Canada, debt, economy, mortgage, predictions, rates

28% of Canadians say rate hike would cause bankruptcy

July 11, 2018 VCI Admin

From southseacompany: this survey claims that more than a quarter of Canadians think that another rate increase would push them into bankruptcy.

The poll comes just days before an anticipated interest rate hike by the Bank of Canada and was conducted on behalf of MNP, a leading Canadian bankruptcy firm, between June 15 and June 19. The same poll found that 42% of Canadians say that if interest rates rise much more their financial well-being will be put in jeopardy.
The Bank of Canada has raised interest rates three times since last summer, and investors expect the central bank will boost its target for the overnight rate to 1.5% this Wednesday (July 11).

Read the full article here.

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bullwhip29

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Home values in Vancouver highest after Silicon Valley, while incomes just ahead of Columbus
https://vancouversun.com/business/local-business/home-values-in-vancouver-highest-after-silicon-valley-while-incomes-just-ahead-of-columbus

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Name

but of course it’s not foreign buyers with their ill-gotten money or laundered azian drug money, or tax evasion by ‘students’ or ‘housewives’ no no no, it’s just locals with huge mortgages …

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Shut It Down Already (original)

Well, what’s the average new mortgage to income ratio in Vancouver versus Columbus?

Member

Laibach

Right, locals draw prices to insanity in Vancouver…

“You need one of two things: either Vancouver real estate prices need to halve to attain a certain level of affordability, or you need to double incomes,” Yan said.

Doubling incomes is wildly ambitious — similar in scale to a 10-year goal that China has set for itself.

http://www.bloomberg.com/amp/news/articles/2018-07-13/vancouver-continent-s-least-affordable-city-has-a-wage-problem

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bullwhip29

Illegal online sale of Chinese cigarettes widespread in B.C., says expert
https://www.cbc.ca/news/canada/british-columbia/bc-cigarettes-resale-china-1.4745113

Member

Best place on meth

Mainlanders have absolutely overwhelmed us with their criminal activity.

Government and law enforcement are helpless and have no idea what to do about it.

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Shut It Down Already (original)

You’re a joke.

Guest

bullwhip29

For Richmond residents who are experiencing financial hardship, the city is now stepping in with Richmond Community Associations and Societies to further subsidize recreation passes
http://www.richmond-news.com/community/richmond-expands-recreation-fee-subsidies-1.23366646

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bullwhip29

Udi Kuaiche, an illegal Chinese-language ride-sharing company is apparently expanding in Vancouver
https://globalnews.ca/video/4329337/illegal-ride-sharing-service-apparently-expanding-in-vancouver/

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Name

and the shadowy asian subculture is growing wildly in the lower mainland …

Member

Doomcouver

More undercover police is the solution here. Get some Chinese RCMP to start running sting operations and the illegal ride sharing business will fall apart.

Member

Best place on meth

From Teranet, As in May, prices were up in 10 of the 11 metropolitan markets surveyed, led by Ottawa-Gatineau (2.0%), Hamilton (1.8%), Edmonton (1.5%), Victoria (1.3%), Toronto (1.2%) and Halifax (1.0%). The Toronto rise was the smallest since 2008 for a month of June. The Quebec City index rose apace with the countrywide average of 0.9%. Gains were smaller in Montreal (0.7%), Vancouver (0.6%) and Calgary (0.6%), and the index for Winnipeg was down 1.0% on the month. The rise in Vancouver was the fourth-smallest since 2001 for a month of June. Over the first half of the year the Toronto index rose at an annual rate of 5.7%. For the condo segment the rate was 12.1%, for other housing only 2.9%, reflecting a tight seller’s market for condos. The Vancouver story is similar: condo segment up 17.6% annualized since… Read more »

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Best place on meth

Another day, another peak in inventory.

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Specuskeptic

Waaaarrrreeee peeeeek?

Member

paulb

New
187
Price Change
82
Sold
62
TI:12776

http://www.clivestevepaul.com

Member

southseacompany

“Scotiabank increases prime lending rate” CNW

https://www.newswire.ca/news-releases/scotiabank-increases-prime-lending-rate-687923371.html

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MAKE TRUDEAU A DRAMA TEACHER AGAIN!

