Canada, data, debt, economy, mortgage

New mortgage rules hit Genworth hard

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99 Comments

New mortgage insurance rules are having an impact over at Genworth:

Genworth MI Canada Inc., which provides mortgage insurance for home buyers and financial institutions, said the total value of new insurance it wrote in the second quarter of 2017 was down 81 per cent to $6.1-billion from $31.7-billion in the same period last year.

Most of the decline was the result of a 96-per-cent drop in the value of portfolio insurance written in the quarter, which is bulk insurance bought by financial institutions for their portfolios of uninsured mortgages. New portfolio insurance fell to $1.1-billion from $25.9-billion in the second quarter last year.

Read the full article here.

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[…] –Hopefully it doesn’t rain –Foreign buyer tax set up to fail? –Boomers refuse to sell –Record complaints over illegal rentals –Canadian banks dive into UK covered bonds –China stops buying foreign property –Genuine fear in Toronto market – […]

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Best place on meth

What are Garth’s ties to china?

He definitely has financial benefits from this invasion.

I don’t trust that slimy prick, he tends to change sides and make things up whenever it suits him.

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Oracle

Im just surprised the securities commission haven’t investigated his lying to clients over the last decade. Saying Vancouver prices will crash and no foreign money influence…gets widows to sell their Vancouver homes and they invest with him…then he gets a cut by investing their money.

So we can just start a fund and lie to get money into it??

Wow.

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Shut It Down Already

You’re just pissed at him that he banned you for being an intolerant little shit.

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Abdul Lahazi

Now Garth Turner is claiming to be receiving death threats among other angry comments about foreign money etc. that he refuses to acknowledge. His delete key must be getting a good workout lately.

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Abdul Lahazi

and his DOG is getting death threats too. LOL.

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Best place on meth

How do these ruffians even know what his dog looks like?

Crybaby Garth.

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Oracle

I call BS. If he were getting serious threats, he wouldn’t publicize it. He would have contacted the police first.

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Shut It Down Already

I imagine he did contact the police.

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Best place on meth

“A narrow band of morons believe the reason they can’t afford a seven-figure house is because some criminal dude from Asia stole it with laundered money.”

What a fucking piece of shit he is.

“seven-figure house”, yeah, guess why it’s seven figures in the first place, traitor.

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Shut It Down Already

But he’s got your number:

http://www.greaterfool.ca/2016/03/29/the-wall-4/

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Hyper-mega-Bull

US, Japanese troops begin joint military exercise amid North Korea threat

http://www.foxnews.com/world/2017/08/10/us-japanese-troops-begin-joint-military-exercise-amid-north-korea-threat.html

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history

so, lets manufacture NK bulshit, to distract people from their personal financial insolvency…

… and so it goes, the financial narcissists need their scapegoat, and they will get it.

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Hyper-mega-Bull

China will go to war if US Strikes First

If North Korea launches an attack that threatens the United States then China should stay neutral, but if the United States attacks first and tries to overthrow North Korea’s government China will stop them, a Chinese state-run newspaper said on Friday.

http://www.reuters.com/article/us-northkorea-missiles-china-media-idUSKBN1AR005

The original headline: “Chinese paper says China should stay neutral if North Korea attacks first” Seems to miss the main point.

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Best place on meth

That’s a newspaper and a particularly bad one, the equivalent of FOX news.

The headline makes it look like they determine policy.

China will not get involved if the Yanks and Norks go at it one on one.

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Hyper-mega-Bull

it’s a state run paper so the message is approved by the government.

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Abdul Lahazi

“Norks”. I like that.

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Best place on meth

Guess what?

Only one of those terms is racist according to the PC fuckheads that are wasting oxygen on this planet.

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Oracle

6 months ago, I said migrants from the south will be pouring into Canada at a rate of 1000/day.

We will get there within 10 days!!!

Montreal rents and prices about to explode!!

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franko

oncebittwiceshy:
Regarding your comment about Bulls sidetracking the conversation. I have to agree that I may have sidetracked occasionally, but I am truly offended by being lumped in with the BULLS as I have never posted a bullish comment during the 8 years or so I’ve participated in this forum, although I seldom post more than about once a week (and sometimes months).

As far as I know, supporting the NDP is not yet a requirement to qualify as a bear on this forum.

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Best place on meth

I’d love to see a link to that predi…. never mind.

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history

Oracle is an embarresmentt to the bears on this forum, but a hero to the money borrowing class. Never have i read such a dysnfunctional flip flopper… could only be his genes, heriditary and general 3rd worldism, plus dirty toilets and non operationable plumbing. But his uncle is the Canadian defense minister, so it’ll probably mean we kick Han ass soon.

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Best place on meth

No way whoreacle is Sikh.

He may not even be from India.

Or male.

Or living in the Lower mainland.

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paulb

New
196
Price Change
53
Sold
152
TI:9831

http://www.clivestevepaul.com

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Oracle

Apparently Vancouver prices are rising at the fastest pace since 1950. All sold over assessed today.

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Oracle

Can anyone post Montreal real estate numbers or where To get detailed stats?

Considering buying a few properties there. Trudeau laid out welcome mat. 1000/day coming here.

Paul B? Have any referrals?

Thanks

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Shut It Down Already

You mean everybody wants to live there so you should by now or be priced out forever, because real estate is a good investment that always goes up and renting is paying somebody else’s mortgage?

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Oracle

1000 people a day coming in…Do the math.

You are weird man. Seriously.

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Oracle

Go get laid for a change.

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Shut It Down Already

I love how you needed two attempts to respond.

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KickThemOut

More disturbing scenes of locust exercising their tradition in Canada – women slapping 8 year old girl!

We need to kick these scum back to mainland hellhole right now! No more touchy feely human rights…they don’t have any and don’t deserve any.

http://toronto.ctvnews.ca/police-i-d-woman-accused-of-slapping-girl-8-at-oakville-grocery-store-1.3538713

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david

The 77 year old lady in the picture appears to be Caucasian…

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KickThemOut

Locust bringing their dog meat preparation method to Canada:
https://www.thestar.com/news/crime/2017/08/10/woman-charged-for-beating-dog-on-toronto-subway.html

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Oracle

Send the link to Garth.

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Hyper-mega-Bull

U.S. destroyer challenges China’s claims in South China Sea

http://www.reuters.com/article/us-usa-china-southchinasea-exclusive-idUSKBN1AQ0YK

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KickThemOut

If it is a real challenge, they would said right up to the artificial island and allow some shore leave. The destroyer stayed more than 12 nautical miles away from the island in international waters – basically recognizing China’s sovereignty over the islands and surrounding water.

Challenge FAILED! Trump is all talk and no action. Bush Jr. would have a backbone and not stayed 12 nautical miles away.

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Oracle

Then China will beat down the USA in a decade or two.

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Hyper-mega-Bull

first line in the article:

>A U.S. Navy destroyer carried out a “freedom of navigation operation” on Thursday, coming within 12 nautical miles of an artificial island built up by China in the South China Sea, U.S. officials told Reuters.

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Best place on meth

Not MORE than 12 miles you fucking idiot, LESS than 12 miles.

That’s the whole point, to get the sinomen hopping mad because they think they have a 12 mile line of sovereignty around their fake sandpile when the UN already ruled they’ll full of shit and have NOTHING.

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southseacompany

“Bond bubbles don’t usually pop, they deflate slowly”, Financial Post

http://business.financialpost.com/investing/bond-bubbles-dont-usually-pop-they-deflate-slowly/wcm/c404f840-35c4-455c-b351-a27cefba5ce8

“Former Federal Reserve Chairman Alan Greenspan is worried about a bond bubble. “By any measure, real long-term interest rates are much too low and therefore unsustainable,” Greenspan said in a recent interview. “When they move higher they are likely to move reasonably fast. We are experiencing a bubble, not in stock prices but in bond prices. This is not discounted in the marketplace.””

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southseacompany

“Vancouver Real Estate Is Soaring… In Terms Of Inventory”, Better Dwelling

https://betterdwelling.com/city/vancouver/vancouver-real-estate-is-soaring-in-terms-of-inventory/

“Vancouver real estate is seeing inventory hit a high for the year. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that a decline in sales is causing listings to build at a rapid rate. “

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DaMann

“Hit a high for the year” Still ridiculously low unfortunately. We need 20 k minimum for there to be blood in the water.

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Shut It Down Already

We’ve had roughly 20K peak in at least one of the last few years.

Maybe 20K in January would make a difference, but providing MOI is in high double digits for long enough the overall inventory doesn’t really matter.

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oncebittwiceshy

I don’t spend too much time on this blog because every time the admin puts up a post that I think seems interesting it gets hijacked.

Today is a great example of this housing blog deteriorating from it’s intended purpose because everyone allows one of the “bulls” to sidetrack the conversation.

Oracle, Franko, Abdul Lahazi etc. notice a particularly touchy subject and bingo, we are now talking about China, Trump, human rights and anything that will take away from the original conversation.

Keep on topic. It makes for a better conversation.

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Abdul Lahazi

Yes Sir !

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KickThemOut

Would this blog even exist and would most bears even have a life if it weren’t for the Chinese? I thought Vancouver housing is only ever in a bubble because of the Yellow Peril and nothing else?

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Just me

Could not agree more.

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Shut It Down Already

Says the dipshit who encourages the relentless off-topic posts about China…

Even with a market that’s potentially on the verge on collapse (you know, the thing everybody here was waiting for) there’s still barely no discussion of RE.

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Hyper-mega-Bull

let’s talk real estate. when do you think the big crash is going to happen?

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BubbleTea

“China has suddenly stopped buying foreign property”
The Chinese pulled 84% of their overseas property investments globally in the first half of 2017 after the government began officially frowning on a “negative list” of foreign investments that were attracting Chinese cash, according to Morgan Stanley.
http://www.businessinsider.com/china-overseas-property-investment-uk-2017-8

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KickThemOut

I guess the 16% they didn’t pull must all be in Vancouver…

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Just me

Not quite: as usual you are wrong in your pointless sarcasm.

This explains quite accurately the fact that the upper end (SFH) of the market is dead. It is not our politicians who did it (they don’t have the balls) it is Xi Jinping.
Hopefully he will make this a permanent barrier to RE investments abroad.

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Best place on meth

I wish your dad had pulled out, space.

We were just 2 inches away from never having you cursing this blog.

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Hyper-mega-Bull

‘What kind of parents send their daughters to this?’ Controversy as Chinese shopping mall stages fake Victoria’s Secret lingerie show with LITTLE GIRLS

Read more: http://www.dailymail.co.uk/news/article-4774920/Chinese-mall-holds-fake-Victoria-s-Secret-GIRLS.html#ixzz4pMxLA81T

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KickThemOut

You mean like parents who put their cute little toddler on shows like this?

http://www.youtube.com/watch?v=18wKcffcOJE

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Hyper-mega-Bull

I guess the answer is ignorant inbred people.

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KickThemOut

Like yourself?

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bullwhip29

SFU prof argues B.C.’s foreign buyers’ tax was set up to fail
http://globalnews.ca/news/3659507/sfu-prof-argues-b-c-s-foreign-buyers-tax-was-set-up-to-fail/

>>> the introduction of the 1st time home buyer loans was only one factor. changes to FBT exemptions on Chinese New Years and speculation that the Libs would squeek out another win thereby opening the doors for more stimulus or even an outright cancellation of the tax altogether likely fanned the flames ever more so.

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KickThemOut

Or maybe because there was never many foreign buyers to start with?? Geez….

Off course, if only Caucasian descendants from Europe or its colonies counted as real Canadians then story would be different. We really should have different tiers – old stock true blood Canadians, those descend from proper noble lineage, non-European Canadians who have been here for generations, and new Canadians

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Best place on meth

Nah, that’s too complicated.

How ’bout “EVERYONE BUT MAINLANDERS!”

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Just me

SFU professor finally states in public the bleeding obvious truth.
People should by now understand the web of lies and perverse incentives pulling th strings of many elected politicians.
The real question is: will the NDP act differently? Will they try to actually lower the prices of average homes?

