CMHC looks to make mortgages easier to get

The CEO of the Canadian Mortgage and Housing Corporation has said that requiring new Canadians and the self employed to prove income is ‘discriminatory’ and they are looking to make mortgages easier to get:

“Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can’t do that,” Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The Canadian Press.

“It discriminates against entrepreneurs, as well, because they can’t prove their income as well, so we’re looking at our own policies to try and make sure that there is more equity in our mortgage insurance programs,” he said.

Read the full article here.

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southseacompany
Member
southseacompany

“Help wanted: What the labour shortage means for Metro Vancouver” CBC

http://www.cbc.ca/news/canada/british-columbia/help-wanted-what-the-labour-shortage-means-for-metro-vancouver-1.4317992

“Industries across Metro Vancouver are struggling to hire and retain staff as housing prices soar and wages stagnate.”

Doomcouver
Guest
Doomcouver

I have an idea, let’s bring in more temporary foreign workers. That should fix the affordability and wage stagnation problem.

Burnabonian
Guest
Burnabonian

There is no such thing as struggling to hire. Only being unwilling or unable to pay a wage that attracts workers.

If that’s your problem, complain to the the million-dollar MBAs you picked to run your company.

Complaining to CBC is just airing dirty laundry.

kabloona
Member
kabloona

What…you mean Vancouver still has industries?

😉

I thought they all left and everybody got a job as a realtor….

history
Guest
history

Alberta’s minimum wage rose to $13.60 from $12.20 per hour Oct. 1, the latest incremental increase as the provincial government moves toward a $15 per hour minimum wage by Oct. 1, 2018.

Saskatchewan’s minimum wage rose to $10.96 from $10.72 on Oct. 1 and Manitoba’s rose to $11.15 from $11. British Columbia’s minimum wage is $11.35.

http://www.producer.com/2017/10/minimum-wage-rises-in-alberta/

southseacompany
Member
southseacompany

“For the wealthy, debate over renting instead of owning takes on heft”, Globe & Mail

https://beta.theglobeandmail.com/globe-investor/for-the-wealthy-debate-over-renting-instead-of-owning-takes-on-heft/article36462170/?ref=http://www.theglobeandmail.com&

“Property owners in Vancouver and Toronto who have reaped massive real-estate gains in recent years might not buy in, but there is a strong argument that wealthy Canadians are better off selling their homes and renting instead.”

Burnabonian
Guest
Burnabonian

What a thesis.

“It’s better strategy, so the wealthy should do it. ONLY the wealthy.”

Doomcouver
Guest
Doomcouver

This doesn’t surprise me. Rentals, especially at the high end, are insanely cheap compared to buying. Home owners are only willing to rent so cheaply because they’re counting on massive YoY gains in equity.

southseacompany
Member
southseacompany

“No Autumn Rebound As Toronto Home Sales Tank Again”, Huff Post

http://www.huffingtonpost.ca/2017/10/02/no-autumn-rebound-as-toronto-home-sales-tank-again_a_23230283/

“Realtors hoping for a rebound in Toronto’s housing market this fall will likely be disappointed by September’s numbers, which show that the city’s market continued to put in a weak performance.”

Doomcouver
Guest
Doomcouver

The bulls will take a long time to capitulate in Toronto. Barring some externalities like a rate shock, I expect at least a year or two of sideways movement in the property market before they give up and start really slashing prices to liquidate. It does look like a repeat of the 80s price crash is baked into the pie in Toronto though.

southseacompany
Member
southseacompany

“Vancouver Real Estate Detached Market Report September 2017”, Better Dwelling

http://vancitycondoguide.com/vancouver-real-estate-detached-market-report-september-2017/

“While the average sales price for REBGV is technically up 8% on a year over year basis (comparing September 2016 vs September 2017) there’s been virtually no price growth on the typical detached home”

Doomcouver
Guest
Doomcouver

It seems a distinct possibility in Vancouver we might end up with the weird scenario with the detached market crashing, while the condo market is buoyant or even rising for a brief period. Marginal prices on the detached market will start slamming into the lower rungs on the property market, semi-detached first, then smashing through townhouse prices. I give it high odds that local buyers/sellers won’t crash the market, but motivated international sellers at the high-end could completely decimate it in my mind.

history
Guest
history

https://www.castanet.net/news/The-Mortgage-Gal/207896/10-guidelines-of-financing

1. Thou shalt not change jobs, become self-employed, or quit your job
2. Thou shalt not buy a car, truck, or van (or you may end up living in it)
3. Thou shalt not use credit cards excessively or let them fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your mortgage application.
6. Thou shalt not buy furniture.
7.. Thou shalt not let new creditors pull your credit report.8.
8.. Thou shalt not make large deposits without making your mortgage broker aware.
9. Thou shalt not change bank accounts.
10.. Thou shalt not co-sign a loan for anyone.

best place on earth
Guest
best place on earth

great idea. might as well go back to the ice age!

history
Guest
history

There is quite a bit of background information at the link. Here is MortgageGals citation

“This list has been floating around for a long time. I’ve seen it in a few different places under the heading “The Ten Commandments of Buying a Home.” It might be more accurately called “Ten Things Not to do Before Your Mortgage is Finalized.”

“I initially felt it was a bit condescending, but now feel that properly explained these points are important for home buyers to know.”

history
Guest
history

From the sounds of it, MortgageGal gets it that there is massive fckery in her business, but pleads with the victim, er, i mean client, that Can You Just Freeze for a Few Fcking Days While The Hedge Sets?

stagnate
Guest
stagnate

thxs cmhc the condo market needed more juice. can always count on the feds to tackle great social injustices like this, even if it takes decades.

KickThemOut
Member
KickThemOut

Locust putting our lives in danger on the road again?

https://ca.finance.yahoo.com/news/vancouver-police-hand-nearly-2-170413788.html

KickThemOut
Member
KickThemOut

Remember what Milton Friedman said about China an how prescient he was:
“Not a manifestation of the market economy but a statist monument for a dead pharaoh on the level of the pyramids.” He also called Pudong a “Potemkin village.”

history
Guest
history

https://mobile.twitter.com/humblestudent
Cam Hui ‘Humble Student of the Market’
,

KickThemOut
Member
KickThemOut

The coming collapse of China, if you haven’t read it, READ IT! It is going to lay out how & when China can no longer hide its rot and collapse into a stinking pile of putrid garbage. Vancouver’s freedom is in sight!

https://books.google.com.hk/books?id=U9mK-CqNOgcC&dq=inauthor:%22Gordon+G.+Chang%22&hl=en&sa=X&ei=CVDxTsuMLoTNrQeSipHYDw

Diadora
Guest
Diadora

Thank you OSFI, looks like sales/prices are going up in the next four months…
“Head of banking regulator says finals version of new mortgage rules due later in Oct, then come into force 2-3 months later. “

Burnabonian
Guest
Burnabonian

Thank you OSFI for giving everyone 3 months’ warning.

Like getting three months’ notice that you’re going to be in a pileup on the Port Mann.

OK THANK YOU

Just me
Guest
Just me

The timing is interesting. But more interesting is what is in the regulations.

Oracle
Guest
Oracle

Can’t believe you guys don’t think they won’t be watered down!

They will bring demand forward and then watered down refs will prime the spring season.

Haven’t you seen this movie before but people are dumb I guess.

Burnabonian
Guest
Burnabonian

Of course they will be watered down.

Which is like adding water to a glass of cyanide.

“Don’t worry; it’s only half as potent now”.

All that means is that it will take twice as long to work.

Burnabonian
Guest
Burnabonian

It’s like being run over by a slower freight train.

Burnabonian
Guest
Burnabonian

It’s like eating a smaller turd.

YVR
Guest
YVR

I don’t understand how new Canadian’s and self employed cannot prove income. If either has income it must be reported to CRA which provides documentation on reported income. I can see a delay for the new Canadian of 1 year to get CRA documentation, but you can certainly provide a pay stub or letter of employment. Sounds like a counter measure to the new bank regulations.

Just me
Guest
Just me

Yes, it does sound fishy. All the students and housewives on the west side will probably have a much lower bar to prove source of income. And that is critical for them, as they really don’t want to provide much info about the place where the money comes from.

All in all, very disappointed by Evan Siddall. I thought very highly of him until now. This is a dirty one.

