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

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AVeryLargeRadish: Aug 19, 2011; I LITERALLY DON'T KNOW HOW TO NOT BE A WEIRD SEXUAL CREEP ABOUT PREPUBESCENT ANIME GIRLS, READ ALL ABOUT IT HERE!!!

Cultural Imperial posted:

Hahahaha $12 get the gently caress out

And just think how much more it will be once her business is bound by useless government red tape like "labeling your food products properly"! $20? $24? Why oh why can't these fools see that all of these worthless regulations only harm the consumer with $24 ice cream pints?!? Even at that price you know that this Noble Small Business Owner, this Illustrious Pillar of the Community, this Job Creator will only be making a pittance per $24 pint!

# ? Dec 20, 2015 22:40

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# ? May 15, 2024 07:36

QuantaStarFire: May 18, 2006; Grimey Drawer

etalian posted:

Alberta has a giant sucking sound right now as billions of dollars are removed from the economy.

https://www.youtube.com/watch?v=xnMAxANavKY

# ? Dec 20, 2015 22:55

bring back old gbs: Feb 28, 2007; by LITERALLY AN ADMIN

Cultural Imperial posted:

Hahahaha $12 get the gently caress out

$12 is a fair entry price to begin building pint equity

# ? Dec 21, 2015 00:08

bring back old gbs: Feb 28, 2007; by LITERALLY AN ADMIN

If The Market will bear 12/pint you'd be a fool to sell for less.

# ? Dec 21, 2015 00:16

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Just lol if you eat ice cream, what are you, a child?

# ? Dec 21, 2015 01:01

namaste friends: Sep 18, 2004; by Smythe

32MB OF ESRAM posted:

If The Market will bear 12/pint you'd be a fool to sell for less.

In all seriousness, this is what's going on across all consumer goods in Canada.

So if people are losing their jobs, GDP of declining, commodity prices are tanking, the boc governor is talking about negative interest rates and quantitative easing, we should all just consider this inflation to be good because

uhhhhh yolo?

# ? Dec 21, 2015 01:02

Tochiazuma: Feb 16, 2007

PT6A posted:

Just lol if you eat ice cream, what are you, a child?

Some of us don't like the taste of ~~pacifiers~~ cigars

# ? Dec 21, 2015 01:14

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

Cultural Imperial posted:

uhhhhh yolo?

possibly less even

# ? Dec 21, 2015 01:17

Playstation 4: Apr 25, 2014; Unlockable Ben

PT6A posted:

Just lol if you eat ice cream, what are you, a child?

This coming from the man earnestly defending PDOs.

# ? Dec 21, 2015 01:23

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Playstation 4 posted:

This coming from the man earnestly defending PDOs.

I don't see what one has to do with the other, to be honest.

# ? Dec 21, 2015 01:26

namaste friends: Sep 18, 2004; by Smythe

To be honest just shut the gently caress up

# ? Dec 21, 2015 01:27

Playstation 4: Apr 25, 2014; Unlockable Ben

PT6A posted:

I don't see what one has to do with the other, to be honest.

Both opinions belong in

# ? Dec 21, 2015 01:36

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Playstation 4 posted:

Both opinions belong in

Oh okay, sorry you have no sense of taste.

# ? Dec 21, 2015 01:39

Tochiazuma: Feb 16, 2007

32MB OF ESRAM posted:

$12 is a fair entry price to begin building pint equity

It's the day you open up your first 3 gallon pail that you know you've really made it as an adult

I believe in Vancouver if you can't afford an entire ice cream bar that you can still buy a used wrapper with some traces of ice cream and chocolate in it. Sure, it isn't as nice, but you're building equity for that eventual Dream Banana Split

# ? Dec 21, 2015 01:39

Mandibular Fiasco: Oct 14, 2012

quote:

Canada�s Trudeau Cites Risk in Curbing Foreign Real-Estate Investment

Prime minister warns about unintended consequences, lack of �concrete data�

By PAUL VIEIRA
Updated Dec. 20, 2015 3:11 p.m. ET

OTTAWA�Imposing curbs on foreign investment in Canadian real estate could have unintended consequences for the broader economy, Canadian Prime Minister Justin Trudeau warned in a year-end interview with Canada�s Global Television Network, scheduled to air Christmas Day.

Mr. Trudeau said there is a lack of �concrete data� about the impact of foreign buying on Canadian real estate, so moving ahead without proper information is risky.

Mr. Trudeau�s comments emerge as a debate heats up over the impact overseas buyers may be having on housing affordability in the two of the country�s biggest housing markets�Toronto and Vancouver, British Columbia.

�You know you have to be cautious about decisions like that that are based on a single factor because at the same time [it] would potentially devalue the equity that a lot of people have in their homes right now,� Mr. Trudeau said, according to a transcript of the interview distributed by Global TV.

�We have to be very, very cautious about restricting foreign investment in our country at a time where we know we need foreign investment in businesses, in resource development.�

Economists indicate strong sales and price growth in Toronto and Vancouver are supported by job creation in the two metropolitan areas, and an increasing number of people migrating to those urban centers as resource-rich parts of the country suffer under the weight of low commodity prices, as opposed to foreign investment.

Meantime, Evan Siddall, the president of Canada Mortgage and Housing Corp., a government-owned mortgage insurer and housing agency, said in a recent speech that foreign investment could be contributing to the overvaluation of housing prices in the two markets. But, he said, the country lacks �accurate and reliable data� to determine the role foreign investment has on housing prices in the country.

CMHC data indicate foreign ownership of condominiums in Toronto and Vancouver edged up over the past 12 months, to 3.3% and 3.5%, respectively, from the low- to mid-2% range. The agency didn�t have data covering single-detached homes.

The role foreign investment might be playing in driving up housing prices and sales in Toronto and Vancouver has sparked calls for lawmakers to act to keep housing prices in check. Former prime minister Stephen Harper pledged during the 2015 election campaign that his Conservative Party would act to tackle overseas buying of real estate. Mr. Harper lost a bid to win a fourth-straight mandate.

And in a move this month targeting the Toronto and Vancouver markets, the Liberal government moved to cool down activity in housing by requiring first-time buyers to make larger down payments on pricier homes.

Other nations are struggling with foreign investment in real estate too. In Australia, the government has strengthened rules amid concerns Chinese buyers are driving up housing prices and making properties unaffordable for locals. Overseas buyers are prohibited from purchasing houses in the resale market, although investment in new housing is allowed. Authorities in Australia estimate half of China�s total investment in the country is in real estate.

Their equity? What about my investment portfolio? You took away my TFSA contribution limit, and that was OK to do. That impacts my ability to generate equity. But it's different because houses. Right, that makes sense.

We need foreign investment in things that create jobs, i.e. businesses. Investment in residential real estate is a misallocation of resources that produces nothing substantive, and should be penalized by, oh, I don't know, a coherent tax policy?

This stupid country.

# ? Dec 21, 2015 03:35

etalian: Mar 20, 2006

There's a lack of concrete data since the government made zero effort to track foreign real estate sales or even enforce the funding source for foreigner real estate transactions.

# ? Dec 21, 2015 03:40

etalian: Mar 20, 2006

Also lolling how most of Chinese "investment" is in the real estate bubble instead of capital or job investments.

# ? Dec 21, 2015 03:41

namaste friends: Sep 18, 2004; by Smythe

There's a couple forums posters in the Vancouver goon meet thread who made money in re and they don't see a bubble in Vancouver's market. Maybe you're just jealous??????

# ? Dec 21, 2015 03:41

etalian: Mar 20, 2006

Cultural Imperial posted:

There's a couple forums posters in the Vancouver goon meet thread who made money in re and they don't see a bubble in Vancouver's market. Maybe you're just jealous??????

Just like stocks for every 10 experts who timed the market right you have millions of morons who thought it had to get higher and get burned as a result.

# ? Dec 21, 2015 03:46

I would blow Dane Cook: Dec 26, 2008

People need to learn the difference between foreign investment and just selling off your stuff.

