Subjunctive posted:

What is that level of exposure?

quote:

Housing market fires on 3 cylinders: Toronto, Hamilton, even Vancouver

Prices climb

Canada’s housing market is firing on three cylinders, surprisingly including Vancouver, and setting fresh records for the month of February.

The Teranet-National Bank home price index, released Tuesday, showed a gain of 1 per cent from January. That marks the fastest pace for a February in the 18-year history of this measure.

The “increase of unusual magnitude for the season” was largely because of Toronto, where prices climbed 1.9 per cent, Hamilton, up 1.4 per cent, and Vancouver, where sales have slumped but prices still rose 1.4 per cent.

In other markets, Ottawa-Gatineau gained 0.9 per cent, while several cities registered declines: Victoria, down 0.1 per cent, Montreal, down 0.2 per cent, Edmonton and Winnipeg, each down 0.5 per cent, Quebec City, down 0.9 per cent, Calgary, down 1.3 per cent, and Halifax, down 1.9 per cent.

“The declines ended upside runs of 10 months in Victoria, five months in Calgary and four months in Quebec City,” the group said.

“For Winnipeg it was the fourth straight monthly decline,” it added.

“The index for Toronto has risen in each of the last 13 months, the index for Hamilton in each of the last 12 months.”

On an annual basis, the national index rose 13.4 per cent in February from a year earlier, marking the fastest pace since November, 2006.

Here we go: Toronto prices climbed by a record 23 per cent, and Hamilton costs by a record 19.7 per cent.

Victoria gained 15.9 per cent, Vancouver 14.3 per cent, Ottawa-Gatineau 5.3 per cent, Montreal 3.9 per cent, Halifax 2.6 per cent, and Calgary 1 per cent.

Edmonton and Quebec City missed the party, slipping 0.1 and 1.8 per cent, respectively.

Like the monthly reading, the annual price gains were driven by just three cities: Toronto, Hamilton and, on this measure, Victoria.

“The Toronto market is especially worrisome,” said National Bank senior economist Marc Pinsonneault.

“In a city where apartments account for only 26 per cent of home sales, affordability of other types of dwellings has become an accute problem,” he added.

“For various reasons, supply (number of listings) on the home resale market is at an historical low, and this surely contributed to 12-month home price growth exceeding 20 per cent over the last two months for dwellings other than condos.”

We’ll have to see how prices play out in Vancouver, where a provincial tax on foreign buyers of area homes has sparked a huge drop in sales, and where prices on monthly basis have been falling or lagging, according to the index.

The average price of a detached home in Toronto’s core 416 area code now tops $1.5-million, and even semis are going for over $1-million. The surrounding regions are no slouches, either.

We’ll get further evidence on Wednesday when the Canadian Real Estate Association releases its monthly sales report.

We already know from regional reports that Toronto was up and Vancouver down last month.

“In bubble territory, Toronto stayed red-hot in frigid February, with sales climbing a little more than 5 per cent, while prices continue to rocket more than 20 per cent year over year,” said Bank of Montreal senior economist Benjamin Reitzes.

“It looks as though the new mortgage rules, which took effect in the second half of October, didn’t make a dent,” he added.

“Meantime, Vancouver has gone the other way, with sales collapsing about 40 per cent year over year, and price gains slowing sharply.”

And just so you don’t forget what all of this means to your finances, Statistics Canada will tell us what we owe, also on Wednesday.

You can bet that the quarterly report will show a fresh high for the key measure of household debt-to-income.

Actually, best not to bet. You’ll only owe more if, by chance, you lose.

Cars and homes and luxury

Luxury autos appear to be all the rage in Ontario and British Columbia, to go along with those luxury-priced, if often everyday, houses for sale.

A new analysis of the auto market by Bank of Nova Scotia economist Carlos Gomes shows sales of luxury cars and trucks in Canada have climbed 16 per cent so far this year from a year earlier, largely because of those two provinces.

“The Canadian luxury auto market has been heating up in recent months and has accounted for nearly 60 per cent of the year-to-date increase in overall volumes in Canada this year, five times its normal share,” said Mr. Gomes.

“The strength of the luxury market is concentrated in British Columbia and Ontario, the fastest-growing provincial economies.”

Indeed, sales by volume in January surged 25 per cent in B.C. and 15 per cent in Ontario, though Mr. Gomes expects the pace to slow.

Rime posted:

Shell has also cancelled and sold all of their Prince Rupert LNG projects, with Kitimat placed into indefinite hiatus, as of last week.

Looks like even our lovely petro dollar can't prop up the industry no more!

quote:

Serial disappointment in business spending baffles Bank of Canada

Stephen Poloz has taken a lot of heat for being overly optimistic about the export recovery.

There has been a lot less focus on the Bank of Canada Governor’s chronic forecasting misses on business investment.

These two vital components of the economy are, of course, linked. In a trade-dependent country such as Canada, exports help drive investment. As companies grow their foreign sales, they gain confidence and eventually expand their operations to meet growing demand.

When Mr. Poloz took over the bank in mid-2013, business investment was flatlining. He confidently predicted that things would get better in 2014. And every year since he’s made similar predictions – in 2015, 2016, 2017. Now the bank’s forecast shows the investment rebound will come in 2018.