This latest move only seems to have affected floating rate mortgages. You can still get a 5 yr fixed at 3.30% from a legit lender.

Guest

MAKE TRUDEAU A DRAMA TEACHER AGAIN!

That said, some of the people most on the ‘edge’ have open mortgages becuase they have had lower rates and subsequent lower payments.

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Shut It Down Already (original)

Presumably you mean “variable” rather than “open”.

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Shut It Down Already (original)

Because fixed mortgages are set by the bond market and not the overnight lending rate.

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MAKE TRUDEAU A DRAMA TEACHER AGAIN!

Thank you Captain Obvious.

I was surprised we didn’t not see the 5 yr move up on the fairly hawkish tone.

Guest

Shut It Down Already (original)

Nice attempt at a recovery!

Member

southseacompany

“BMO Bank of Montreal Increases CDN$ Prime Lending Rate to 3.70 Per Cent”, CNW

https://www.newswire.ca/news-releases/bmo-bank-of-montreal-increases-cdn-prime-lending-rate-to-370-per-cent-687920011.html

Member

southseacompany

That was fast:

“Royal Bank raises prime rate to 3.7 per cent following BoC rate hike” Globe & Mail

https://www.theglobeandmail.com/business/article-royal-bank-raises-prime-rate-to-37-per-cent-following-boc-rate-hike/

‘RBC says it will increase its prime rate by a quarter of a percentage point to 3.70 per cent, effective Thursday. The rate has been set at 3.45 per cent.”

Guest

Oracle

They always raise a day or so after the BoC does. This is normal.

Let the ‘Oracle is a pumper’ posts follow.

Member

Hyper-mega-Bull

First they came for the west side detached, and I did not speak out—
Because I couldn’t afford a west side detached.

Then they came for the east side detached, and I did not speak out—
Because I could not afford a east side detached.

Then they came for the inner suburb detached, and I did not speak out—
Because I could not afford the inner suburb detached.

Then they came for condos—and there was no one left to speak for me.

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No Chump

Ha ha! Good one! All the Joesph Goebbel’s-style BS about this RE market will have left a lot of people “disenfranchised” after it has finally popped, too.

Member

Hyper-mega-Bull

Because I couldn’t afford a west side detached.

Then they came for the east side detached, and I did not speak out—
Because I could not afford a east side detached.

Then they came for the inner suburb detached, and I did not speak out—
Because I could not afford the inner suburb detached.

Then they came for condos—and there was no one left to speak for me.

Member

Specuskeptic

Yep. Taxing condos is just like the holocaust.

Member

Best place on meth

So is separating children from their criminal, border jumping parents.

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Name

The Big Story: Ignoring interest rates is finally costing you money

https://www.news1130.com/2018/07/12/big-story-interest-rates/

“Canadians need to plan for a period of spiking rates that will impact everything from mortgages and lines of credit, to student loans, savings accounts, and investments.”

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Name

Tariffs could add over $10,000 to condo prices

https://globalnews.ca/news/4322602/steel-tariffs-condo-prices-canada-10k/?utm_source=Article&utm_medium=EditorsPick&utm_campaign=2015

boo hoo !!!

Member

patriotz

“Tariffs could add over $10,000 to condo prices”

That should be condo costs. Condo prices are determined by what buyers are willing to pay.

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Lost...but not leased

Tariffs will trickle down to job losses and thus fewer buyers, if not greater stress on existing purchasers.

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bullwhip29

no one in Richmond has a job…

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Lost...but not leased

Its getting there..

Mall at #3RD and Cook is being demolished as we speak…
Park Village mall (one block away) is now closed and next.

Soon, only one Safeway left…..

(Oh well….. legalized pot will save the day.)

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Oracle

The top 30% of households overseas don’t have jobs either. They have businesses or rely on their wealth to produce income.

Guest

Oracle

It’s those that don’t have assets that are the working class there.

Same going to happen here. You see it in Richmond.

Guest

Lost...but not leased

Most of those central Richmond malls I alluded to earlier were almost exclusively tenanted by Asian themed businesses.

The majority won’t re-open as
(i) available space is generally in new buildings=too expensive and no parking
(ii) whatever is left will have high demand, (till they get demolished)….low vacancy.

