Canada, debt, economy, mortgage, rates

New regulation lead to 44% drop in CMHC mortgages

September 12, 2017 VCI Admin

If you’re buying with less than 20% down, you’re a ‘high-risk’ borrower and you’re probably using CMHC insurance on your mortgage. New regulations are having a big impact on buyers in this zone with new CMHC mortgages dropping by 44%. Bullwhip29 pointed out this article in BIV:

Through the first half of 2017, CMHC-insured mortgages had dropped to 95,000, down from 118,000 in the first half of 2016.
In October 2016, the federal government began a stress test for approving all high-ratio insured mortgages with terms of five years or more. It required such borrowers to prove they can handle payments at the Bank of Canada’s posted five-year rate, which is about twice as high as the lowest lending rates available.

Read the full article here.

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Bring on stress test, part deux!

It’s bound to stress out all the recent home buyers.

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Oracle

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Mortgage brokers will fudge the applications a little bit more. Nothing to see here.

UBS bank says $500 billion of mortgages in Australia are liar loans.

http://www.businessinsider.com/liar-loans-ubs-thinks-there-could-be-problems-with-500-billion-worth-of-australian-mortgages-2017-9

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Oracle

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Only when income for mortgages is directly obtained from CRA will liar loans go away.

But they will never do that. It would collapse the domestic ponzi.

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KickThemOut

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It’s called a Notice of Assessment.

Do you even live in Canada? Or ever file a tax report?

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bullwhip29

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moron, up until very recently the banks weren’t required to verify such silly little details like “income” and “employment” for a variety of mortgage products which were almost as simple to get approved as a dept store credit card. i suppose with the fake job/immigration/money laundering boiler rooms that have been setup in various locales across the country, the weasels have managed yet again to stay one step ahead of the pack.

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Wait? So banks being lazy and inept means it’s the applicants fault?! Really? No wonder you aren’t getting ahead….hard to believe but there are actual people graduating from university here that are dumber than a sack of potatoes.

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Right, because they are worried about what’s going to happen 5 years from now.

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YVR

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According to the recent NDP budget they have committed to the first time home owners program for the next 3 years. Yes 3 years! 800 have bought and 800 approved so far and they project 9000 more to be approved under the NDP!

Two controversial housing policies from the former BC Liberal government have found their home in the NDP’s September budget update. This includes the BC Liberals’ Home Owner Mortgage and Equity Partnership program…
over the next three years due to “significantly lower” demand projections: 2,600 applications had been fielded at the end of June, with 800 individuals having purchased a home, and another 800 approved for one. The new government now expects to offer loans to 9,000 individuals.

https://www.biv.com/article/2017/9/mortgage-assistance-program-alive-and-unwell/

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YVR

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The only question NDP voters should have at this point is are the NDP really this incompetent in implementing their housing plan that they have to stick to the status quo for a few years or are they corrupt? I say both. Whoregan is looking to maximize cash for access donations while he can and he put useless Selina on the file knowing she is clueless as a cover.

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They want to skim money off the contracts to be awarded for the 114,000 housing units.

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Patiently Waiting

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The article is poorly written. It also mentions a 76% funding cut. Confusing.

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The 76% budgeted funding cut due to “significantly lower” demand projections based on only 1600 qualifying so far. That is just the money they are allocating in the budget which may change depending on actual people that qualify. It is projected at 9000 buyers to be financed over 3 years under the NDP. Bottom line the program is in place to fund as many people that qualify over the next 3 years with no change to the program.

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“According to the recent NDP budget they have committed to the first time home owners program for the next 3 years.”

The linked article doesn’t say anything of the sort. It just reports a projection of the payout from the program for the next 3 years. Governments don’t actually commit to any program beyond the next budget.

My own take is that the NDP is looking at what the BoC and Feds are doing, and what’s happening in Toronto, and want to wait until next spring before taking substantive measures. If a bust looks to be on the way they, like any government, would like someone else to take the blame.

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That’s exactly what they are doing. They’re scared to do anything. It’s the nature of politicians and government.

Anybody who voted NDP for their housing policy should be outraged. They’ve had 16 years to come up with a plan and the whole point of an election is to present your plan to the public. It’s not as if the NDP didn’t understand the problem or have a plan.

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I don’t know… BPOM keep saying give them more time and that summer vacations are more important, and they got a new gal on the file.

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+10

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YVR

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When the BC Liberals were implementing a foreign buyers tax last year at this time you seemed to have outrage they were not doing enough but now it is prudent for the NDP to wait to see what the feds might do. Even after the NPD campaigned on taking action and the Liberals never did. Hilarious. You have zero credibility.

