Home sales continue to slide

Home sales in BC continue their decline.

“Sales fell 33.2 per cent compared to the same month a year ago, and the average residential price of $685,749 was down 1.1 per cent from September of 2017.”

“Association chief economist Cameron Muir says, “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of B.C.’s economy over the last five years.”

Read the full article here.

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bullwhip29
Guest
bullwhip29

A tightening of rules in the once tax-free city of Khorgos and Beijing’s crackdown on the entertainment industry has seen production houses running for the hills
https://www.scmp.com/news/china/society/article/2168303/chinas-film-companies-flee-xinjiang-tax-haven-wake-fan-bingbing

southseacompany
Member
southseacompany

“Scotiabank, CIBC hike posted fixed five-year mortgage rates”, Globe & Mail

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-scotiabank-becomes-first-big-bank-to-hike-fixed-mortgage-rates/

“Despite a surge in bond yields, which typically lifts fixed mortgage rates, most banks have held their posted 5-year fixed rates at 5.34 per cent. But Friday morning we saw the first mega-bank break ranks in five months. Scotiabank hiked its posted 5-year fixed rate by 10 basis points to 5.44 per cent.”

“the Big Six banks have all been lifting discounted fixed rates in the last week. Just Friday morning, Scotiabank and CIBC announced a host of posted and discounted fixed rate increases.”

southseacompany
Member
southseacompany

“After Years of Easing, Meet Quantitative Tightening”, Washington Post

https://www.washingtonpost.com/business/after-years-of-easing-meet-quantitative-tightening-quicktake/2018/10/12/07b2133c-ce48-11e8-ad0a-0e01efba3cc1_story.html?utm_term=.8e2b7f248d10

“For a decade, investors around the world have ridden a rising tide of more than $12 trillion — the extra cash pumped into the global system by key central banks to counter the deepest financial crisis since the Great Depression, and its aftermath. Now that flow of so-called quantitative easing is turning to the ebb of quantitative tightening, and markets are — perhaps not coincidentally — showing increasing volatility.”

Bag it and tag it
Member
Bag it and tag it

That heading a year and a half too late.

Raincity
Member
Raincity

From the article, this looks like a typical HAM MO:…”“To be honest, there was no beneficial impact on the local economy,” she said. “They [incoming companies] enter the area, reap the financial rewards and transfer the money out. They don’t boost the income of the locals and are only there for the tax breaks, which are good for the companies but don’t benefit the government.”

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