This leaves a lot of Asians out of work.

Center of Richmond is being gutted out and increasingly turned into Ghost City.

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bullwhip29

builders will focus more on wooden 3/4 story walkups vs highrises, shave off 50, 75, 100…sqft here and there and overcharge for features that used to be standard to recoup some of these costs

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Lost...but not leased

Focus all they want….IMHO the market is at or near collapse mode.

Like a dying person…there will be the odd “burst” here and there…then SHTF

Member

KickThemOut

CPPIB taking our hard earned pension dollar and helping locusts with rental housing? While thousands in GVRD are homeless or hundreds of thousands are 1 paycheque or 1 rate hike away from homeless?

https://ca.finance.yahoo.com/news/cppib-co-invest-china-rental-054035194.html

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bullwhip29

Surrey mayor under fire for golf tournament fundraiser, despite it being within the rules
https://vancouversun.com/news/local-news/corporate-cash-at-surrey-mayors-golf-tournament-follow-rules-but-draw-criticism

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bullwhip29

There’s an Instagram account that showcases the worst rentals in Metro Vancouver
http://dailyhive.com/vancouver/vancouver-worst-rentals-instagram-account

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bullwhip29

Credit card skimmers found at Vancouver transit stations
https://www.ctvnews.ca/canada/credit-card-skimmers-found-at-vancouver-transit-stations-1.4010396

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Make Vancouver Canadian Again

CBC article about Jagmeet Singh’s need for a seat in Parliament comes to the conclusion that his best shot would be in a by-election in Burnaby-South. If that is the case, Jagmeet Singh may have a very short career as leader of the NDP. I predict that Singh would lose in a Burnaby-South by-election. I predict that Singh will not at all resonate with voters in the Lower Mainland region. I get the impression that Singh knows very little about BC. He probably thinks Canada stops at the Rocky Mountains, like Mulcair did (who literally once described Canada as “from the Atlantic to the Rockies”). The biggest headline he made out here was when he praised Gregor Robertson’s track record for being a very progressive mayor. If Gregor Robertson’s performance as mayor is Jagmeet Singh’s idea of ‘progress’, I want… Read more »

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Make Vancouver Canadian Again

The article points out Burnaby South is the epicentre of the Kinder Morgan pipeline debate. Actually, Burnaby-North is where all that action is. The main issue in Burnaby South is all the low rise rental apartments being torn down to build condos marketted to offshore investors, displacing thousands of locally employed people, while the mayor of that city looks on with indifference. Does Jagmeet Singh know anything about this? Does he know anything about the issues of the Lower Mainland and Burnaby-South? Does he realise this is not Southern Ontario and this is also not like the rest of Western Canada? I think he doesn’t have the first clue about this region. Given how important BC is to the NDP nationally, you would think they would pick a leader with stronger connections to BC. Two in a row now who… Read more »

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Make Vancouver Canadian Again

I cannot post a link to article without going into moderation limbo, so the title of the CBC article is: “NDP Leader Jagmeet Singh won’t have a free pass if he runs in a byelection” by Eric Grenier. You can google it if you want to.

Member

patriotz

“like Mulcair did (who literally once described Canada as “from the Atlantic to the Rockies”). ”

I challenge you to back that up. Google comes up with no evidence Mulcair ever said that. I’m not a big fan of his, but he’s a very intelligent man and he doesn’t say dumb things.

As for Singh, he does have a lot of contacts in BC, which is one of the reasons why he won the NDP’s at large leadership vote. I don’t think he should have become leader so don’t ask me to defend him. My guess is that he will decline to run in Burnaby South, the real reason being that if he lost he’d probably have to resign as leader.

Guest

Make Vancouver Canadian Again

Others on this blog have said that you, Patriotz, are from NDP central headquarters in Ottawa. If that is true, that may explain your reflexive defense of Mulcair. I have done a search on google as well and I also cannot find the comment. I do seem to remember, however, Thomas Mulcair referring to Canada in a media soundbite as something to the effect of ‘from the Atlantic Ocean to the Rocky Mountains.” I remember that because it made me take notice and it made me wonder at the time if he was aware whether or not BC even exists. If I remember correctly, it may have been around the time he became leader of the NDP. It may have been on television so a transcript may not be available on the internet. Nevertheless, I remember forming the opinion that… Read more »

Member

patriotz

“Others on this blog have said that you, Patriotz, are from NDP central headquarters in Ottawa.”