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DaMann

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Meth, you still think the NDP are going to do something about housing?

If the Greens bring down the NDP due to housing inaction I would vote Green for sure ( and I never in a million years would have ever said that). I am completely outraged at the NDP. I voted for them for one reason and they aren’t doing a damn thing about it contrary to their entire election campaign. After the next election it will be another 20 years before they see power again. God they are a bunch of idiots!

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I’m done with the NDP. Their delay and inaction means they in it for themselves. I’d rather have liberals than these liars. At least they are openly corrupt so you expect certain things.

Yes, and don’t vote for PR. Just vote for Greens next time even if it means Liberals getting to power. These MLA’s have no fucking clue. They are digging their graves.

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We’re all done with you, Oracle.

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Yes, I do think they will.

And I am willing to give them until the Feb budget to implement a comprehensive plan on housing, because squawking like idiots about how they haven’t fixed everything after a few weeks is so…….so VCI.

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I hope you’re right but I don’t think so. I understand taking time but the New Home Buyers down payment scam needed no thinking. The fact that they are reviewing the numbers about potential costs over the next 3 years for that program tells me it’s staying. If that’s the case they are in the same boat of “we don’t want to be the ones who kills the market”. Which means status quo

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Carol James was on Global BC 6pm news tonight and she stated on camera the “comprehensive” plan for housing will be coming in February 2018 including taxes, the renters rebate and any ideas people bring forward. I kid you not Feb 2018 they will update “the plan”. LOL.

http://globalnews.ca/bc/program/global-news-hour-at-6-bc

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I’d have a few “ideas” for her. How about a province-wide:
– vacant property tax
– foreign buyer tax or ban
– punitive anti-speculation/flipping tax
– ban on illegal suites on airbnb
– killing of the Liberal first time buyer teaser loan program
– increase in taxes for non primary residential properties
– ban on ALR mega-homes

That would be a good start. I don’t expect the NDP will do any of it, but these measures would definitely fix the affordability crisis…. and plunge the province into a miserable recession. The devil is in the details…

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Shut It Down Already

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How about enforcement of illegal suites full stop? If a property’s purchase price can’t work without an illegal mortgage helper then it’s overpriced.

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YVR

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You mean your “ideas” are for the BC NDP to keep their election promisses. Good luck with that. Never happened and never will.

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All great ideas, and I bet they implement most of them.

Because a comprehensive plan on housing doesn’t get done a few weeks when it’s this far gone and it shouldn’t be introduced piecemeal either.

Lot’s of discussions need to take place with the Feds and municipalities as well.

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a lot of things can go wrong between now and Feb 2018. imagine the $hitstorm that will ensue if the FBT is deemed illegal by the courts (which is what I am expecting) among other things that were likely booby trapped by krusty and co

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Oracle

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My take on the inaction by the NDP is this:

Housing has become the #1 driver of our economy. If government puts in policy that leads to sharp drops in prices, builders will purposely stop building and start laying off workers. Result would be a recession.

These MLAs and insiders are in it for the long run to essentially enrich themselves.

Otherwise, if it were the voters who they were representing, they would have brought in even minor housing policies by now.

My prediction is they won’t do much until the next election. Definitely nothing at the Feb budget.

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Do nothing about the housing crisis and Andrew Weaver will start a non-confidence vote and we’ll be back to the polls again. The NDP will be forced to do something if they want to stay in power.

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If the Greens force another election, regardless of the outcome, they will never get another opportunity for power like they have now. The NDP on the other hand will be around for the long haul. Both parties know this perfectly well.

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Time to go

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Not so sure about that. If Weaver plays it correctly, he can make it look like inaction on housing or PR is NDPs holding Greens back. This could definitely win them a few more seats in the lower mainland. This is a long game obviously as the more seats they take, the more legitimacy their party has. They won’t take any more power next election, but they should have more legitimacy. And the momentum begins there. Of course, I could be watching way too many political dramas and this theory is bunk…

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KickThemOut

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Please, only morons vote for eco-lunatics with pie in the sky fantasies that make NDP looks like economic geniuses.