Oracle
Guest
Oracle

Too late.

Trudeau is going to win another term. NDP won’t win as Canada not ready for a turban wearer; that’s the truth.

The big news coming this month isn’t OSFI but the new IMMIGRATION TARGETS!!!!!

They are going to be announced on the same day as they water down the potential small business tax changes.

I’m hearing 400,000 per year as well as increases to foreign student numbers and 10 yr visa holders. Add to those numbers about 20,000 babies being born here to foreigners and were in for a gong show for next 20 years.

Oracle
Guest
Oracle

http://vancouversun.com/opinion/columnists/douglas-todd-three-million-snap-up-canadas-10-year-visas

We have 3 million 10 yr visa holders now. Trudeau wants that tripled to 10 million over the next 5 years. He’s opened up visa offices in China.

Think what thats going to do to your rents people? No wonder condos are on fire.

Yet the bears silent here.

Doomcouver
Guest
Doomcouver

Oracle you do realize that they can’t even meet their 300,000 target right? Raising the target to 400,000 would just be an embarrassment when they can’t attract anywhere near that number and would probably cause LESS immigrants to want to come here. Our economy is buoyant and we’re not able to hit our immigration targets, imagine what happens in the next recession when SHTF, you’d have to pay foreigners to come here. http://www.statcan.gc.ca/pub/11-630-x/11-630-x2016006-eng.htm

Oracle
Guest
Oracle

Here is one solution. Read with an open mind.

1) The NDP doesn’t want to touch housing so they need to be forced. The Greens want Proportional Representation at all cost.

2) Use leverage on Greens to force NDP to enact housing platform by starting a “NO” movement for Referendum. Make sure to tie the referendum with housing inaction and let Weaver know where we are coming from.

3) 100,000 signatures would cause Weaver to sit and think hard. Folks, forget the wishful thinking. Got to play hardball with these people. They need to know who is in charge.

Who’s with me? Comments?

Oracle
Guest
Oracle

If people not for this, and you are a renter, then consider yourself done and to a lower and lower standard of living as years go by.

NDP
Guest
NDP

NDP and Liberals have just closed the door on ridesharing and Uber. Weaver now says ridesharing bill is intended to start a consolation process.
http://thechronicleherald.ca/business/1508649-brakes-tapped-on-ride-sharing-in-b.c.-despite-election-promises-to-allow-uber

Lost...but not leased
Guest
Lost...but not leased

NDP 3.0 should be congratulated….

By admitting they are full- of- shit- vote- whores so early in their administration is worthy of a McHappy Meal.

By Christmas time who knows what ..maybe they will Joint Venture with the Liberals?!?

Oracle
Guest
Oracle

Bingo. But many NDP supporters still in denial.

Sad.

Only way to get back at NDP and Greens is to VOTE NO in the referendum. Don’t be a sucker the 2nd time.

Lost...but not leased
Guest
Lost...but not leased

I think this is a good thing….

NDP 3.0 hit the wall sooner than later…as party in power they likely got access to key financial ledgers to see where they stand re political promises.

It appears they are not much of a viable option to their predecessors….(not that I am endorsing the Liberals….

Whistler or Bust?
Guest
Whistler or Bust?

“A spokesman for B.C.’s taxi industry says ride sharing must undergo extensive consultations, while a statement from Uber says all the parties should follow through on their election promises”

Why?

Its working fine in hundreds of other cities. Why are we different? Why is the taxi industry even allowed to consult?

As a regular user of UBER in the US it blows me away that we can’t get our shit together and simply allow it.

Oracle
Guest
Oracle

It’s a cash industry. Someone is reviving cash or deposits in overseas bank accounts.

If people can’t see that then they get the bed they lie in.

bullwhip29
Guest
bullwhip29

40,000 fentanyl pills seized from an apartment in Richmond
Yan Chau Lam (aka Andrew) and Sok Wai Cheong (aka Gertrude) charged; couple previously arrested in Feb 2016
http://www.cbc.ca/news/canada/british-columbia/drugs-seized-port-of-vancouver-1.4320130

bullwhip29
Guest
bullwhip29

SCMP: China-linked crime probe: the Vancouver student, his luxury UBC apartment, and a 7kg bag of ‘drug money’
http://www.scmp.com/news/world/united-states-canada/article/2113889/china-linked-crime-probe-vancouver-student-his

Madashell
Guest
Madashell

China-linked crime probe: the Vancouver student, his luxury UBC apartment, and 7kg of ‘drug money’
http://www.scmp.com/news/world/united-states-canada/article/2113889/china-linked-crime-probe-vancouver-student-his
So Canada wants to open the door to more Norwegians, they are turning our country into a mess!