That’s news to me. Reminds me of the resident jackass who claims (also incorrectly) that I work for the federal immigration department. No I don’t think you’re the same person but you make a good couple.

As for Mulcair I think he ran a lousy campaign – I thought he had a real shot at winning – but in fact the NDP increased its seat count in BC in contrast to other provinces where the party lost many seats. So the BC voters seemed to like him well enough.

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Make Vancouver Canadian Again

Sorry, I stand corrected, it’s the Federal Immigration Dept that you are alleged to work for.

While it is true that the NDP increased their seat count in BC, that was largely due to Vancouver Island — which is an entity unto itself. The NDP lost seats in Metro Vancouver and were wiped out in Surrey. That was a major loss for the NDP because the NDP should be appealing to urban Canada and the working class and the working poor and even the middle class who are so struggling with severely unaffordable housing (and transportation is a related complex of problems). The NDP should be appealing to these people and instead lost their votes. What is Jagmeet Singh’s plan on getting those votes back in Metro Vancouver???

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Lost...but not leased

NDP will be extinct soon…(.and Tommy Douglas is rolling over in his grave and how the idea was co-opted.)

Every time they became gov’t by default, they royally F*ck Up.

They seem to have a bucket list of whacko ideas that they MUST impliment asap , given they tend to be a heartbeat away from being turfed in next election.

BC NDP full focus now is PR….THE END.

Member

Best place on meth

They deserve to become extinct for choosing a leader who overtly displays religious symbols while supposedly representing ALL Canadians.

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Lost...but not leased

As usual…NDP played the Joker card…this time picking some blatantly token ethnic who doesn’t even have a seat in Gov’t.

Honeymoon is over…time to shite or get off the pot…Jagmeet has to actually WORK now.
Burnaby South???…talk about a parachute candidate.
F*cking joke.

Prediction; Voting public is sick of these slimey politics and will shift to the right.

Member

Best place on meth

As the trade war with china escalates:

https://www.bloomberg.com/news/articles/2018-07-11/eu-to-join-trump-in-criticizing-china-s-role-in-global-trade

Trump just keeps on winning.

Member

Best place on meth

And winning

https://www.reuters.com/article/us-usa-trade-china-media/china-to-its-state-media-keep-calm-dont-inflame-trade-row-with-u-s-idUSKBN1K118L

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Shut It Down Already (original)

It’s quite easy when you ignore all the losses.

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bullwhip29

$3.5 million US to be dispersed to investors hit in B.C. Ponzi scheme, but hundreds of claims rejected
https://vancouversun.com/business/local-business/3-5-million-us-to-be-dispersed-to-investors-hit-in-b-c-ponzi-scheme-but-hundreds-of-claims-rejected

>>> what a total joke our so called regulators are…

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bullwhip29

More than $2,000 a month for a co-op unit in Vancouver — what gives?
http://www.vancourier.com/real-estate/more-than-2-000-a-month-for-a-co-op-unit-in-vancouver-what-gives-1.23364759

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bullwhip29

After a local barbecue fell under social media scrutiny for initially marketing the event as a fundraiser for Richmond First, the slate is now speaking up about the event…
http://www.richmond-news.com/election-2018/we-have-not-received-any-money-richmond-first-responds-to-farmland-owners-bbq-1.23365033

>>> whatever….

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Lost...but not leased

RE: Richmond News …

Seems to be succumbing to yellow journalism(no pun intended)…this non -story is embarassing.

When Richmond had another paper(Richmond Review)…they kept each other honest and balanced ….moreso in the LETTERS/OPINION section.

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bullwhip29

Vancouver going beyond conserving buildings in Chinatown
https://vancouversun.com/business/local-business/vancouver-going-beyond-conserving-buildings-in-chinatown

>>> so, as the saying goes… “what’s your’s is mine and what’s mine is mine…”
well played indeed….

Vancouver Condo Info

28% of Canadians say rate hike would cause bankruptcy

Bubble? What Bubble?