An interesting article by Mike Shedlock summarizing the recent Canadian household debt situation: Canadian borrowing gone mad.
Theory has it that Canadian banks are in far better shape than their US counterparts. If so, it’s primarily because the Canadian Central Bank (Bank of Canada) has assumed nearly all the default risk on Canada’s massive property bubble.
Is that supposed to make everyone stand up and salute the Loonie?
One key point that has recently come into the spotlight is Canadian citizens are not in better shape than their US counterparts. All those going “rah rah” over the Loonie, might be advised to consider some of the following articles.
Read the full roundup over at GlobalEconomicAnalysis.
This Vancouver Sun story was categorized in the “Sports” section… for some strange reason… Talk about “burying your lead”.
VANCOUVER — Millennium Development Corporation — the developer of Vancouver’s troubled Olympic Village — is in default on a loan of more than $71 million for a proposed West Vancouver luxury condominium and townhouse development, according to a petition filed with the B.C. Supreme Court by the project’s financial backers.
The petitioners claim that Millennium has defaulted in payment of principal and interest due on its mortgage and that they are owed $71,796, according to court documents.
Read the full article in the Vancouver Sun.
Oh, and who’s marketing these things?
The project, Evelyn Living, is being marketed by Bob Rennie — who is also marketing the Olympic Village — as a prestigious enclave on the slopes of Sentinel Hill, near the Park Royal Shopping Centre.
The rental market is open – wide open.
In mid-October 2009, people were lining up at the Pique office first thing Thursday morning to get copies of the paper fresh from the printer to secure one of the few rental units posted. At that time the Pique classifieds included 130 long-term suites, houses and apartments available in Whistler and Pemberton combined.
This October there are 269 long-term rental units available for the same region.
Squamish has stayed steady with 36 rental units available last year and 37 this year, but it is clear the Whistler market favours renters for the first time in years.
Part of the increase in availability over the past year can be attributed to rentals held back by owners who tried their luck in the vacation market during the Winter Olympics. Development and a more accessible ownership market in Whistler has also contributed to the surplus. New, affordable housing at Cheakamus Crossing and Rainbow has encouraged more people to buy, leaving an excess of rentals available in their wake.
Read the full article in the Pique News