

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patriotz

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Absolutely right. Of course, that doesn’t stop them from trying to draw voters away from the NDP before the election. But until PR is the law of the land, they will back the NDP on every matter of confidence.

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Dave

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And by extension, the NDP will be in no rush to bring in electoral reform. I think a lot of their supporters like the idea now but that will fade in time. I am pretty sure the party strategists will realize it’s not to their benefit by the time they get around to it. Their challenge will be how do you play lip service to the issue and do nothing in reality. If it was me, I would say we’re watching what the Federal Liberals are doing on this before we come up with a plan here.

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Dave

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The NDP are tight with many of our municipal governments who need the housing bubble to continue. The NDP brought in a whole bunch of Vision Vancouver types who will bring them into the goody room:

https://www.youtube.com/watch?v=sr9_GfeoCjk

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Why do municipal governments NEED the housing bubble to continue?

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Dave

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I use the term ‘need’ loosely.

By that I mean a lot of their revenue is from development taxes, cost surcharges and all the economic activity around it. If you are say an electrician working in Vancouver on a project, they will want to see your Vancouver business license…. $500 please.

A lot of infrastructure work is also downloaded onto developments, so it doesn’t show up as ‘revenue’ on their books, but it’s for things they would otherwise need.

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YVR

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They rely on the revenue. But not as much as the provincial government does. The municipal governments main issue is NIMBYs preventing proper development. It would be nice to see the provincial government force density.

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patriotz

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License and development fees account for only 5% of CoV revenue, and developments result in expenses too. See for yourself where the money comes from. Click on revenue tab.

http://vancouver.ca/your-government/funding.aspx

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Owen

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Are you sure it’s not as much as the provincial government? Burnaby’s sitting on $1 Billion from CAC fees. Vancouver tries to collect 80% of the lift in land value from re-zoning (that is, land value created through a completely artificially by the city) through CAC fees. Current landholders get all the benefit of high housing prices yet it’s newcomers & millennials who are expected to pay for subsidized housing to ensure no one poor is displaced by same high prices.

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Dave

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I doubt that will ever happen. The Liberals started to pressure local governments but that was mostly an exercise in finger pointing. The NDP will not pressure local governments about density. They are naturally suspicious of governments giving up any form of control.

In Vancouver, the current government caters to the NIMBYs so they don’t mind the conflict because it gets their voters out. At least in Burnaby, Corrigan has some backbone and he doesn’t seem to be afraid of going against the grain. I guess he has enough of a cushion with votes that he can lose some.

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YVR

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Looks like if we are going to get any action of affordable housing it will be because of Weaver, not the NDP. “The NDP need to start sending the market a message that the speculation will end sooner, rather than later,” Weaver said. According to Weaver, the NDP campaigned with promises to tackle housing affordability, but have been too quiet since taking office. He said in the coming days he will announce plans to press the NDP into action. Meanwhile the NDP star MLA Selina is reviewing data before “considering whether to make any moves on affordable housing”. Wow I knew the NDP were frauds but never guessed they could be this bad. Meanwhile, new NDP Housing Minister Selina Robinson has said the government must review data on measures such as the Metro foreign-buyer tax before considering whether to make… Read more »

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KickThemOut

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So far 90% of the comments have nothing to do with the topic.

btw, team BPOM, why are you so afraid to fight Chinese again? Given they are fat, lazy, and nearly blind?

And really? CNN article after you guys just bash CNN for being biased and all? I guess CNN is always spot on when it comes to China and only biased when it comes to Trump? And the Sun? Isn’t that a British paper barely above their tabloids?

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Best place on meth

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That’s still an improvement from when you’re spamming the board, and 98% of posts are off topic.

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YVR

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Thanks for staying off topic. CNN or anyone else can be biased on one thing and not another.

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KickThemOut

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So far 90% of the comments have nothing to do with the topic.

btw, team BPOM, why are you so afraid to fight Chinese again? Given they are fat, lazy, and nearly blind?