Combat roach
Guest
Combat roach

“In the legal action, Wei is alleged to have told police that although he was a student, he was also collecting employment insurance.”

What is fucking wrong with those people? How far are they able to go to devastate this country and society?

Madashell
Guest
Madashell

Canada have to throw the books at these a**holes, say 25 years behind bars and deport them back to Norway right after the 25 yrs.

KickThemOut
Member
KickThemOut

Good thing he got caught! If only we kick out all the Chinese then there wouldn’t be any drug dealers or drug problems in this country!

Just me
Guest
Just me

I think it is safe to say we have a big problem with recent immigrants from mainland China.

Of course, some people will deny the obvious. But this is not going to help. I am sure there are perfectly honest people in that group. But the behavior prevailing among these new rich Chinese is dangerous for our very social fabric.

Personally, I would keep the aggregate immigration numbers unchanged, but I would take way more people from developing countries and a lot less Chinese millionaires. Canada welcomes people who want to work hard and play by the rules. But we should kick out millionaire migrants who break the law as a matter of routine.

Oracle
Guest
Oracle

What’s wrong with a limit of 10,000 per country per year? And total quota that is average of G7 nations.

What’s wrong with limited 10 yr visa holders to 3 months out of year and using biometrics?

What wrong with capping at 20%, the foreign students in any post-secondary school?

——-
Not going to happen as the sheep are led to their slow slaughter. The powers that be know exactly what they are doing. They making $$$$ to set them for generations.

From history, passive attitudes have subjected offspring to generations of slavery.

Combat roach
Guest
Combat roach

“We have a big problem with recent immigrants from mainland China.” Of course, we have the big problem as well as many future generations. It is the same as to excessively and mercilessly keep injecting a toxic and highly contagious substance to local social tissue in order to destroy it and let parasites prevail.

Just me
Guest
Just me

Not sure whether this was posted already.

“We clearly see the potential risks”: OSFI to finalize new mortgage criteria this month
The measures will be aimed at ensuring banks lend money to home buyers who can manage loans even if interest rates rise, and reducing the banks’ reliance on loan-to-value calculations

http://business.financialpost.com/news/fp-street/we-clearly-see-the-potential-risks-osfi-to-finalize-new-mortgage-criteria-this-month

Lost...but not leased
Guest
Lost...but not leased

Round Eyes must realize….it is not slant eyes..it is Lithuanians who subscribe to Mongolian plastic surgeons.

Whistler or Bust?
Guest
Whistler or Bust?
A letter from my NDP voting friend to Eby To: ‘david.eby.mla@leg.bc.ca’ Subject: Broken Election Promises Dear Mr. Eby, I am writing to you today to share my disgust on the NDP’s broken promise on housing. You personally led the charge against the many problems with Vancouver Real Estate including foreign money, untaxed capital gains and rampant speculation. Your party has gone completely silent on the issue and it is unbelievable. Where are the measures you promised? I have a feeling I know. Now that you are in power you don’t want to be known as the party that brought down prices in the Lower mainland so you are backing away from your promises. You put an inexperienced person in charge of housing who will be the “Fall guy” when the NDP does nothing. Add your recent 180 on ridesharing (which… Read more »
Combat roach
Guest
Combat roach

Kudos to your friend, well done!

Lost...but not leased
Guest
Lost...but not leased

From the orifices of David Eby..

We are naked even above the low tide…but a false hope is better than no hope.

We will soon reveal the truth about Santa.,….. Easter Bunny…and Tooth fairy.