Oh wait…we have lots of morons on this blog already….damn…

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“This could definitely win them a few more seats in the lower mainland.” How about giving us some examples of seats that the GP has a chance of winning in the lower mainland. Remember they came a poor third in all of them, except West Van, where they came a poor second. I also think a few words from Weaver himself are appropriate here: Green Party Leader Andrew Weaver is telling critics upset with the NDP’s failure to include $10-a-day childcare in the recent budget update to expect a lot of compromise in the province’s unique political climate. The NDP had promised to create a $10-a-day childcare program during the spring election campaign, but Weaver says campaign promises are “irrelevant” with a minority government. “Campaign promises in this situation are not what’s important,” he said. “The reality is B.C. NDP… Read more »

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YVR

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Weaver is against a non means tested $10 day care program. He is not against increasing and expanding the foreign buyers tax, putting restrictions on farmland and increasing property taxes and property purchase taxes for higher end homes. He is also on record 2 weeks ago stating the NDP are “being too quite” on housing. Nice try to spin it. This is all on the NDP.

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KickThemOut

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How do you test the mean? Are daycare center required to get everyone’s tax returns and forward to provincial government for the means test? Given the government inefficiencies and those highly paid but only works 2 hrs union workers, all the means test will probably cost 3x what it will save.

Not to mention, all those housewives in Audis have $0 income which means they get the $10 daycare anyways. Remember, we don’t test for asset for social services, only income. Any support for asset wealth tests brings screams of horror and disgust from the locals….what about all the poor seniors they will shout!? It’s so unfair!

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YVR

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NDP around for the long haul? LOL. This was the NDPs last chance. The NDP are exposing themselves for the liars and frauds they are. Weaver will wait until after the PR referendum but the NDP will be third party next election.

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YOU WIN A PRIZE

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Prize for what?

Most blindly partisan poster on VCI?

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Oracle

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Greens would get much of the Vancouver’s NDP vote.

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Zero chance the Greens pull the plug short of them polling at 40%, which will never happen. They’re not going anywhere until they get electoral reform and that’s all they are playing for. In the meantime, Weaver will try to demonstrate that the Greens are a moderate party because he wants the public to believe it’s worth trying PR. His biggest fear are his two Green MLAs or Green supporters doing looney things because the public will see the futility of giving marginal parties the balance of power. HIs biggest fear will be construction of Kinder Morgan this Fall and next Spring. That’s going to be a major wedge issue and he won’t be able to sit on both sides of the fence. The loons will act up and he will not denounce them, short of outright terrorism, which isn’t… Read more »

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If the bears on this blog are any indication, we don’t need to worry about that scenario as they are all too damn lazy to even get off their fat ass and actual contribute anything.

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bullwhip29

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NDP figured out that the corruption, rot and sketchy dealings set in place by the Libs run deeper than anyone expected and that all/most bases were already covered a long time ago in terms safeguards which would prevent anyone from undermining what is currently in place. Unfortunately, this spells trouble for Horgan who will quickly lose all credibility. I am also hearing that members of the former administration are working feverishly to ensure class action suit headed up by Jing Li is a success and that the FBT is abolished under Horgan’s command.

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“I am also hearing that……..”

Are you channeling your inner Oracle?

You should slap yourself immediately.

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bullwhip29

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Brace yourself for five years of glacial growth in Canada’s housing market, Moody’s warns
http://www.vancouversun.com/business/mortgages/brace+yourself+five+years+glacial+growth+canada+housing/14650603/story.html

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Ontario regulator charges three realtors in condo presale probe
https://beta.theglobeandmail.com/real-estate/ontario-regulator-charges-three-realtors-in-condo-presale-probe/article36242069

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Bellingham Herald: Chinese investors are falling in love with Point Roberts
http://www.bellinghamherald.com/news/local/article172942511.html

>>> seems fitting that this story was originally broken by reporters in Vancouver.

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Damn fuckers….last refugees to Canadians being overrun and everyone is too damn lazy to stop it. Maybe I will actually need to pay $10/pp to raise a Filipino and Indian border army to stop it.

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history

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There’s a subtext here. Point Roberts is popular in American legal circles as a location for Witness Protection housing.

Stick that in your bong.

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TransLink ends service to a Downtown Eastside bus stop in Vancouver, citing pedestrian safety
http://globalnews.ca/news/3739683/translink-ends-service-to-a-downtown-eastside-bus-stop-in-vancouver-citing-pedestrian-safety/

>>> sure, whatever guys…i’m certain this decision had nothing whatsoever to do with the fact that this stop just happened to be located in the most wretched neighborhood in canada.

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Shut It Down Already

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Er, the article states clearly that the route still stops at Main+Hastings – and that’s the closest stop to the one being taken out. Did you even read it?

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What’s there to read? It’s all stupid Chinese locust scums fault. If there were no Chinese in BC, Vancouver would be utopia.