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KickThemOut

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So far 90% of the comments have nothing to do with the topic.

btw, team BPOM, why are you so afraid to fight Chinese again? Given they are fat, lazy, and nearly blind?

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YVR

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I knew it wouldn’t be long before the Left wing nut bars in Canada tried to change history and erase what little culture we have.

John A. Macdonald schools should be renamed: elementary teachers’ union
The union says it wants the name change because of what it calls Macdonald’s role as the “architect of genocide against Indigenous Peoples.”

https://www.thestar.com/news/gta/2017/08/24/john-a-macdonald-schools-should-be-renamed-elementary-teachers-union.html

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Oracle

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The Davidoff guy from UBC is very angry at the foreign buyer tax being put on farmland.

Bought by NDP and Develeopers.

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Once again, Oracle’s misinformation needs to be corrected.

Davidoff didn’t say he’s against extending the FBT to farmland, he’s against banning foreigners from buying farmland which has been suggested by Weaver.

Instead he would prefer a ban on monster mansions built on farmland.

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Earlier in the day, Conservative immigration critic Michelle Rempel accused Trudeau of creating a migrant “crisis” in Canada and said he has no plan to fix it.

Holding a news conference on Parliament Hill just hours before Trudeau was scheduled to hold his own question-and-answer session with reporters, Rempel said Trudeau encouraged people to cross illegally from the U.S. into Canada by tweeting #WelcometoCanada after U.S. President Donald Trump’s immigration crackdown.

That Jan. 28, 2017, tweet sent the wrong message right around the world, she said.

“I think he’s giving false hope to people crossing the border,” Rempel said. “I want to be clear: This is not a question of if we should have an asylums claim system in Canada, or if Canada should help the world’s most vulnerable. It’s a question of how.”

http://www.cbc.ca/news/politics/asylum-seekers-border-crossing-1.4258928

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Oracle

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10,000 per week prediction.

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Specuskeptic

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“10,000 per week prediction.”
LOL…. That’s a sliding scale you have there.
My prediction: Oracle will not stop making rectally-derived predictions…

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Canada frets over possible huge surge in asylum-seekers http://www.reuters.com/article/us-canada-politics-trudeau-idUSKCN1B32CO Canada fears a huge surge in asylum seekers crossing the border from the United States, putting political pressure on Prime Minister Justin Trudeau ahead of a 2019 election, sources familiar with the matter said on Wednesday. The number of migrants illegally entering Canada more than tripled in July and August, hitting nearly 7,000. Haitians, who face looming deportation from the United States when their temporary protected status expires in January 2018, accounted for much of the inflow. Two sources familiar with Canadian government thinking said citizens from El Salvador, Nicaragua and Honduras, who are slated to lose their U.S. protected status in early 2018, may also head north. “There is concern we’ll see a huge increase, mostly from Central America,” said one source. “The question is, which group is next, and… Read more »

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history

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McLister with his latest Sacrifice on the alter of Mortgage Broker Letchery

https://www.canadianmortgagetrends.com/2017/08/broker-lender-market-share-q2-2017/

“Among the provinces, Ontario once again posted the largest year-over-year gain in submission volume, up 3.7%. Alberta (again) posted the biggest drop, down 1.6%, followed closely by B.C., which saw broker volumes dip 1.3%.”

This has happened before in our Country. I call it the cycle of Safety. When we coalesce around Ontario, Quebec and parts of the East Coast. At this time the shitty, bloody stains on the West Coast and Alberta get taken out to the laundry.

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Why are we importing so many racists into this country?

http://www.cnn.com/2016/06/26/asia/africans-leaving-guangzhou-china/index.html

It seems hypocritical.

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Doomcouver

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Reasons Africans are leaving China: Chinese racism, slowing Chinese economy, Dollar Drought in Africa. So by that thread all we need is a Yuan crash, a crummy Canadian economy (already kind of have that), and a little racism sprinkled in, and the Chinese will go back to China? Sounds legit to me.