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history

quietly now, tippy toes.. NDP Horgan stepping into the housing…It has started

People affected by the wildfire are now allowed to bring their RVs into Sooke, indefinetely. Attention all you China and Indian shoppers, loophole exploitation available.

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bullwhip29

In B.C., only a minority say they have enough cash for a ‘rainy day’
http://globalnews.ca/news/3659206/bc-household-debt-levels-mnp/

>>> with out of control housing costs coupled with the notion that the good ol’ HELOC could be tapped at any given moment, none of this is a surprise…

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history

another survey commisioned by MNP! They’ll be able to afford their very own section in the newspaper soon. Great industry to get your feet into! Growth as far as the eye can see.

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bullwhip29

Toronto home buyers and sellers play the waiting game
https://www.theglobeandmail.com/real-estate/toronto/toronto-home-buyers-and-sellers-play-the-waiting-game/article35919977/

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KickThemOut

Hmmm…didn’t we see this play out before? How did that go for the buyers? Not so well as prices skyrocketed after the Mexican stand off!

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bullwhip29

‘Illegal’ short-term rentals spawn record complaints in Vancouver
http://www.cbc.ca/news/canada/british-columbia/airbnb-short-term-rental-crisis-mcgill-study-housing-vancouver-bc-1.4240787

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KickThemOut

Lazy communists who thinks the world owe them everything and they shouldn’t have to work to have all the trappings of a luxury life. Just like most of the bears on this site.

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Oracle

http://www.latimes.com/opinion/op-ed/la-oe-allison-china-war-20170808-story.html

There is a real possibility that the USA could meet the Chinese Army just north of 38th parallel in the Korean peninsula.

If North Korea is attacked, China will come to its rescue apparently. I think we as Canadians have to stand by the USA and fight alongside them and neutralize any threats that emanate from within Canada.

Could you imagine the justice Trudeau would face if a war happened and he didn’t side with the USA??? Guantanamo Bay!

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Abdul Lahazi

And Canada is infiltrated (or is that infested) with the enemy.

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KickThemOut

You should know don’t you….with all the ISIS sleeper cells and all.

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Shut It Down Already

Trump loves to stir the loins of his core supporters (mostly uneducated according to the stats, but we knew that already) with talk of wars and walls but if you’d been paying the slightest bit of attention you would have realized that he changes his tune the moment he climbs down from the podium and is generally incapable of acting on any of it. How’s that plan to defeat ISIS within 30 days going, I wonder?

And if you really think that China would side with North Korea in the event of escalated military action then, frankly, you’re both off your rockers. Make no mistake, China does not want a refugee crisis on its doorstep – but that does not imply they’d take sides against the US, no matter how much you might fantasize about it during your alone time.

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Dave

Everything that I have read suggests the US has made big gains against ISIS. Go figure that listening and empowering the military commanders who understand the situation will pay dividends.

I agree with you on China. Trade with the US is their biggest concern by far. I think people overestimate how much China would care about a flood of refugees from Korea. It’s not like they care about humanitarianism the way we do. The Chinese will be happy leaving them in tents surrounded by barbed wire and that’s probably an improvement for most North Koreans.

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KickThemOut

Why the fuck would NK flood China? The hellhole on Earth? Seriously? Why the hell would anyone want to run to a hellhole and literally the worst place on the planet?

Once the minefield is cleared, North Koreans will simply move to South Korea and actually have a life. Or just sit and wait for the South Korean army to come and their basic needs will immediately be taken care of. No more starving and actually have proper clothing. Within 5 years, when reconstruction begin in earnest, their standard of living is going to skyrocket.

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Shut It Down Already

Big gains is not defeat within 30 days or even anywhere close.

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Dave

He said a plan within 30 days, not resolution.

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KickThemOut

So things are better for the average joe and especially females in Libya, Syria, Yemen, Iraq now? Europe can breath easy now about domestic terrorism or rapefugees?

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Best place on meth

That idiot doesn’t know the difference between “coming up with a plan to defeat ISIS within 30 days” and “defeating ISIS within 30 days.

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Shut It Down Already

You’re right, I’m confused because back in 2015 he said he had a secret plan to defeat ISIS. I guess he was full of shit?