# ? Dec 21, 2015 03:58

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

etalian posted:

Also lolling how most of Chinese "investment" is in the real estate bubble instead of capital or job investments.

Unfortunately this is pretty much all the government is concerned with. As long as the GDP number goes up, they do not where the money goes.

# ? Dec 21, 2015 04:47

etalian: Mar 20, 2006

It's funny how even the new government is doing the ostrich approach.

We have no clue how many foreign buyers have bought properties in BC.

Also sounds like the government has been really lax at enforcing the funding disclosure requirements.

# ? Dec 21, 2015 05:07

namaste friends: Sep 18, 2004; by Smythe

https://next.ft.com/content/4cc67b12-8adf-3e03-bb80-bddabffde3e7

quote:

Brent crude oil drops to 11-year low

Brent crude oil has been lower all day in Asia but just before 1pm in Hong Kong, or 5am in London, it extended losses to $36.18 a barrel, down 1.9 per cent from Friday�s closing level of $36.88.

The level it needed to breach to hit this new low was $36.20, from December 2008.

Since a 2015 high in May, the price of Brent crude has slipped 46.6 per cent, as global supplies continued to grow. The price has fallen for three consecutive weeks, including a decline of 2.8 per cent last week and 11.8 per cent the week before.

The US benchmark, West Texas Intermediate, was trading 1 per cent lower at $34.40 a barrel, its lowest since February 2009.

Tumbling oil prices have been a prime catalyst unnerving markets in recent weeks, but the fresh low on Monday had little discernible impact on Asia-Pacific markets. Japan�s Nikkei 225 traded 0.6 per cent down in late-trading, but it was down as much as 1.8 per cent earlier and the energy sector is actually one of two sectors gaining on the day.

Futures are projecting the S&P 500 will rise 0.4 per cent in the US, following the benchmark�s worst back-to-back loss in three months late last week.

# ? Dec 21, 2015 07:55

Professor Shark: May 22, 2012

Cultural Imperial posted:

To be honest just shut the gently caress up

Playstation 4 posted:

Both opinions belong in

this thread is getting :rowdytrout:

# ? Dec 21, 2015 13:12

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Cdn bond yields are tanking on the expectation of a rate cut

# ? Dec 21, 2015 15:57

etalian: Mar 20, 2006

The foreign "investment" in the BC bubble makes me think of the fortune cookie saying, "The loss that is unknown is no loss at all"

# ? Dec 21, 2015 16:20

namaste friends: Sep 18, 2004; by Smythe

Holy poo poo did you assholes know that Zillow has an office in Vancouver? They're hiring a ~devops engineer~~~

# ? Dec 21, 2015 21:07

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/globe-investor/investment-ideas/loonies-demise-couldnt-have-happened-at-a-worse-time/article27897500/

quote:

Loonie�s demise �couldn�t have happened at a worse time�

The U.S. greenback broke above $1.40 versus the loonie late last week in the wake of softer-than-expected Canadian inflation and wholesale sales data.

And according to Scotiabank economist Derek Holt, the timing of the Canadian dollar�s slump is abysmal, as it drains debt-laden households� purchasing power precisely when big-ticket purchases such as autos are running at record highs. And the higher they are, the farther they could potentially fall.

�The currency�s plunge couldn�t have happened at a worse time for the country�s household sector,� Mr. Holt lamented in a recent note. �When a currency declines as CAD has alongside a deep negative terms of trade shock, it is among the mechanisms through which markets price a large wealth transfer out of the country to the regions of the world that are large net importers of commodities.�

Looking at oil prices (the largest source of the terms of trade shock), copper prices (a channel through which the loonie is treated as a proxy for Chinese and global economic activity) or interest rate differentials between Canada and the United States (which incorporates the other two factors into the forward outlook for monetary policy), it�s no surprise that the loonie�s wings have been clipped.

This loss of national wealth necessarily dampens the outlook for Canadian consumer spending, concluded Mr. Holt.