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bullwhip29

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Another West Vanc teenage novice driver has car impounded for excessive speed
Vehicle was also displaying ‘No airbags, we die like real men’ sticker
http://globalnews.ca/news/3740245/no-airbags-we-die-like-real-men-driver-pulled-over-for-excessive-speeding/

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KickThemOut

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Oracle: “Do you go around looking for story like this, loser racist?”

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bullwhip29

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Yihao Wang, who was accused of excessive speeding on the Lions Gate Bridge earlier this summer will make his first court appearance today
http://globalnews.ca/news/3739932/man-charged-with-excessive-speeding-on-lions-gate-bridge-to-appear-in-court/

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Combat roach

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Arrogant motherfucker shows “respect” towards Canadian institutions but Canada still wants to pile up even more of that shit around.

“Wang was supposed to make his first court appearance today but instead he was a no-show with his lawyer appearing on his behalf.”

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bullwhip29

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the guy flew back to china the moment the SHTF. once there he’ll take care of some plastic surgery and obtain new documents. problem solved. new ferrari wrapped in a nice red bow is currently sitting in garage

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Combat roach

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Fucker doesn’t need a plastic surgery, perhaps just a new shirt.

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Oracle: “Do you go around looking for story like this, loser racist?”

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Guess China has to live without advanced computers for at least another 5 to 10 years?

http://www.zerohedge.com/news/2017-09-13/trump-blocks-chinese-acquisition-chipmaker-lattice-semi-over-security-risk

I wonder if they have to resort to use iPhones as their personal PC and R&D supercomputers instead?

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Trump > Turdeau

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Yes, the lack of computers will real hinder their progress….20 years from now, they would still be stuck where they are now, while Canada … well at the rate we are going, we will be all adhering to Sharia law while having 9 different bathrooms for all the different genders, and having our kids reciting the LGBQTAB…. instead of the alphabet.

At least the burka will reduce the gender identification error…

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The China Hustle: TIFF doc examines how Chinese companies got listed on North American exchanges
https://www.theglobeandmail.com/report-on-business/the-china-hustle-doc-examines-chinese-companies-listed-on-north-american-exchanges/article36250373

The China Hustle centres on Dan David, a Pennsylvania money manager who, in the late 2000s, says he earned impressive returns on such Chinese stocks before realizing the companies were problematic.

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cont’d… Carson Block, the chief investment officer of Muddy Waters Capital, whose 2011 report on Sino-Forest alleging the Hong Kong-based firm was wildly overstating its assets helped bring down what at the time was the most valuable forestry-products company listed on a Canadian exchange. The film also notes the suspicion with which Chinese authorities treat those who might try to get at the truth of a company’s claims. It includes the story of Kun Huang, a Chinese-Canadian citizen imprisoned for two years in China after the hedge fund for which he was working as a researcher issued a report questioning the value of ore deposits at a Chinese mine owned by Silvercorp Metals Inc., which is listed on the TSE. But The China Hustle, which will have its final public screening at TIFF on the evening of Friday, Sept. 15,… Read more »

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“The film also notes the suspicion with which Chinese authorities treat those who might try to get at the truth of a company’s claims. It includes the story of Kun Huang, a Chinese-Canadian citizen imprisoned for two years in China after the hedge fund for which he was working as a researcher issued a report questioning the value of ore deposits at a Chinese mine owned by Silvercorp Metals Inc., which is listed on the TSE.”

This is really scary stuff. That country works in ways that make Orwell seem an optimistic guy.

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He’s lucky he wasn’t investigating the Clintons…would had a bullet in his head instead.

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cont’d…

And it places the blame on North American regulators and companies, such as investment banks handling stock offerings, for looking the other way in order to serve Western investors eager to buy into the fast-growing Chinese economy.

A postscript notes that there are more than 100 Chinese companies currently listed on U.S. exchanges, with a value exceeding $1.1-trillion (U.S.).

The film centres on Dan David, a Pennsylvania money manager who, in the late 2000s, says he earned impressive returns on such Chinese stocks as Puda Coal and China Integrated Energy before realizing the companies were problematic. (A website published by Mr. David, stopthechinahustle.org, notes that Puda Coal raised more than $128-million in capital, and is now worth almost nothing.)

