Canada Housing/Debt: Trust me, I'm a landlord.

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Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

Baudin posted:

I love the "turning pristine wilderness into mordor" line

Have you fuckers ever driven around Fort Mac and seen your "pristine wilderness?" It's hardly some shining wilderness which is being converted to a smoke and tar filled landscape. Really wish I had taken some pictures of the landscape while I was up there.

e: I'm not saying that they're doing a swell job at environmental reclamation, but saying they're destroying pristine wilderness is a bit based on what I would term favourably as a bog.

This is good satire, well done.

# ? Jan 30, 2015 16:05

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# ? May 9, 2024 21:04

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

Baudin posted:

I love the "turning pristine wilderness into mordor" line

Have you fuckers ever driven around Fort Mac and seen your "pristine wilderness?" It's hardly some shining wilderness which is being converted to a smoke and tar filled landscape. Really wish I had taken some pictures of the landscape while I was up there.

e: I'm not saying that they're doing a swell job at environmental reclamation, but saying they're destroying pristine wilderness is a bit based on what I would term favourably as a bog.

I don't personally find this thing aesthetically pleasing, therefore it has no value.

# ? Jan 30, 2015 16:07

namaste friends: Sep 18, 2004; by Smythe

lol shut the gently caress up baudin

# ? Jan 30, 2015 16:07

Ceciltron: Jan 11, 2007; Text BEEP to 43527 for the dancing robot!; Pillbug

Baudin posted:

I love the "turning pristine wilderness into mordor" line

Have you fuckers ever driven around Fort Mac and seen your "pristine wilderness?" It's hardly some shining wilderness which is being converted to a smoke and tar filled landscape. Really wish I had taken some pictures of the landscape while I was up there.

e: I'm not saying that they're doing a swell job at environmental reclamation, but saying they're destroying pristine wilderness is a bit based on what I would term favourably as a bog.

Bogs and wetlands, while unappealing aesthetically, are goddamn vital to the ecosystem and water tables. It's all tied together and damaging any part of the ecosystem has serious ramifications. Planting a couple of firs on the road by the tailing pond doesn't undo the damage caused. It's not a zero-sum game.

# ? Jan 30, 2015 16:08

namaste friends: Sep 18, 2004; by Smythe

http://m.theglobeandmail.com/report...s1&click=sf_rob

quote:

Oil�s toll
A major U.S. bank is warning Canadians what to expect from the rout in the oil market: �There will be blood.�

That warning from JPMorgan Chase & Co. is largely aimed at the province of Alberta, home to Canada�s oil patch, but the collapse in oil prices will filter through the broader economy.

The Wall Street giant, like others, suggest a recession in Alberta, with slower economic growth in other parts of the economy. Economists generally now forecast growth of 2 per cent or lower in Canada this year.

Already, oil companies have slashed spending and started to fire workers amid the shocking plunge in oil prices.

That�s the �direct blood,� as JPMorgan�s Kevin Hebner puts it.

But there will also be a ripple effect, and the threat of something far uglier.

Mr. Hebner, JPMorgan�s chief foreign exchange strategist, and technical analyst Niall O�Connor, warned in their new report of both the impact and the threat, using the Bank of Canada�s own numbers released last week.

That�s when Bank of Canada Governor Stephen Poloz unveiled a surprise interest rate cut, which he dubbed an insurance policy amid the uncertainty in the oil market.

�Last week�s brief statement mentioned �oil� 10 times and the insurance cut demonstrated the BoC�s focus on mitigating downside risks from the oil patch slump, especially given that we have so far only witnessed the tip of the iceberg in terms of direct damage (especially regarding energy-sector capex and employment,� they said in a section of the report titled �There will be blood,� referring to capital expenditures and jobs.

�Further, the Jan. 21 statement introduced �financial stability risks,� which are particularly worrisome given stretched household debt levels and frothy housing markets.�

Mr. Hebner, who believes the central bank could well cut rates again, noted in an interview that each oil job in Canada indirectly supports two or three others.

And while there are no such signs at this point, households are vulnerable to shocks given the high consumer debt levels in Canada and inflated home prices in some parts of the country.

Indeed, Calgary�s housing market is showing initial signs of a slump, and the Bank of Canada has expressed concern about what that mean outside the home of the country�s energy industry.

�There certainly will be direct blood,� Mr. Hebner said, citing the hit to investment and the �tens of thousands� of jobs he expects will die.

Just last week, economists at Toronto-Dominion Bank also warned of the threat of a recession in Alberta, projecting economic growth of just 0.5 per cent over the course of the year.

Other provinces, such as Ontario, are expected now to benefit from the decline in energy costs and the related plunge in the Canadian dollar.

A key issue in Canada is whether the rest of the economy �is strong enough going forward to offset negativity in the energy sector,� Derek Holt of Bank of Nova Scotia added today.

�Canada is more dependent on energy than ever before as one in five cap-ex dollars, one in four export dollars, and 13 per cent of GDP through direct and indirect effects are derived from the sector,� he added.

�Will a depreciated [Canadian dollar] and U.S. growth be enough to pull non-energy exports higher going forward and offset the pain that is sweeping through the resources sector (and not just energy)? I�m skeptical.�

Mr. Holt, too, raised questions about the state of Canadian households, though there are offsetting factors.

�In the context of all of this is a very mature household sector including: About a 70 per cent record high home ownership rate; record high real per-capita consumer spending; record high renovation spending; record high house prices; and a household debt-to-after-tax income ratio that may have stabilized but that remains elevated around records,� he said.

�There are many insulating safeguards in a strong financial system and a very different mortgage market but further growth off of record highs in such variables may not get a lift from rate cuts as employment growth has cooled over the past couple of years while the housing market is operating at saturated levels of activity.�

quote:

Economy contracts
And on that note, we turn to the latest reading, though it�s far in the rear-view mirror at this point.

Canada�s economy contracted by 0.2 per cent in November, Statistics Canada said today, driven lower by manufacturing, mining and the energy sector.

As The Globe and Mail�s David Parkinson reports, that�s the poorest showing in about a year.

And it may well add to the speculation over whether the Bank of Canada will cut rates again.

�November�s disappointing results will put a dent in Q4 GDP growth, the latter likely to come in around 2 per cent annualized, roughly half a percentage point lower than the Bank of Canada�s estimates in the recent monetary policy report,� said senior economist Krishen Rangasamy of National Bank of Canada.

�That, coupled with the recent Statistics Canada downgrade to employment, gives the central bank ammunition to dispatch another rate cut at its March meeting.�

The factory sector�s output sank by 1.9 per cent in the month, ending what had been a string of gains.

The latest reading from the U.S. economy, meanwhile, showed growth slowing in the fourth quarter to an annual pace of 2.6 per cent.

Today's gently caress you alberta is so real

# ? Jan 30, 2015 16:09

Baudin: Dec 31, 2009

Kafka Esq. posted:

This is good satire, well done.

e: By the way what I posted is what a significant portion of the province truly believes re: oilsands development.

Baudin fucked around with this message at 16:16 on Jan 30, 2015

# ? Jan 30, 2015 16:14

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

I have to say, CI, but you've created quite a thread. It's basically Canadian Economy. Slap a couple of macroeconomic explanations in an OP and a couple links to good posts in the Canadian finance/investments thread and you've got some high quality here.

# ? Jan 30, 2015 16:15

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

So no news article yet, but the CBC (radio) is reporting that Vancouver realitors are seeing a "bidding war" for properties in Vancouver. Why does the story seem straight out of Mac Marketing land?

Kafka Esq. posted:

I have to say, CI, but you've created quite a thread. It's basically Canadian Economy. Slap a couple of macroeconomic explanations in an OP and a couple links to good posts in the Canadian finance/investments thread and you've got some high quality here.

It's far better than the coffee thread that is supposed to be about Canadian Politics.

Lain Iwakura fucked around with this message at 16:39 on Jan 30, 2015

# ? Jan 30, 2015 16:16

Rime: Nov 2, 2011; by Games Forum

I do suggest again that we amend the title to "Canadian Debt Bubble: Uncle Wong's Cabin", since it's become apparent that our issues run much deeper than just the housing market alone.