Instead, there has been serial disappointment. Declining business investment knocked 0.1 per cent off gross domestic product in 2014, 1.5 per cent in 2015, 0.9 per cent in 2016 and a projected 0.1 per cent in 2017, according to the Bank of Canada’s Monetary Policy Reports, the latest of which was released in January.

Business investment has sagged, even as other parts of the economy have improved, including the labour market. Non-residential business investment has tumbled nearly 20 per cent since 2014 – the largest two-year decline since the 1980-82 recession.

quote:

Emperor International Holdings will have the dubious honour as developer of the tiniest apartment in Hong Kong, with its plan to launch a project where each unit measures 61.4 square feet (5.7 square meters), according to filings with the Building Department.

Located at 17-19 Yik Kam Street in Happy Valley on the island, the project -- which is yet to be named -- converts an existing 21-storey commercial building into a residential project.
The unit’s current measurement excludes space allocated for a kitchen and bathroom, according to the department’s data.

“It may be the smallest flat in Hong Kong even taking into account the kitchen and bathroom,” said Thomas Lam, head of valuation and consultancy at Knight Frank.

Adding kitchen and bathroom space, Emperor’s apartment will still be smaller than Wisdom Gaining’s AVA62 project in Jordan, the current record holder.

Each AVA62 unit measures 152 square feet -- including a balcony -- selling for HK$20,000 per square foot, or HK$3 million on average.

On Hong Kong island, the record belongs to Henderson Land’s One Prestige apartments in North Point. Last month,a buyer paid HK$3.9 million for a 163-square foot unit at One Prestige.

Mini flats are all the rage in Hong Kong, as average home prices have soared beyond the reach of average salary earners, prompting developers to scale down.

As many as 5,000 of the small flats are in the pipeline every year until 2019, almost triple the average in the last decade, according to a projection by JLL.

“To make it affordable, developers will build their flats smaller and smaller in prime locations to cater for investors or single young people,” Lam said.

Hong Kong’s families are also getting smaller, hemmed in by out-of-reach housing.

The ratio of two-person households is projected to increase from 25.2 per cent in 2011 to 29 per cent a decade later, while the proportion of five-person households is forecasted to fall from 12.2 per cent to 9.8 per cent in the same period, according to the government’s Domestic Household Projections.

Emperor’s building comprises 68 apartment units, all of which measure 61 square feet, except for four larger flats at 121.6 square feet.

namaste faggots posted:

https://twitter.com/ianjamesyoung70/status/841146542509633538

all you entitled millenials need to level set your expectations and consider living in coffins

namaste faggots posted:

http://www.theglobeandmail.com/repo...rticle34295792/


lol january is one of the worst months of the year for auto sales what the gently caress is going on

I think we can safely say that the foreign buyer's tax hasn't done poo poo to the housing market.

Fun anecdote, secretary at my wife's work was talking about guys she dates and how they all drive luxury cars but none of them seem to have any money.

namaste faggots posted:

http://www.theglobeandmail.com/repo...rticle34295792/


lol january is one of the worst months of the year for auto sales what the gently caress is going on

I think we can safely say that the foreign buyer's tax hasn't done poo poo to the housing market.

Fun anecdote, secretary at my wife's work was talking about guys she dates and how they all drive luxury cars but none of them seem to have any money.

THC posted:

POWERING A STRONG ECONOMY

namaste faggots posted:

https://twitter.com/ianjamesyoung70/status/841146542509633538

namaste faggots posted:

https://twitter.com/ianjamesyoung70/status/841146542509633538



all you entitled millenials need to level set your expectations and consider living in coffins

Snuffman posted:

One step closer to Neuromancer.

namaste faggots posted:

Does zolo capture all listings? I'm aware that realtor.ca does not.

Xaranthius posted:

I work with real estate data and the rules regarding realty data is arcane and asinine. You will likely never find a single source of all listings due to some listings being restricted to offices/brokerages/local boards or simply just individual agent pocket listings. Also, the data that is sent to CREA from local boards can differ compared to the data that those boards provide in their own feed.

Snuffman posted:

One step closer to Neuromancer.

namaste faggots posted:

That's fantastic. The largest producer of BC and Canada's economies contains data that is loving garbage

quote:

<div class="m_property_dtl_data_tbl_content" id="m_property_dtl_gendescription">
Charming & extensively renovated character home.11,518 sq ft lot & 1778 sq ft of living space. Very private property set back from 161 st (no through road) with a gated entry. Spacious & very bright gourmet kitchen & stainless steel appliances. 2 bedrooms, an office ( has 2 doors, no window, poss 3rd bdrm) . The loft (under 6’ ) makes a wonderful play room or extra bdrm. Newer roof, siding, windows, furnace, on demand water system, plus more! Close to South Meridian Elem School & in the Ear Marriott Sec Catchment area.
</div>

quote:

Built in 9999

Mr Luxury Yacht posted:

he was mortified

namaste faggots posted:

https://twitter.com/ianjamesyoung70/status/841146542509633538



all you entitled millenials need to level set your expectations and consider living in coffins

Baronjutter posted:

Nationalize the real estate industry.

cowofwar posted:

You can't even rely on realtors to take photos with a cell phone, data entry is a skill.

cowofwar posted:

You can't even rely on realtors to take photos with a cell phone, data entry is a skill.

namaste faggots posted: