Whiteycar posted:

I've had Scotia bank raise my limit on both my credit card and my line of credit like 6 times. Without asking. Calling them and asking them to put the limit back down to what was originally agreed upon was like speaking a foreign language. No one understood.

Ended up switching to RBC surprisingly they just let poo poo be.

blah_blah posted:

There's basically no downside to having more credit available (it's generically good for your credit score via lower utilization if your spending habits stay the same) so I don't see what the fuss is about.

blah_blah posted:

There's basically no downside to having more credit available (it's generically good for your credit score via lower utilization if your spending habits stay the same) so I don't see what the fuss is about.

Whiteycar posted:

Ended up switching to RBC surprisingly they just let poo poo be.

blah_blah posted:

There's basically no downside to having more credit available (it's generically good for your credit score via lower utilization if your spending habits stay the same) so I don't see what the fuss is about.

quote:

CALGARY - Vancouver, Toronto and Calgary remain the wealthiest cities in the country but the gap between them in average household net worth is narrowing, according to data released Monday by Environics Analytics, a marketing services and data analytics company.

WealthScapes 2014, a database on the assets, liabilities and wealth of Canadians to December 2013, found that the average household net worth in Vancouver was $710,095 followed by Toronto at $693,652 and Calgary at $680,377.

“But the difference in affluence is getting smaller as the net worth in Vancouver, Toronto and Calgary grew by 6.5 per cent, 8.8 per cent, and 10.8 per cent, respectively, compared to 2012,” it said. “While increases in liquid asset and debt were similar among the three cities, the key differentiator was real estate values — up a modest 2.8 per cent in Vancouver, a strong 6.6 per cent in Toronto and roaring 9.1 per cent in Calgary.

“Vancouver continues to reign as Canada’s wealthiest city because of its pricey real estate — averaging $579,250 per household compared to $535,002 in Toronto and $485,364 in Calgary. Canada’s most populous city, Toronto, benefitted from a 6.1 per cent rise in savings — nearly triple the national average — and a 3.7 percent decline in consumer debt — which is a significant drop given that nationwide consumer debt remained essentially unchanged. And in addition to its healthy real estate performance, Calgary benefitted from a 2.9 per cent decline in consumer debt; those two indicators ranked among the best for large cities.”

The database found that net worth for Canadians in general was up 7.7 percent over the previous year to $442,130, consumer debt was flat and real estate performed more predictably compared to recent years — increasing a solid six per cent over 2012. In a release, it said the data revealed that not only are the rich (the top fifth of the populace) getting richer — their net worth increased 8.1 per cent over the previous year — but the poor (the bottom fifth) are feeling more flush too, with their net worth rising 8.7 per cent.

The three wealthiest provinces at the end of 2012 retained their top status at the end of 2013 - British Columbia with a net worth of $591,047); Alberta at $531,067 and Ontario at $523,969).

“Third-ranked Alberta had a good year — its net worth grew by 10.0 per cent — and it leap-frogged Ontario in the standings, becoming the second wealthiest province in Canada,” said Environics Analytics.

Lexicon posted:

^ Um, that's absolutely bonkers behaviour. My credit utilization is rarely above 10%, more like 5%, and I put all my monthly expenses that I can on my card.

Kalenn Istarion posted:

I use 50-75% of my 'main' card in a month but that's because that happens to be what my monthly expenditures are, not because I use it to control things. I have a second card which hardly use but keep in case in travelling and somewhere takes MasterCard but not Visa or something, but the total utilization of card credit is at peak <30% and total variable credit use is never more than 7 or 8% utilized. This ignores my mortgage given it's secured by a deeply in the money property.

Lexicon posted:

The particular utilization was not really the relevant point - more just the fact that someone could be stupid enough to spend freely until "welp, denied - no more monies until a week Thursday "

quote:

‘Return to rationality’ signals big shift in China’s housing market

As China’s real estate slump began to hit sales at the Champs Elysées development in the picturesque lakeside city of Hangzhou, the company building it responded with a price cut.
Angry homeowners gathered to protest, holding banners with slogans such as “Return my blood and sweat money!” as police formed a barricade around the office entrance. The residents relented eventually, perhaps with the creeping realisation that the days of making easy money in the Chinese real estate market are over.

“People are returning to rationality,” says Chen Xuemei, sales manager at the Champs Elysées. “If they are starting a family and need a home, they will still buy. But people are no longer buying homes expecting to earn a big profit.”
China’s multiyear property boom appears to be grinding to a halt. Prices have dropped in many parts of the country, sales have dried up and new construction has fallen sharply as developers have retrenched.
A change in mindset among Chinese homebuyers – away from pure speculation towards a system based on fundamental demand for accommodation – is leading to a profound shift in the way the country’s housing market operates.
“Previously parents told their kids: don’t squander your money . . . save it and buy a house. After you buy a house, save more and buy another house,” says Du Jinsong, property analyst at Credit Suisse, the bank. “Now even parents are saying: don’t buy houses any more – it’s not worth it. I think this is a very big change.”