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cont’d… He turned to short-selling, and began lobbying U.S. politicians and regulators to clamp down on the problem. (The film has a scene of Mr. David trying unsuccessfully to press his case at a July, 2016, U.S. Senate Finance Committee hearing, where politicians such as Elizabeth Warren appear more interested in trade imbalances.) The film’s executive producers include the billionaire investor Mark Cuban and Alex Gibney, a well-known documentary filmmaker who, at a screening over the weekend, drew a parallel between the China Hustle scandals and the scheme at the heart of his 2005 Oscar-nominated Enron: The Smartest Guys in the Room. At a question-and-answer session, Mr. Gibney noted that most people trying to make sense of Enron’s finances were blithely credulous until Bethany McLean, a Fortune magazine reporter, “asked the simple question, she just said over and over again:… Read more »

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cont’d… Mr. David, who also appeared at the Q&A, warned audience members that “the time is coming when the bottom is going to fall out for China. And everybody here is going to feel it, because every pension is in it.” In an interview with The Globe, the film’s director, Jed Rothstein, noted that money managers from the West are increasingly looking to invest in mainland Chinese companies: Over the summer, the MSCI announced it would put more than 200 Chinese companies in its world indexes next year. “The short of it is we’re becoming more integrated,” he said. “So, to find out the regulatory system, and the rules governing this increasingly global market system, are stuck in the 20th century, when money now moves in a 21st-century pace, was very troubling.” The film includes archival footage of raucous investment… Read more »

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Everyone should know by now, don’t do business with communist china.

They can’t ever be trusted on anything.

Ever.

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Oracle

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Read the comments on The Tyee.

People totally against China. Want nothing to do with it. And this is the progressive “left”

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Yet they are too damn cheap to not use Made In China stuff…..talk is cheap, action is louder. I joined the No China pledge and slowly purging myself of anything with a Made In China components. How many can you say the same?

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Said the guy who basically live on Chinese made stuff….

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Interesting all the major players are US/Canada based non-Chinese firms & people….

And the $1 Billion question is WHEN?? Seriously, the China collapse thing has been going on as long as pigs here wishing for a RE crash. So when? When should I put a short on China ETF or buy that triple inverse China ETF?

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*cough* Bre-X *cough* Nortel *cough* basically every other Internet company that went belly up.

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The scale and magnitude of fraud at Norte pales in comparison.
In China, fraud is the modus operandi. A rule of life. You teach your children about it.
That is the difference.

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Oracle

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Pay to play in India as well.

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At least the voting public have a say in India.

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True. indians by nature just hate corrupt individuals/gov/societies. Corruption exists in India because the minority elite “beat down” the poor working class populace.

In Canada, the working class is not “beaten down” they are already “dumbed down”. Lol

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Yeah, worked out real well for India’s poor…

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Wow…you took education in China?? A bona fide Chinese expert?

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“Why not copy paste the entire article?”, said nobody ever.

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Court rules against wife of man who defrauded Bank of China

http://vancouversun.com/news/crime/court-rules-against-wife-of-man-who-defrauded-bank-of-china

A Metro Vancouver woman whose husband defrauded the Bank of China of tens of millions of dollars will have to make her case to stay in Canada a second time to an immigration board.

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“Last February, the board’s Immigration Appeal Division granted Li Xue permission to remain in Canada on humanitarian and compassionate grounds despite her failure to disclose on a 2003 immigration application that her husband, Gao Shan, worked for the Bank of China.”

“Failure to disclose”, that’s enough to send her lying ass back to china.

There are tens of thousands of lying, cheating scum like her living amongst us.

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It is part of the traditional culture so we have to adapt and embrace those characteristics as virtues.

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….Meanwhile, on planet earth, where people have to honestly work for a living…..

Radical disconnect as average Metro Vancouver earner reaps $72,000 a year, pays $1.4 million for home

http://vancouversun.com/news/local-news/radical-disconnect-as-average-metro-vancouver-earner-reaps-72000-a-year-and-pays-1-4-million-for-a-home

Yan said the new national income figures support the argument that speculation and certain amounts of foreign investment are driving home prices in Vancouver and Toronto especially, while other national housing markets are generally aligned with local job markets.

Let’s now listen to the flat-earth promoters, and their accuses of racism……

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A house in Vancouver and Richmond is 21 times local household income?

That reeks of foreign money laundering, says every sensible person on earth.

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“Certain amounts”. Note that they do not dispute the official stats or even imply that they do. So what exactly is your point?

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The starement above, that you so much dislike, is by Andy Yan. A known racist and anti Chinese activist.
Shame on you Dr Yan, SIDA thinks you are wrong…….

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Dr Yan doesn’t care what the HAM denying piece of shit thinks.

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Sorry, what did I said I disliked? I agree with it. We know that foreign buyers are present, and we also know how many – we have the data, remember?

Do you even read what people write before launching yourself at the keyboard? Stop embarrassing yourself.