Edit: :woop:

Rime fucked around with this message at 16:37 on Jan 30, 2015

# ? Jan 30, 2015 16:22

namaste friends: Sep 18, 2004; by Smythe

Can anyone figure out whether hootsuite has any revenue? I've been googling for 5 minutes and there's absolutely zero proof these clowns are selling anything.

# ? Jan 30, 2015 16:25

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/rcarrick/status/561184175114711040

# ? Jan 30, 2015 16:31

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/BBGCanada/status/561178382852165632

# ? Jan 30, 2015 16:34

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

I was racing to post that "another rate cut is likely" news, but he beat me to it.

Perfect time for a title change for this thread.

# ? Jan 30, 2015 16:41

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

http://www.cbc.ca/news/business/cibc-confirms-job-cuts-1.2937263

quote:

CIBC has decided to "selectively reduce a number of positions," the bank confirmed in an email to CBC News Thursday evening.

Spokesman Kevin Dove did not specify which jobs would be cut or how many, but an article published Thursday on the Wall Street Journal website said "more than 500 jobs" would be cut, citing anonymous sources.

"These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently," CIBC sokesman Kevin Dove said in the email statement sent to CBC.

The bank says it will be a "significant net recruiter" in 2015 with more than 5,000 hires in the next year.

The bank says its total number of full- and part-time employees is up 1,800 over the last two years, to almost 44,500.

How many of their new hires will be part-time I'll bet?

# ? Jan 30, 2015 16:43

Ceciltron: Jan 11, 2007; Text BEEP to 43527 for the dancing robot!; Pillbug

The housing bubble has absorbed the banking sector! How apropos to change the name, then

# ? Jan 30, 2015 16:43

Ceciltron: Jan 11, 2007; Text BEEP to 43527 for the dancing robot!; Pillbug

OSI bean dip posted:

http://www.cbc.ca/news/business/cibc-confirms-job-cuts-1.2937263

How many of their new hires will be part-time I'll bet?

How many will be unpaid interns and TFWs?

# ? Jan 30, 2015 16:43

Dreylad: Jun 19, 2001

MickeyFinn posted:

I don't personally find this thing aesthetically pleasing, therefore it has no value.

-- nature conservators, circa 1925

# ? Jan 30, 2015 16:48

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

The destruction of wetlands also makes 'hundred year floods' more frequent events in the prairies as there's nowhere for all that water to go except straight to the rivers.

# ? Jan 30, 2015 16:55

Whiskey Sours: Jan 25, 2014; Weather proof.

Cultural Imperial posted:

https://twitter.com/rcarrick/status/561184175114711040

I don't get it, where's the good news in this? That the BoC might cut rates again? Is this guy shorting the Loonie?

# ? Jan 30, 2015 16:59

Guy DeBorgore: Apr 6, 1994; Catnip is the opiate of the masses; Soiled Meat

Kafka Esq. posted:

I have to say, CI, but you've created quite a thread. It's basically Canadian Economy. Slap a couple of macroeconomic explanations in an OP and a couple links to good posts in the Canadian finance/investments thread and you've got some high quality here.

Good god I hope you're not serious.

# ? Jan 30, 2015 17:01

namaste friends: Sep 18, 2004; by Smythe

Whiskey Sours posted:

I don't get it, where's the good news in this? That the BoC might cut rates again? Is this guy shorting the Loonie?

A rate cut increases the money supply which does bring down the loonie, amongst other things, but it also encourages banks to lend more to businesses in the hope that it will staunch the impending flood of lost jobs. It also make it cheaper for Americans to buy goods and services so southern Ontario's car manufacturing sector can survive, as well as Vancouver's movie industry and thriving innovative tech sector.

On the downside, as, hal__2005 had said, we're probably just delaying the inevitable which is straight up mass corporate defaults because the global economy is so structurally flawed.