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Time to go

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Matthews says: “The Chinese would prefer Africans to come in for two to three weeks, buy goods and go home. China is for Chinese.”

Ha! The irony…

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Abdul Lahazi

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Chineeze are among the most racist groups on earth. Look at the racist slurs that Shit It Down (obvious China-dude) spews about me; totally disgusting shit. Do they even care why they are so hated by everyone else.

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Shut It Down Already

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Quote, please. Or fuck off.

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Shut It Down Already

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No quote then? Sounds to me like you’re once again a fucking liar.

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Oracle

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Many within Chinese society are generally racist towards those with darker skin colours. Even within their society, the goal is to shield their skin from the sun to be more fairer than their neighbour. For you dumb causcasians, it’s not about trying to prevent skin cancer. LMAO.

That’s why Surrey and Richmond will never mix.

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Combat roach

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To support existence of domestic race baiters, otherwise what they would do.

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history

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Canada is a net exporter of Excellence, naturally disguised as Rascism

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kabloona

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Signs of things to come…?

“Drop in GTA home prices prompts new warning: seller beware. Some homeowners and realtors are making a case for stronger seller protections — specifically, who gets to keep the deposit when a buyer backs out.”

https://www.thestar.com/business/2017/08/23/drop-in-gta-home-prices-prompts-new-warning-seller-beware.html

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Oracle

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All BS in hopes of preventing new mortgage measures.

The benchmark price of a detached has gone down maybe 10% from the peak. That’s it.

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history

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in spite of bopping the baloney BS in the first post, the reality is that the Chinese military has a Pretty Good Hard On these days.

They have managed to hack the On Board navigation of two freighters, and steer them into US Navy ships for Kill scores.

Big whoop-up in China. Hooray for our team.

We’ll see how the other side responds. It has to be measured, and intelligent.

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Best place on meth

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If true it would be a terrible mistake by the chynamaneeeze.

Trump will go apeshit on those scumbags on so many levels.

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Owen

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Yes, I’m sure the tweetstorm will be devastating. He might even complain about them at a rally.

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KickThemOut

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You mean the guy who promised “FIre and Fury” and still hasn’t delivered yet? You expect him to go apeshit with actual measures when he can’t even rein in NK with a 1950 era army that doesn’t even having working jet fighters?

How dumb can you get?

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Fat Kim has suddenly become very quiet.

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KickThemOut

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He is busy inspecting the missile productions and grand strategy of taking out Trump. Keep up.

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history

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The challenge isnt Trumps, it’s the Soldier who wants to make a name for himself. Think Bonaparte and Robert E Lee.

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Best place on meth

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I can’t think of Robert E Lee.

The marxists have made it illegal to do so.

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history

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okay, I will help you.. .. Research Lee when he was a soldier in the US expeditionary force to Mexico. The man single handedly won the Mexico City altercations, and paved the way for the Monroe expansion in the Alzac. The Civil War was a byline to what Lee did in his earlier years… iow, fuck the Civil War. prreferably over a low brow snowflake… Lee went over territory in Mexico the Mexicans were utterly terrified… Entitleted leftists, antifada and shit stained rainbows, in which Vancouver is heavily populatted, cant react over their asset/liability spreadsheets…..they are utterly deprived of quality heroism anyway, this is important info the HK Chinese may wish to consider as they make a mark for themselves in Canada. C’mon, impress us .. if you can. So far, not really, Morons in the East Asia still need… Read more »

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paulb

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http://www.clivestevepaul.com

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history

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party on Garth

https://app.hedgeye.com/insights/61453-the-silent-crisis-in-u-s-housing-finance

“Two key indicators that especially worry us in the world of credit is the falling cost of defaults and the widening gap between asset pricing and cash flow. Credit metrics for bank-owned single-family and multifamily loans are showing very low default rates. More, loss-given default (LGD) remains in negative territory for the latter, suggesting a steady supply of greater fools ready to buy busted multifamily property developments above par value”

Bubble? What Bubble?