Real retail sales growth has slid from 3.8 per cent year-over-year at the end of 2014 to 0.9 per cent as of September. Current dollar retail sales in Newfoundland, Saskatchewan and Alberta have declined on an annual basis. In those commodity-producing provinces, hits to employment in resource extraction have compounded the deleterious effect that a lower currency has on households� aggregate purchasing power.

Import compression has occurred, Mr. Holt acknowledged, with real volumes shrinking in back-to-back quarters, but import substitution � making goods or services domestically that were previously produced by foreigners � might not be in the cards.

�Canada doesn�t produce at home many of the consumer goodies that are desired especially on the bigger ticket side of the equation,� he wrote. �It is also unlikely to start doing so.�

In some respects, the macroeconomic backdrop in Canada is similar to that of the mid-1990s. One major segment of the economy is overextended and in need of deleveraging. Back then it was the government; now, it�s households. The loonie had softened, and external demand from a buoyant United States was � and is once again � required to help smooth the transition process.

Unfortunately for Canada, the Boy Meets World era is over.

Mexico happened to be in a particularly rough patch in the mid-90s (remember the Tequila Crisis?), which indirectly helped support the expansionary austerity that took place in the Great White North.

The depreciation dividend, in terms of cashing in on U.S. demand, isn�t expected to yield as much for Canada this cycle. That�s a function of structural shifts in U.S. non-commodity imports, with Canada�s shipments to the world�s largest economy stagnating while Mexico�s have picked up steam. Currency fluctuations have done nothing to boost Canadian competitiveness in this regard, as the loonie and peso have lost nearly exactly as much value relative to the greenback since the start of 2014.

�It adapted, restructured, and became more competitive and its currency enables it to grow import market share in the U.S.,� wrote Mr. Holt of Mexico.

Moreover, the part of the economy in need of deleveraging this time around � households � is substantially larger.

�When judging the hit to the household sector there are two things to bear in mind: the starting point on the equilibrium matters enormously and that points to record highs across everything we can track by way of consumer and housing metrics,� wrote Mr. Holt.

�When your nation�s consumers have spent to the max because their purchasing power in world markets became so strong and then sharply weakened, the scope for significant downside risks cannot be ignored.�

hey i've got truck equi

# ? Dec 22, 2015 07:16

namaste friends: Sep 18, 2004; by Smythe

http://www.independent.co.uk/news/uk/home-news/fears-of-new-economic-crash-as-british-families-run-40bn-deficit-a6782221.html

quote:

Fears of new economic crash as British families run �40bn deficit
Exclusive: Fears UK's economic growth based on soaring levels of debt and could easily collapse

British families are on course to spend �40bn more than they earn this year, fuelling fears that the country�s economic growth is based on soaring levels of debt and could easily collapse.

The forecast by the independent Office for Budget Responsibility (OBR) led to warnings that the UK could be heading towards a credit crunch similar to that of 2008 because of unsustainable levels of borrowing and household spending.

Five years ago UK households were firmly in the black, running a surplus of �70bn as Britons tightened their belts in the wake of the financial crash and put money aside to save.

But the new OBR figures show households are now deeply in the red, as growing economic confidence has led to a national spending spree.

Seema Malhotra, the shadow Chief Secretary to the Treasury, said: �George Osborne is relying on millions of British families going further into debt to hit his growth targets. This is risky behaviour from a Chancellor whose policy decisions are hurting not helping British families. Alarm bells should be ringing. There is a real risk that millions of families will face serious hardship if interest rates start to rise.�

The former Business Secretary Sir Vince Cable, who warned in The Independent last month of the dangers of excessive household debt, said: �We�re back on the treadmill of growth being sustained by personal borrowing. Much of it is against an inflating housing stock.

�Taken together with other indicators like the very weak external deficit position, it suggests we�re getting back to the old and unhappily discredited forms of economic growth.�

The soaring amount of annual borrowing � equivalent to around �1,500 per family � emerged in the fine print of OBR calculations released alongside Mr Osborne�s Autumn Statement last month. The Chancellor used the occasion to announce he was able to scrap plans to cut tax credits and spending on police forces because of Britain�s improving financial position, but Labour said the new figures proved he was depending on families going deeper into debt to enable his figures to add up.