# ? Jan 30, 2015 17:22

Rime: Nov 2, 2011; by Games Forum

Gas is under a dollar, the loonie is circling the drain, Russia is imploding and Suge Knight just killed a man. The 90's are back! :woop:

# ? Jan 30, 2015 17:25

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

None of this is going to do anything because it doesn't induce demand.

The only thing that will salvage our society is labor organization and massive government spending on infrastructure.

# ? Jan 30, 2015 17:27

namaste friends: Sep 18, 2004; by Smythe

http://m.theglobeandmail.com/report...?service=mobile

quote:

Canada’s housing market is already seeing the impact of falling interest rates, with nearly half of Canadians telling a new survey that they are planning to buy a home in the next five years and more than 15 per cent saying cheaper mortgage rates will allow them to make the purchase sooner than expected.

Younger Canadians, who are struggling with far more debt than their parents did at the same age, are the most likely to respond to falling rates. More than a fifth of Millennials told a Bank of Montreal homebuyers survey that they have shortened their time-frame for buying a home because of lower rates and 75 per cent said they were planning on making a purchase within the next five years.

Regionally, the demand among buyers is strongest in Ontario and Atlantic Canada, where the combination of low interest rates and cheaper oil prices are poised to put more money in the pockets of consumers. Nearly a fifth of residents told pollsters that they would speed up their home purchase because of low interest rates.

In contrast, just 13 per cent of residents in Quebec and 12 per cent in Alberta said lower rates were having an impact on their buying decisions. Plunging oil prices have made Alberta consumers more cautious about jumping into the housing market this year, while a high vacancy rates and a glut of newly built condos in Quebec is pushing more potential first-time buyers into the rental market, according to Desjardins Group.

Mortgage rates have been falling since last week, when the Bank of Canada shocked markets by cutting interest rates by 25 basis points ( a basis point is a hundredth of 1 per cent.) Lenders soon followed, with major banks dropping five-year fixed rates mortgages to as low as 2.84 per cent and this week cutting their prime rates by 15 basis points, which quickly pushed variable-rate mortgages among the Big Six banks as low as 2.25 per cent.

Many analysts had predicted that interest rates would rise this year, so the central bank’s unexpected decision to slash rates is widely expected to reignite the country’s cooling housing market. “Given the negative impact of lower oil prices on the Canadian economy, interest rates are likely to remain low for some time, supporting home sales, especially in Vancouver and Toronto where affordability is an issue”, said BMO senior economist Sal Guatieri.

But with mortgage rates falling only slightly and more Canadians telling the BMO survey they were planning to use lower rates to pay down their debt rather than load up on new ones, cheaper rates are expected to have a modest impact on the housing market.

Shortly before the Bank of Canada cut its target overnight lending rate, more than half of Canadians told an earlier BMO poll that cheaper rates would make them more likely to buy a home, though most said the drop would need to be 10 per cent or more to have a significant impact on their buying plans.

# ? Jan 30, 2015 18:11

Furnaceface: Oct 21, 2004

Are they surveying only people in Vancouver/Toronto or something? Or are we really that stupid as a society now?

You know what, I dont want that answered.

# ? Jan 30, 2015 18:19

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

Furnaceface posted:

Are they surveying only people in Vancouver/Toronto or something? Or are we really that stupid as a society now?

You know what, I dont want that answered.

I wouldn't read too too much into it yet... that was almost certainly copy written by the Globe's realtor paymasters.

# ? Jan 30, 2015 18:29

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

quote:

Many analysts had predicted that interest rates would rise this year, so the central bank�s unexpected decision to slash rates is widely expected to reignite the country�s cooling housing market.

The housing market has been cooling??

# ? Jan 30, 2015 18:33

Rime: Nov 2, 2011; by Games Forum

Bond yields sending ominous signal about Canada's economy

quote:

The inversion of the overnight rate and the five-year yield is a relatively rare phenomenon, and often bodes ill for the economy. The two previous periods in which this occurred were in the run-up to the Great Recession and in 2000-01 as the dot-com bubble was bursting.

quote:

On Tuesday morning, the yield on the five-year Government of Canada bond sank below the Bank of Canada�s overnight rate of 0.75 per cent, and remained five basis points below that level when the markets closed on Thursday.

quote:

The speed of the recent decline, however, is staggering. On Thursday afternoon, the yield on the Government of Canada 10-year bond traded at 1.37 per cent, which is where five-year bond yield was sitting just one month earlier. During this period, the five-year yield has been cut in half.