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Every line you have ever written was geared to say: foreign buyers? Yes, but….
There is increasing recognition by experts (Dr Yan, Dr Ley) that the importance of corrupt money in our market is a major driver of prices.
Eat humble pie for once in your life. You have lost this argument long ago, despite your sycophantic posts.

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You truly are delusional if you think that statement supports your position more than it does mine.

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Owen

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Any journalist should know the difference between median and average when writing about these things. I’m sure it would show foreign speculation if they bothered finding relevant numbers.

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Some clarity today.

Green Party said they would never support $10 daycare or $400 renter credit. Thus it is dead in water. Fair enough as we know not to expect them.

Whats left?

1) The 2% foreign owner and 2nd home tax.
2) FBT province wide and no exemptions unless Perm residents/Citizens. Tax payable in advance on Presales and not rebatable.
3) CRA and Provincial registry to catch Cap Gains evaders.

Thats all thats needed.

If the Greens and NDP can tell us what they going to do then at least we can know what to expect.

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Oracle

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Now which of these you think will be implemented?

None, Some, All? or other minor changes only?

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I’m expecting none, but am hoping for some. 2% foreign owner and 2nd home tax are the top of my wishlist. Mostly because it only targets speculators and non-residents.

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To me, this is like seeing a piece of art:

http://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/

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Oracle

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Irrelevant as this is the level 5 yrs ago. Most people renewing won’t see mortgage rates rise (most people are on 5 yr fixed).

If the Bond yields are much higher than 5 year ago levels, then people renewing see higher rates.

Sorry but this is a non-event.

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Oracle, you’re so fucking desperate to pump housing.

It’s obvious to all of us.

Please stop.

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Wrong. I want housing to go down.

You just think I’m pumping the market up when I’m stating facts. Seriously, give your head a shake.

For the last few years, I’ve stated my facts and did the market go down? NO. It went higher.

So I’m not pumping it. Just stating facts that keep it going higher.

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You’re reading my mind Meth…so obvious he want prices to go up, pretending he wants the opposite…

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And you are so desperate for cheap housing with hard work, just because you were born in Vancouver, so you blame everything and everyone but yourself for your failure. Even more pathetic.

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Things would have to get pretty bad before people’s renewals affect house prices much. Buyers are going to see purchasing power cut, plus OSFI.

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“Most people” are on variable rate CMHC insured and are stretched to the max.

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False. Less than a quarter of mortgages are variable according to CMHC.

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OK, let’s do the math.
25% are variable rates (so they are screwed). Of the remaining 75%, roughly 1/5 renews every year. Even if all of them had a 5 year fixed rate, that would mean that each year an extra 15% are facing renewal.
So, 25+15=40% of mortgage holders will see rates that are significantly higher than what they were expecting just 6 months ago. Almost half of all borrowers.

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Leaving aside the fact that that’s not what Abdul said, anybody renewing a 5 year fixed today is actually renewing into a lower rate than what they were already paying.

What rates were 6 months ago makes zero difference to them.

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You must pay a bit more attention. I was quite careful to write the following: “…40% of mortgage holders will see rates that are significantly higher than what they were expecting just 6 months ago.”

I am well aware that for some of them rates might not change or be marginally lower. Nonetheless, these borrowers had probably relied on having a much bigger discount at renewal. This will be felt, especially if they are highly leveraged.

Of course, for the 1 in 4 borrowers who are on variables rates, the pain is direct, unavoidable and equally unexpected. These guys will take a big hit, no matter what.

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Yes, I’d seen the key word “expecting”, but you miss the entire point that no matter their expectations they’d been successfully meeting a monthly obligation of the same or higher amount for 5 years.

And in the context of the discussion it’s clear to anybody that although rates have increased recently there are very few people that will see any immediate negative effect.

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I miss no point. And I wrote as much.
I am just saying, they are significantly worse off than they would have been otherwise (and than what they expected).
This is good news for our housing market (meaning, it puts a ceiling on prices).

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They’re not worse off, as I explained. How is renewing into a lower rate making people worse off at all let alone “significantly worse off”?

Expectations are irrelevant. The only people impacted today are variable rate holders, which make up less than a quarter of mortgages.

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When you say let’s do some math, maybe you should actually do some math and run a few mortgage payment calculations and present the results….

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Happy 10 K

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Hearing Breaking News that OFSI has backed away from extending stress tests to uninsured mortgages.

Are you really surprised?

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Yes because OSFI news always breaks at 1am EST

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Good grief.

Ok start blabbering about how this is going to be a game changer.

Prepare to be disappointed when it’s watered down version is released.

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But you said the stress test wouldn’t matter, prices will keep going up.