The OBR statistics showed households spent �68.9bn less than they earned in 2009-10. The figure fell to �67bn in 2010-11, �35.7bn in 2011-12 and �27bn in 2012-13. The following year Britain�s families went into the red to the tune of �12.4bn, rising to �29.4bn in 2014-15.

The OBR projects that households will spend �40bn more than they earn this year (2015-16), increasing to �40.4bn in 2016-17, �43.9bn in 2017-18, �48.6bn in 2018-19 and �49.5bn in 2019-20. Total household borrowing is set to reach �222bn over the lifetime of this parliament.

Ms Malhotra added: �Of course families need access to credit and the ability to borrow to invest for the future. George Osborne should be seeking to rebalance the economy away from an over-reliance on borrowing and debt.

�Labour is clear about the need for a strong and sustainable economic recovery. Osborne�s short-term political decisions risk real long-term damage to the finances of millions of British families and the nation�s economy.�

Meanwhile, the OBR predicts that Britain�s household debt-to-income ratio will reach 163 per cent in 2020-21, which is close to the 168.2 per cent level ahead of last decade�s economic emergency.

Citizens Advice said it dealt with 149,000 cases in England and Wales last year of people with problems over credit or charge card bills; 133,000 instances of people unable to repay personal loans and 60,000 cases of people asking for help with large overdrafts.

Gillian Guy, chief executive of Citizens Advice, said: �A rise in household borrowing could lead to an increase in unmanageable debt further down the line.� She added: �Increasingly younger people are finding it difficult to keep on top of their finances with over a fifth more young people now seeking debt help compared to the previous year.�

The figures follow a Bank of England study which found that the average mortgage debt in Britain rose from �83,000 in 2014 to �85,000 this year. Unsecured debt, which includes credit card charges, personal loans, student loans and utility bills, stands at round �8,000 per household.

The bank�s chief economist, Andy Haldane, has warned that consumer credit had been �picking up at a rate of knots�. It has hinted that it could raise interest rates to reduce the risk of a credit bubble.

A Treasury spokeswoman said: �The economy is recovering and confidence is returning, but while household debt is still below its pre-crisis peak we�re determined to avoid repeating the mistakes of the past. That�s why we�ve created the independent Financial Policy Committee within the Bank of England which ensures risks across the financial system are quickly identified, monitored and effectively addressed.�

welp

# ? Dec 22, 2015 07:22

Cromulent_Chill: Apr 6, 2009

Cultural Imperial posted:

hey i've got truck equi

Southern Alberta RAM TRUCK report: No one is getting approved. Everyone is downgrading. Truck equity: Negative.

# ? Dec 22, 2015 07:33

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Cultural Imperial posted:

http://www.theglobeandmail.com/globe-investor/investment-ideas/loonies-demise-couldnt-have-happened-at-a-worse-time/article27897500/

hey i've got truck equi

quote:

The depreciation dividend, in terms of cashing in on U.S. demand, isn�t expected to yield as much for Canada this cycle. That�s a function of structural shifts in U.S. non-commodity imports, with Canada�s shipments to the world�s largest economy stagnating while Mexico�s have picked up steam. Currency fluctuations have done nothing to boost Canadian competitiveness in this regard, as the loonie and peso have lost nearly exactly as much value relative to the greenback since the start of 2014.

You didn't bold this part.

Killin_Like_Bronson posted:

Southern Alberta RAM TRUCK report: No one is getting approved. Everyone is downgrading. Truck equity: Negative.

How tight is credit right now? Are lenders reigning in their reckless lending or are people just not satisfying the established criteria? Are you performing a tighter background check on peoples income sources now beyond word of mouth "I got the money"?

# ? Dec 22, 2015 07:44

Juul-Whip: Mar 10, 2008

Apparently one of the Surrey condo towers has had construction placed on hold due to lack of buyers. Is it happening yet?