China’s last property downturn in 2011 was met with concerted action from central government, including interest rate cuts.
This time, however, Beijing has held firm, leaving local governments – and property developers – to formulate their own responses. Those efforts are now in full swing, including price cuts, easier access to capital and the end of restrictions on multiple home purchases.
Last week the southern city of Foshan became the latest to announce an easing of restrictions for those seeking to buy multiple apartments, something analysts at credit rating agency Moody’s said should “release some of the pent-up demand for residential properties and reduce pressure on pricing”.
Fujian province announced a series of steps at the end of last month aimed at bolstering demand, including introducing tax incentives for property purchases, while the province of Sichuan even briefly flirted with subsidising mortgages.

quote:

Of the 47 Chinese cities with home purchase limits at the start of the year, 34 have relaxed their policies, with a dozen removing controls altogether.
From the developers’ side, prices have been slashed and extra perks introduced for would-be buyers. Some have promised to repurchase homes if prices fall, or offered cheap loans to finance downpayments. The Champs Elysées development even gave bottles of Chanel perfume to those who came for viewings.
These supportive measures – which vary by city and by province – have already had some tangible effects. Though prices have continued to fall, transaction volumes surged in June as restrictions were eased in certain cities, providing developers with welcome cash and bringing some confidence back to the market.
However, many analysts say the responses won’t be enough to bring back the heady days of double-digit annual price growth and that the current inventory overhang will take at least a year to draw down. A recent survey of mainland developers by Standard Chartered presented a gloomy picture, with the bank declaring that the worst is yet to come for China’s property sector.

Wei Yao, economist at Société Générale, the bank, agrees. “A further slowdown in investment still seems inevitable”, she wrote in a recent note. “The most likely scenario is that property data may stabilise or even improve in the coming months thanks to the whole gamut of easing measures, but the recovery will probably grind to a halt entering the fourth quarter.”

quote:

Another difference between this slump and the previous one is that Chinese savers have a much broader range of alternative investments. Many have been drawn to the shadow banking system, where wealth management products offer double-digit returns on investments that many see – rightly or wrongly – as underwritten by the state.
The corporate bond market is also growing fast, while a new stock link-up between Hong Kong and Shanghai is set to provide another avenue for investors.
Mr Du fears that if the property market fails to bounce back quickly, the downward trend may become impossible to reverse. He says: “To me that is an early sign that interest in the market has definitely changed – maybe for good.”

Cultural Imperial posted:

I believe developers were writing it into their pre-sale contracts that you weren't allowed to re-sell your pre-sale.

Whiteycar posted:

Also available credit is taken into consideration when you are applying for a mortgage.

Essentially the bank wants to know that you aren't dipping into too many pots and over extending yourself. Utilization is only a historical trend they want to see worst case scenario.

How much that factors into any loans/mortgages in the future I don't know though I'd just rather not have the hassle.

Rutibex posted:

If there was no down side then banks would not be so aggressive in pushing higher limits. Its psychological; having a higher limit make you much more likely to do into deeper debt.

Kalenn Istarion posted:

quote:

Add it all up, and the housing agency calls for a "soft landing" in housing — a term used by economists to describe a housing market that slowly cools down without ever experiencing a jarring, sudden large drop in prices, sales or new builds.

Cultural Imperial posted:

Hey guys cmhc economist said a thing


http://www.cbc.ca/m/news/#!/content/1.2735137/

Wasting posted:

I love that the CMHC version of the mythical soft landing still includes rising prices.

"It's okay: prices will still go up forever."

Wasting posted:

I love that the CMHC version of the mythical soft landing still includes rising prices.

LemonDrizzle posted:

An 'ideal' soft landing would have prices going up very slowly in nominal terms but declining in real terms and in relation to wages, so there's nothing really wrong with that comment.

Baronjutter posted:

Uh, do some of you guys just use your credit card till its maxed out as your preferred system of budgeting? The only person I knew who got mad that the bank raised her credit card limit was someone who literally did her book keeping that way. She'd put everything on her credit card till it was maxed out and then she'd know she was over her monthly budget, which she sort of paid off each month. When they doubled her limit she ended up spending like $1000 extra that month because it was the only way she knew to control her spending.

Antifreeze Head posted:

I knew a guy who did this for everything. Even stuff like a Slurpee at 7-11 on the Visa. He did it for the Air Miles. He'd check it fairly often and pay it off entirely every seven to ten days, so I guess it works for some people.

triplexpac posted:

Yeah I don't really see a problem with doing this, if you were just going to use debit anyway. If you pay it right off is there a difference?

Baronjutter posted:

Now every listing they try to get turns into a bidding war. They didn't get the last apartment, a small 2br for $1800, because someone else offered $2000. Apartment bidding! Vancouver is a poo poo place to live.

Lexicon posted:

Well for one thing, aren't there fines and/or credit rating implications if you breach the limit?

LemonDrizzle posted:

Doesn't that suggest a genuine housing shortage (at least of the type of housing they want)? If so, maybe price:rent ratios will move back to their historical norms via the simple expedient of substantial rent hikes.

Baronjutter posted:

Renters can only bid as high as their monthly income allows, buyers can reach into crazy deep debt pockets thanks to subsidized debt.

triplexpac posted:

What limit? I was commenting that paying for things on Visa and then paying them off asap is reasonable. Not that you go on a 10k spending spree and completely lose your mind charging things to your credit card.

The guy I was responding to said his buddy buys slurpees and poo poo on his Visa, checks on it regularly and pays it off every week or so.