So why so excited about your latest made up story?

What? You’re a house pumper?

Gotcha!

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Developer of cancelled Cambie condo could face legal backlash, says lawyer
http://www.cbc.ca/news/canada/british-columbia/developer-of-cancelled-cambie-condo-could-face-legal-backlash-says-lawyer-1.4288117

>>> pre-sale buyers are $hit out of luck here as developer will play the bankruptcy card if needed and assets will be transferred to another “non arm’s length” party who will lay low until the dust clears then move forward with plans to either flip the land or market another tranche of presales at way higher valuations. given all the crap that goes on this hick town, i have little confidence the regulators and authorities (who are still figuring out what the lay of the land is) will have both the inclination and power to do anything about the matter

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If everything that’s done is legal, what do you suppose the authorities to do about it? You think police should stop new drivers and fine them just because you don’t think it’s fair they can drive a $200K super car while you can’t?

If anything, blame the city…

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nothing to do with super cars…wtf are you babbling about now? this is breach of contract. there are supposed to be laws in place to enforce this. seeing as we have become a banana republic I am not convinced that (1) anything is done to appease original buyers since xiangli will force presale buyers to take deal or play bankruptcy card and (2) anything is done to stop developer under new shell co name from relaunching project. xiangli is essentially ripping up original contracts, will then transfer assets into new holding co and start over at higher prices. they may also opt to take page out of julia lau’s/suncom playbook and flip land. could you imagine a seller of typical det home trying to pull of this stunt because he found after the fact he could have sold for 2x… Read more »

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KickThemOut

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Have you ever read a pre-sales contract? Off course not since you never buy presales!

All presales contracts allow developers to cancel due to a variety of reasons, including but not limited to inability to complete the project due to regulatory or financial reasons. Given that city refuse to give a permit, that alone qualifies. Never mind other conditions that allows developers to give up deposits, etc.

SFH homes on secondary market don’t have permit issues like developers, despite how much you want the city to enable the old laws of No Chinese owners convent on property deeds.

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bullwhip29

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i’m sorry, but claims of financing (or permitting) difficulties for what is supposed to be a seasoned, global real estate conglomerate involved in a sold out condo project on vancouver’s west side (slated to be steps from a new cda line station i might add) don’t seem plausible in the least. they certainly can’t blame troubles on a weak market or the FBT, can they? imho this co is deliberately dragging their feet, submitting plans they know full well wont get approved and attempting to whip the rug out from under all the original buyers now that the market has gone a certain way for them. the legalese fine print in contracts is supposed to be there to cover the builder’s a$$ should unforeseen circumstances occur, not provide a backdoor for them to eff their customers without recourse should another,… Read more »

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Shut It Down Already

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How are the buyers out of luck? They get a 50% return on their downpayment and are no longer obliged to buy a property which is sure to be worth less come completion day.

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bullwhip29

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50% return on the DP is peanuts compared to the equity they would have built had the purchase completed not to mention the fact that they are left standing out in the cold without a property.

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bullwhip29

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Christine Zhu landed in Toronto from China in 1996 with two suitcases to her name. Now, after receiving her real estate license in 2005, she owns five properties across the GTA. She says that in some ways, she feels like she never really left China. Through her own experiences and social media app WeChat, she has been able to guide her many clients living in China, looking to make their move to Toronto. Zhu figured out how to use the app and quickly recognized how her new social network could connect her to Chinese students looking to attend university in Toronto, and to their parents as well.
http://torontostoreys.com/2017/09/christine-zhu/

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best place on earth

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so simple, but bears are too stubborn to comprehend. instead of taking bears’ own actions, they wait for … Eby.

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Combat roach

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Good old moron speaks again… People have regular, legal jobs and pay taxes, not some underground illegal operations that involve money smuggling, laundering, national connections and sources in China. Complete moron…

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best place on earth

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cant wait until Feb when Hulkgan gives you $400, eh!

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Best place on meth

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Couldn’t care less about the $400, it’s the tax evading landlord locusts being outed that excites me.

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Abdul Lahazi

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Certainly is something wrong when types like this and that Julia Lau are shown as success stories. How many houses has Zhu sold to non-money launderers?

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KickThemOut

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Maybe you should find out…all RE transactions are public information. Oh wait, that means you have to trout out actual facts that might disagree with your baseless allegations.