# ? Dec 22, 2015 10:09

Professor Shark: May 22, 2012

Cultural Imperial posted:

hey i've got truck equi

Killin_Like_Bronson posted:

Southern Alberta RAM TRUCK report: No one is getting approved. Everyone is downgrading. Truck equity: Negative.

My father in law was talking about driving back to Alberta to sell his minivan, which he's put 250 000+ km on in the last two years, because according to him the cab companies out there are clamoring for used vans and they don't care about kilometers and he'll get his money's worth for it or something something

He hasn't been out West in a year and I don't think he's willing to accept that the situation could change so drastically in that amount of time. It doesn't help that he talks to people working the camps out there and they keep telling him things are fine!

I don't know anything about the situation except what I read in the news and on here, but poo poo doesn't look good :ohdear:

# ? Dec 22, 2015 13:28

Seat Safety Switch: May 27, 2008; MY RELIGION IS THE SMALL BLOCK V8 AND COMMANDMENTS ONE THROUGH TEN ARE NEVER LIFT.; Pillbug

If your dad is counting on the resale value of a used out of province minivan in order to retire I hope you went to a good school at least.

# ? Dec 22, 2015 14:54

Professor Shark: May 22, 2012

Way to read there, I guess that's the sort of simple mistake a Fallen Rib WOULD make :smug:

# ? Dec 22, 2015 15:54

etalian: Mar 20, 2006

THC posted:

Apparently one of the Surrey condo towers has had construction placed on hold due to lack of buyers. Is it happening yet?

Remember that funny video trying to pitch Chinese mainlanders on Surrey on being the cool good part of the Vancouver metro area?

etalian fucked around with this message at 16:54 on Dec 22, 2015

# ? Dec 22, 2015 16:02

Freezer: Apr 20, 2001; The Earth is the cradle of the mind, but one cannot stay in the cradle forever.

What would be the effect of just leaving interest rates near zero for the long term and let the bubble keep inflating? What could pop it if people can just go into ridiculous amounts of interest-free debt for years?

# ? Dec 22, 2015 16:55

vyelkin: Jan 2, 2011

Freezer posted:

What would be the effect of just leaving interest rates near zero for the long term and let the bubble keep inflating? What could pop it if people can just go into ridiculous amounts of interest-free debt for years?

Over a long enough period of time, every single economic sector except construction would collapse, and when the bubble finally did pop for whatever reason literally the entire Canadian economy would crater and we'd make 2013 Spain look like a paradise of full employment.

With every passing day my decision to move to America and get paid in US dollars looks like a better one. Even on a grad student salary I'm basically middle class in Canadian dollars. My only regret is not investing my savings overseas when the dollar was at par.

# ? Dec 22, 2015 17:10

Mantle: May 15, 2004

I think the problem with the bubble popping when interest rates are zero is that the central bank cannot lower interest rates to keep money moving.

# ? Dec 22, 2015 17:14

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# ? May 15, 2024 07:36

vyelkin: Jan 2, 2011

Mantle posted:

I think the problem with the bubble popping when interest rates are zero is that the central bank cannot lower interest rates to keep money moving.

This is the other issue. The reason the Fed is raising rates, even under a dove like Yellen, is not because they think the US economy is doing great but because they absolutely want to have the ability to cut rates when the next economic crash hits. In the current political climate where fiscal policy is essentially handcuffed by complete morons who would rather burn the world to the ground than spend money, central banks are recognizing that they need to reestablish their monetary policy toolkit even though the economy is not doing well, because if another crash comes when interest rates are already at zero and the Tea Party controls the government's budget then we're all completely hosed.

This is slightly less of a concern in Canada because our current government actually has the power and theoretically the inclination to stimulate the economy with deficit spending, but that's more than balanced out by the fact that our economy is in way worse shape than the US, and also the fact that basically all our important provincial governments are run by corrupt morons.

Essentially, when a crash comes you want to be able to a) cut interest rates; and b) deficit spend, in a symbiosis of monetary and fiscal policy. By keeping interest rates at zero forever it means that you're losing half your policy toolkit for when that crash happens, which is a Very Bad Thing.

# ? Dec 22, 2015 17:19

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

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