Maybe do a thesis that politics is simply degraded/ relegated to a business on par with used cars…SUCKERS >>>>!!!!!!

history
Guest
history

Reading an Austen novel, a literary summarizes three important points

https://verilymag.com/2017/04/sense-and-sensibility-jane-austen-emotional-balance?_escaped_fragment_=

01. Identify the Value of Balance
02. Find Different Perspectives
03. Give Yourself a Break

A clever TD Bank Employee with a literary bent, takes up the baton, wishing to alleviate Homeowners Remorse

http://www.newswire.ca/news-releases/sense-over-sensibility-why-homebuyers-need-to-leave-their-emotions-at-the-front-door-648434983.html

1. Build a buffer before you buy
2. Be honest about your lifestyle
3. Embrace a homeowner state of mind:

bullwhip29
Guest
bullwhip29
Combat roach
Guest
Combat roach

Locust’s fcuking games as usual… What happened to that famous Britannia “resort” a few years back?

https://m.piquenewsmagazine.com/whistler/chinese-developers-buy-land-at-britannia/Content?oid=2290414

Today in the legislature
Guest
Today in the legislature

Weaver: Pressing the government to commit to demand-side housing reforms
http://www.andrewweavermla.ca/2017/10/03/pressing-government-commit-demand-side-housing-reforms/

Just me
Guest
Just me

Weaver was very good. He asked exactly the kind of questions that we all want to ask the NDP minister for housing. Why the delay? Why do you need to put all pieces of legislation in place at once? And why don’t you want to commit to any clear measures, or at least announce them and talk about them?

Great, Weaver! Next round I might just vote for you. We need prices to go down significantly to re-establish a minimum standard of living in the lower mainland. We don’t have the jobs of Manhattan, we should not have Manhattan prices.

Clearly money is coming from elsewhere. We need to stop these illicit money flows, and charge taxes on millionaire migrants.

Combat roach
Guest
Combat roach

Taxes right, but the ultimate solution would be to clean up the current shit by dispatching it back to the paradise and proceed further emigration selectively using brain and not greedy selfish instinct.

Oracle
Guest
Oracle

Why are you so diplomatic towards NDP now. Those cunts lied to get elected.

Hurt the cunts where they will be affected. Vote No and target the main MLA’s ridings next election.

KickThemOut
Member
KickThemOut

Basically you want something for nothing, or at least cheap and screw everyone else who bother to work and save and sacrificed for their homes. Because why? They bought while you didn’t so they deserve to be fucked over and go to financial ruin & hell.

Just me
Guest
Just me

In what way are they fucked? Elaborate.
Is it so bad to sit on a million dollar home rather than a three million dollar home? Did anyone force them with a gun to their head to buy it in the first place? Or did they do for greed, thinking to become instant millionaires?

Doomcouver
Guest
Doomcouver

“…thinking to become instant millionaires?” Exactly that. Anyone who has bought a home in the GVR in the last decade is a speculator. If they expecting housing to move sideways in price or crash they wouldn’t have bought. I will not feel sorry for anyone who bought a house and is financially ruined because of it. The nay-sayers were around, market participants just plugged their ears and kept on buying.

KickThemOut
Member
KickThemOut

You want house price to drop so you can get that SFH you so richly deserve, except tens of thousands of existing homeowners will have to lose tens of billions in equity first, make a lot of them bankrupt. But that’s ok as long as you get what you deserve right? A cheap west side SFH.

Just me
Guest
Just me

Your argument is ridiculous. Many people own outright, no mortgage. They should not bank on their housing for anything but….housing. If they want to retire on it, I think they should pay taxes on the retirement incomes like the rest of us. So we should tax income they derive from selling their homes, right?
You arguments about the “poor homeowners” being in negative equity are ridiculous both from the point of view of economic efficiency and of fairness. These guys are the millionaires. And pay no taxes under the current system, as their wealth appreciation is tax free. Nobody is going to be ruined: they will just have to pay what everyone else already does.

franko
Member
franko

Selena Robinson’s reply to Weaver:
“I’m grateful that, with the help of member down the way, we’ll have 4 1/2 years to get this work done. And I look forward to that work.”
????? Wherever did they find that woman?