# ? Jan 30, 2015 18:38

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

triplexpac posted:

The housing market has been cooling??

Had been everywhere but TO and Vancouver

# ? Jan 30, 2015 18:41

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

EvilJoven posted:

Had been everywhere but TO and Vancouver

Ahh fair enough. Living in Toronto has skewed my perception a lot.

# ? Jan 30, 2015 18:47

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

Rime posted:

Gas is under a dollar, the loonie is circling the drain, Russia is imploding and Suge Knight just killed a man. The 90's are back!

Where are my slap bracelets?

# ? Jan 30, 2015 18:54

Ceciltron: Jan 11, 2007; Text BEEP to 43527 for the dancing robot!; Pillbug

Kafka Esq. posted:

Where are my slap bracelets?

Weren't people making shivs out of them?

# ? Jan 30, 2015 18:58

Guest2553: Aug 3, 2012

Ceciltron posted:

Weren't people making shivs out of them?

Yes, at their butt-chugging rainbow parties.

I'm hoping I can convince my parents in alberta to sell while low interest rates lull in the next round of greater fools though. Don't know that they can afford both their house and a preconstruction condo they thought was a good idea to buy. :canada:

e: they didn't! :rip:

Guest2553 fucked around with this message at 04:37 on Jan 15, 2017

# ? Jan 30, 2015 19:32

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

Lexicon posted:

I wouldn't read too too much into it yet... that was almost certainly copy written by the Globe's realtor paymasters.

You're usually not so :tinfoil:

, I hope this was a joke

# ? Jan 30, 2015 19:40

Brannock: Feb 9, 2006; by exmarx; Fallen Rib

Kalenn Istarion posted:

You're usually not so , I hope this was a joke

Tell us about your house.

# ? Jan 30, 2015 19:43

Juul-Whip: Mar 10, 2008

Baudin posted:

I love the "turning pristine wilderness into mordor" line

Have you fuckers ever driven around Fort Mac and seen your "pristine wilderness?" It's hardly some shining wilderness which is being converted to a smoke and tar filled landscape. Really wish I had taken some pictures of the landscape while I was up there.

e: I'm not saying that they're doing a swell job at environmental reclamation, but saying they're destroying pristine wilderness is a bit based on what I would term favourably as a bog.

What was there used to turn carbon dioxide into oxygen. Now, well, :smith:

# ? Jan 30, 2015 19:44

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

THC posted:

What was there used to turn carbon dioxide into oxygen. Now, well,

You mean they're not making any more oxygen??? HMmm maybe I should buy some now and get in on the ground floor before I'm priced out of the market.

# ? Jan 30, 2015 19:45

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Guest2553 posted:

Yes, at their butt-chugging rainbow parties.

I'm hoping I can convince my parents in Calgary to sell while low interest rates lull in the next round of greater fools though. Don't know that they can afford both their house and a preconstruction condo they thought was a good idea to buy.

I semi-jokingly threatened my parents with a competence hearing if they didn't sell their house first before purchasing the condo they are downsizing into over Christmas. So far so good, but with the economy making GBS threads itself at the moment I hope they can find a greater fool before too long.

# ? Jan 30, 2015 19:48

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

Brannock posted:

Tell us about your house.

I'm renting it, it is a good house with more bathrooms than people in my immediate family

Relocation packages are the best

# ? Jan 30, 2015 20:06

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# ? May 9, 2024 21:04

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

triplexpac posted:

You mean they're not making any more oxygen??? HMmm maybe I should buy some now and get in on the ground floor before I'm priced out of the market.

Modern business practices clearly put the value on breathable air at or near zero, now is the time to buy!

# ? Jan 30, 2015 20:06

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