You say there is housing bubble, a housing crash is imminent. They say Canada is different, they is no real estate crisis whatsoever, or even if there is a downturn, one like the U.S. simply won’t happen in the Great White North. Not a chance … Because Canadian financial institutions are simply too big, so strong, and so prudent that they can easily weather any downturn like a child play.
Well, I don’t know what else to say? Guess I read too much …
“The massive surge in risky debt being taken on by Canadian households illustrates that the housing bubble can’t be blamed on cash purchases by foreign investors,” said economist Paul Ashworth in a report titled, “House Price Gains Fuelled by …
The latest study from independent research body Capital Economics stated that the factor that is most to blame for Canada’s housing bubble is not foreign money but household debt, which has ballooned to dizzying heights in the past few years.
This may not seem that influential, but it could roil trade relations at a time when Canada is facing massive energy-sector layoffs and a possible housing bubble. Earlier this week, Chrystia Freeland, Canada’s trade minister, told CBC that there wasn’t …
Anyway, in every action, there is always a reaction …
Any additional tightening of mortgage rules to prevent a potential housing bubble in Canada’s red hot housing market could hurt the economy, says a new report by Mortgage Professionals Canada. With Canada’s resource sector in deep slump because of …
By Corruption Victim of City of Toronto It was comforting to hear the assuring statement by Toronto Fire Chief Matthew Pegg: – Officials say London inferno won’t happen in Toronto : Strict building codes and inspections should prevent similar infernos “Here in Ontario we are fortunate to have the comprehensive fire protection and fire safety measures that are contained in the building code ,” He further explains residential building in the province must be constructed with non-combustible construction (in accordance with the Ontario Building Code ) ie. be built out of materials that don’t burn. Of particular interest here is the fact that the Fire Chief himself confirmed Fire Code refers to Building Code to determine building safety . In another word, building that contravened the building Code in fire safety also violated the Fire Code (under the Fire Protection and Prevention Act, 1997). Unfortunately, an inquiry with Toronto Fire Prevention revealed the responsible...
Jonathan Manthorpe believes there is a direct line linking the explosive real estate bubbles in Toronto and Vancouver and how secure Chinese President Xi Jinping looks on his throne. How China’s Politics Messing Up Canadian Real Estate Markets The evidence — the vast amount of money being spirited out of China by relatives, friends and cronies of the Red Aristocracy around Xi — suggests he’s set to tumble . Last year about $US1 trillion was spirited out of China by Communist Party leaders and their hangers-on, in defiance of currency regulations. Image Source They clearly do not feel the regime is secure and want their assets hidden away in stable overseas havens like Canada, the United States, Australia or Europe. Sounds like it’s not “London Bridge is falling down”, its “The Great Wall is tumbling down”?
Story from http://www.theglobeandmail.com/ … Aggressive development: Inside the building and selling of a Toronto condo tower A man who makes a living helping the country’s largest bank avoid risks is preparing to double down on a market that many people believe is on the verge of a nasty fall. Babak Habibzadeh, a 29-year-old risk manager with Royal Bank of Canada, lives with his parents and bought his first condo two years ago. He rents it out and has been delighted with the returns to date. So today he’s buying another – a one-bedroom-plus-den, 601-square-foot unit on the 18th floor of a yet-to-be constructed building in Toronto called Core Condos that is scheduled to open in 2017. He’s not yet sure if he will rent it out or live in it, but says it will be a sound investment either way. “Are you excited?” the saleswoman asks him as he plows through a stack of paper in the sales office, outlining the $360,000-plus deal. “In three years I will be,” he says. Toronto’s condo boom ...
A rundown old house with a hodge podge of apartments in Roncesvalles Village drew crowds last week when it was listed with an asking price of $769,000. The property at 52 Harvard Ave. drew five competing bids and sold for $913,000. The owner purchased the house in 1988 for $135,000, he says. “It’s gone from pandemonium to just a heavy frenzy,” he says. Read more http://www.theglobeandmail.com/ Don’t not wish to join the Bull Run ? Sorry, you ain’t got no choice, because it takes … $430,000 to live in a former glue factory in the Junction Triangle Address: 371 Wallace Avenue , Suite 22 Neighbourhood: Dovercourt-Wallace-Emerson-Junction Price: $434,900 The Place: A one-bedroom unit in Wallace Station Hard Lofts, a former glue factory that takes its name from a now-defunct railway station.
TD Bank, IMF say Canadian real estate 10% overvalued CBC.ca The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today. Affordability is falling as prices rise, but TD expects price hikes to slow Many experts and economists, from the OECD to the IMF, agree the Canadian housing market is overvalued – the question is by how much. According to TD economist Diana Petramala, the figure is 10 per cent. The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today. The truth is it’s either 90% overvalue or it’s still undervalue … It looks as if people think Canadian real estate is still a steal. That’s key … Demand, baby, it’s demand that matters, not what Joe can afford. So, what 10% ? Utter nonsense. Another nonsense … Toronto ...
To be exact, In Toronto’s housing market, ‘$2-million is the new $1-million’ The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Image Source The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Torontonians who can barely wrap their minds around a housing market where $1-million is the average price for a detached home might want to take notice of a new fast-approaching benchmark. Sotheby’s offers private jet, helicopter service to woo luxury homebuyers to Calgary Bank of CanadaProspective clients will be flown to Calgary by private jet from practically anywhere in the world and then taken on helicopter tour of multi-million-dol...
Mortgage insurer CMHC primes market for announcement Canada Mortgage and Housing Corp., the Crown corporation that Finance Minister Jim Flaherty has been seeking to rein in, says it will be making an announcement later this week. Image Source The mortgage insurer, which appointed former investment banker Evan Siddall as its new chief executive officer at the start of the year, would not comment on the substance of the announcement. The Globe and Mail reported in December that there has been pressure on CMHC to raise its premiums, a move that could add to the cost of a home for some buyers. CMHC has not raised its premiums since the late 1990s, and actually lowered them between 2003 and 2005. Mortgage insurance is mandatory in Canada for buyers whose down payment is less than 20 per cent. The insurance covers the lender, or bank, in case the homeowner defaults. While premiums are technically paid by the lenders, the cost is passed along to borrowers. Premiums vary depending on the size ...
Vancouver, Vancouver, Vancouver. I always wonder why do foreign investors, particularly those from China are so obsessed with this city … Fengshui? Image Source Foreign investment has impact on Vancouver housing market, say researchers
Government’s foreign buyer numbers way off according to Asian real estate conference Asia Real Estate Association of America, Vancouver chapter representatives say the government’s data sample is too low to be accurate. Agents, experts say Chinese buyers account for much more than 3% of B.C. homebuyers China Cash Power A provincial government statement that only 3 per cent of B.C. residential sales are made to foreign buyers and that Chinese nationals represent just 2.5 per cent of Metro Vancouver home buyers drew rolling eyeballs and laughter at the packed July 7 Asia Real Estate Association of America (AREAA) conference in downtown Vancouver.
We all know the insanity … Image Source Canadian house prices : From ‘overvaluation’ to ‘outlandish’ and ‘zany’ The Globe and Mail (subscription) – Jun 21, 2016 One of the world’s big credit-rating agencies says it’s troubled by Canada’s inflated house prices and extremely stretched borrowers. Canada’s ‘hands-off’ housing policy is right move in free market economy Financial Post Moody’s: biggest Canadian lenders could deal with housing crash Business Review Canada Here is a real life testimony … Two couples pool money to live under one roof
Image Source
Comments
Post a Comment