Fast forward to 2031:
“We have made remarkable progress on our review, and I am pleased that the Premier has decided to bring in additional help by hiring Mr. Moe Sihota, Mr. Mike Harcourt, and the recently defeated candidates Ms. Rachel Notley and Mr. Jagmeet Singh in the Alberta and federal elections. They have been hired at the modest salary of $ 150,000 each. We are confident that with the additional resources, this complex review could be completed in a few more short years.”

Just me
Guest
Just me

Selina Robinson is a joke. I think it is clear to everyone. Horgan put her there to do nothing.
She will wave hands about homeless, posture in the legislature and do nothing about foreign money and speculation.
Frustrating.

YVR
Guest
YVR

“Selina Robinson is a joke. I think it is clear to everyone. Horgan put her there to do nothing.”

Of course this is 100% Horgan’s call to do nothing. Horgan is a lying scum bag.

Doomcouver
Guest
Doomcouver

They’ll need to do something soon if they want to get re-elected. Destroying home equity at the beginning of your term is a much better idea than at the end of it. Or I guess they could be total a-holes and do nothing and hope the voters forget about the fact that they’re now homeless due to government inaction.

Just me
Guest
Just me
From Weaver’s press release: “The B.C. Greens are committed to proposing bold solutions to the affordable housing crisis that is facing so many communities. I have previously called for the non-resident foreign buyer’s tax to be extended to the entire province, as communities from Victoria to Nelson face a housing crunch. I have also called for a ban on foreign ownership of ALR land over five acres, in order to stem speculation and protect British Columbia’s food security. “The purpose of housing should be to provide homes for British Columbians – not a commodity that is wide open to international speculation. The B.C. Greens will continue to propose bold, actionable solutions to the housing affordability crisis that is uprooting so many communities across our province. As an opposition caucus, we will continue to push government to take action so that… Read more »
Oracle
Guest
Oracle

Vote “No” in referendum email was delivered to him yesterday.

Take my statement for what it is.

KickThemOut
Member
KickThemOut

Consider he never has to put his own neck on the line, easy for him to say.

Doomcouver
Guest
Doomcouver

“I just realized I am actually a Green voter in denial.”

The housing issue is pretty much the only thing I am in complete agreement with the Greens on. A lot of their other policies I do not agree with. Luckily Weaver has the most to gain politically by pushing the housing problem right now. He knows that’s what people care about and the NDP have been hush hush about demand-side reform on housing.

Whistler or Bust?
Guest
Whistler or Bust?

I must agree I am liking Weaver more each day.

OSFI
Guest
OSFI

Sell now!

SMB
Guest
SMB

– people smuggle in fentanyl
– DTES addicts buy it, die
– drug money filters to casinos, real estate
– avg Vancouver condo: 800k
Questions?

Just me
Guest
Just me

Yes. That is Vancouver in 2017. Plain and simple.

But homeowners have a lot of equity, and that us what matters, apparently.

Doomcouver
Guest
Doomcouver

Equity that will disappear when the next generation can’t afford to live or work in Vancouver. The speculative mania is building a house of cards for when all the boomers grow old or die and the panic-selling starts. I’m a millenial and I won’t be buying some boomer’s east-van $2 million teardown that’s for damn sure. They can rot in it for that price. Apart from waterfront /downtown property, don’t be surprised when we’re in a Detroit-esque situation where you can’t sell houses for any price. There won’t be anyone working here to pay for it.

Whistler or Bust?
Guest
Whistler or Bust?

“Equity that will disappear when the next generation can’t afford to live or work in Vancouver. ”

What about Paris, London and Rome the Bulls will say? The next generations there got pried out 2 generations ago.

bullwhip29
Guest
bullwhip29

RCMP casino money laundering probe uncovered alleged ‘terrorist financing’ links
http://vancouversun.com/news/local-news/rcmps-casino-money-laundering-probe-uncovered-alleged-terrorist-financing-links

“The RCMP alleges that evidence shows the Richmond business sent more than $300 million offshore, and laundered about $220 million in cash in B.C., in just one year.”

>>> this is only one business…multiply that by 10x, 25x or even 50x or more. we’re talking many billions (perhaps 10’s of billions) of hokey money washing its way through the lower mainland PER YEAR

Just me
Guest
Just me

Our economy needs that’s money. Or so Christy Clark and the BC Libs told us for years.
Turning that money down would be irresponsible, right?

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