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KickThemOut

Are you volunteering to fight? Is BPOM / Combat / Abdul / etc volunteering?

Or are you saving yourself for the Indian Army when that war breaks out?

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Best place on meth

Fight for what, third world countries?

GO INDIA!

KILL THE SINOMEN!

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KickThemOut

South Korea knows exactly where all NK bases, artillery, etc are. Take them about 10 mins to clear out NK bases and missile launch facilities, another 15 mins to clear out all the artillery pointed at Seoul. 30 mins to clear the mine field, and 3 days tops to roll their tank and army in and crush NK. If Japan send in their fleet, 2 carriers, and marines to strike NK from behind, and seal the Yalu river, fatty boy Kim is as good as a goner. This is all before China can mobilize it’s so called army, a good portion of which don’t even have guns issued and have to share. That’s assuming their tanks and APC will actually survive the journey from their main base in Shenyang to NK river, and actually have bridge or water transport to… Read more »

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Abdul Lahazi

You should lend your expertise to NATO.

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Shut It Down Already

Says the guy who doesn’t think NK could hit Guam….

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KickThemOut

NATO – Northern Atlantic Treaty Organization

When did NK become a country bordering Northern Atlantic Ocean? Or even anywhere by Atlantic Ocean?

I guess we should add Geography to the long list of subjects / areas that bears have no clue about.

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Shut It Down Already

The US is a member and, in theory, a North Korean attack on the US would be considered to be an attack on all NATO members. You’ll recall this clause was invoked after 9/11.

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patriotz

NATO covers the home countries only, not overseas territories. That is not a hypothetical situation, remember the UK had to fight to get back the Falklands by themselves.

The US itself is responsible for this, as at the time NATO was established the UK and France had substantial overseas territories that the US did not want to get involved defending.

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Shut It Down Already

You’re right. Territories are covered but only those in the North Atlantic.

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bullwhip29

whether you were talking 15, 30, 60 minutes or a few days for that matter, NK could still make a huge friggin mess in the region. at the very least Kim will do everything in his power to ruin the party for everyone else if even if he himself is going down for the count. imho the western nations are stuck with this guy for the foreseeable future and will have to play nice until some other stealth operation can be initiated from the inside

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KickThemOut

Oh please…fatty Kim? Whose hardest work is getting out of bed or get up from a chair every day? Geez…
South Korea execute a first strike and all those vaunted NK threats are gone, poof! NK people are oppressed and on the verge of starvation. They aren’t going to put much of a fight if any and would love a SK liberation and finally joining the modern age. Aside from a minority of die hard who are living a comfy live by exploiting the 99.9% of NK, no one is going to fight for fatty Kim. Even the 0.1% isn’t going to fight for him since they will have just a nice life under SK.

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bullwhip29

wrong… imho NK = vietnam 2.0 and certain genetic traits common to many irritable, high strung and hot blooded koreans would pretty much guarantee this. sure, western countries may prevail but collateral damage will be unprecedented. of course, once it is all said and done, there will undoubtedly be a land grab headed up by the usual cast of characters.

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Shut It Down Already

There’s no plausible pre-emptive strike which would neutralize the DPRK’s artillery.

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Hyper-mega-Bull

hey internet general, how many stars do you have?

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Best place on meth

4 stars, for the enemy.

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Oracle

Basically Genworth’s number show that foreign money is driving the market. Not first time buyers.

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Shut It Down Already

No, it does not show that.

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Spec

^ LOL. It looks like there’s a 2 sock puppet limit in here based on the # of downvotes SIDA got. Keep up th egood work Boracle…

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history

Haitians lining up at Genworth Richmond and Abbotsford Fraser Valley
http://www.zerohedge.com/news/2017-08-09/canada-sends-soldiers-popular-border-crossing

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history

‘Quebec is running out of space to house the migrants’

never! as long as Chrysler makes the mini van, there will be Millions of displaced Canadians to move into their automobiles, Gladly, Heroically. Humbly…. Giving up their Houses for the Rapefuge Loopholders. Come on in IMMIGRANT, and please Flush the Toilet

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