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Abdul Lahazi

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“trout out”. Yes something is fishy for sure…

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bullwhip29

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Global Transportation Hub megamall is Sask. premier’s ‘fig leaf’ to cover up land scandal, NDP says
http://www.cbc.ca/news/canada/saskatchewan/global-transportation-hub-megamall-is-sask-premier-s-fig-leaf-to-cover-up-land-scandal-ndp-says-1.4286669

>>> this is just the tip of the iceberg. without question there are likely countless businesses all across the country operating in the same fashion and richmond, which is littered with illegal hotels/schools/daycares, farms turned amusement parks, brothels, casinos, fly by night banks, massage parlours and DIY plastic surgeons is most definitely ground zero for this sort of immigration/employment fraud too

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bullwhip29

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http://www.cbc.ca/news/canada/saskatchewan/vstar-immigration-cash-for-jobs-1.4182843

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Just me

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Wow. Just wow.
This is happening in Canada under everybody’s stare. And authorities do not bat an eyelid.
Somebody said we are an “advanced banana republic”. That name appears more fitting every day.
What are our politicians doing, selling us off so cheap?

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southseacompany

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“Moody’s housing prediction: Falling prices for most Canadian cities”, Globe & Mail

https://beta.theglobeandmail.com/real-estate/moodys-predicts-falling-house-prices-across-canada/article36239225/?ref=http://www.theglobeandmail.com&

“Homeowners across most parts of Canada are facing the prospect of watching their houses fall in value over the next five years, reversing the trend after several years of price increases, according to a new housing forecast from Moody’s Analytics.”

“A report by Moody’s director Andres Carbacho-Burgos says a combination of higher interest rates, new mortgage-lending rules and declining affordability mean that house prices in many cities across Canada are likely to fall in coming years.”

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KickThemOut

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US plan to install tactical nukes in Japan, South Korea, and Taiwan, as well as docking Navy ships at Taiwan port for resupplies. Checkmate China!

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All of them should develop their own nukes and aim them at the locusts.

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Abdul Lahazi

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More egg on Christy’s face…

Partners pull plug on Aurora LNG project near Prince Rupert for economic reasons:

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TBDJH1230&mobile=false

CALGARY – In the latest setback to B.C.’s liquefied natural gas export industry prospects, the partners developing the Aurora LNG project say they are ending a feasibility study after four years.

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Yes, the term, “macro-economic environment” cannot possibly include consideration of the regulatory and political environment. Obviously, regulatory and political matters cannot possibly have economic affects.

On other note, wanna buy a bridge? The GreenDP just did.

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YVR

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Christy’s face? They backed out because the the NDP.

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Abdul Lahazi

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There is no mention of the NDP or politics at all in the article.
“Our decision was market-based and driven by capital discipline,” said spokeswoman Brittney Price in an email.
Christy was peddling an imaginary pipe-dream of LNG and anyone with a brain knew it would never go anywhere.

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I bet your hairdresser says you have nice hair and your mom thinks you’re pretty.

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Abdul Lahazi

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There you go, you are finally right about something!

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KickThemOut

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Another locust bites the dust….but likely 10 years too late for Meth’s taste.

http://www.ctvnews.ca/politics/liberal-mp-arnold-chan-dies-at-the-age-of-50-1.3589387

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Lost...but not leased

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Re Justin Trudeau..our salvation..err slavenation

When he was born….we used to muse the next Trudeau hell spawn would be “all the way”(….get it ” Just IN”…)

For my next act…I submit “Who does Justin send Fathers Day cards to ?? “I
I submit Fidel Castro….in all seriousness.

Compare photos and prove me wrong…

“

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Lost...but not leased

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Head out of a$$ dept. WTF is going on in this global economy?…. I tell my fellow comrades of European descent to realize that these more recent Non Europeans immigrants come from countries and cultures where life is cheap and its dog eat dog,literally and figuratively. Saying “chink in the wall” ?..refers to building of the Great Wall of China…whereby if a worker died they tossed the body and became fill(chink) inside the wall. These nouveau riche in China made their millions off the backs of 95% of their comrades who work in sweatshops for $5 a day if they are lucky…. South Asians no different…go to a SFH constructionn site where 90 year old Santa Clause Singh is pushing a broom, etc. My family were WW 2 refugees…..were not allowed in school till they leaned English at their cost….came… Read more »

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Chan was born and raised in Scarborough, Ontario.

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Space, you fucking asshole….why are you referring to a Canadian as a “locust”.

God, you commie mainlanders are sick in the head.

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Doomcouver

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He’s demonstrating the difference between racial bigotry and cultural discrimination. We need less racial bigotry, and more cultural discrimination. Unfortunately to racists and Liberals it’s all the same thing.

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“These are the values of the Chinese Canadian community and they are also Conservative values.”

Guess who.

Bubble? What Bubble?