Canada's 'housing bubble' deemed close to bursting

[crazycrazydoesdoes]

Originally Posted by dleung

And I must be too PC in thinking there's something wrong with the people reacting to Gregoor Robertson's girlfriend in the National Post with comments about "treason" and "the swarm" or stuff like "the last true Chinese Canadians were the guys who built the railway" As were the mods cracking down on the xenophobia a few pages back... too PC

http://news.nationalpost.com/news/canada...to-be-dating-chinese-pop-star-wanting-qu

I like how lio quoted you but left out the racist comments to reiterate the creepy factor since apparently arguing in circles is fun kinda wish he wasn't from Quebec, it's just too stereotypical

[lio45]

Originally Posted by crazycrazydoesdoes

I like how lio quoted you but left out the racist comments to reiterate the creepy factor since apparently arguing in circles is fun kinda wish he wasn't from Quebec, it's just too stereotypical

Then I'll ask my question again, where was the flow of racist insults for a well-known publicly couple, Canada-born Caucasian man, HK-born Chinese woman, but in which a long-time wife did not just get dumped and replaced by a girl so young it's actually creepy?

Honest question, maybe I missed it. The racists of Trinity-Spadina still elected her three times in a row, though. Strange...



Seems obvious to me that acting like that (Robertson dumping wife for a much younger girl) will tend to foster some hate, and that hate will then probably find all possible ways to get expressed.

Not saying there isn't racism out there; what I'm saying is that you're cherry-picking one case where the main reasons for people to be voicing disapproval (often with insults; this is the Internet, after all) aren't about race.

[st7860]

Originally Posted by crazycrazydoesdoes

I like how lio quoted you but left out the racist comments to reiterate the creepy factor since apparently arguing in circles is fun kinda wish he wasn't from Quebec, it's just too stereotypical

Exactly. He's a known person who posts anti foreigner comments, including singling out the Mayor for his dating prefences

[Xelebes]

I do think it is pretty skeezy of a guy to dump his wife and then bandage up the hole with a young bit of arm-candy.

[1overcosc]

Originally Posted by Xelebes

I do think it is pretty skeezy of a guy to dump his wife and then bandage up the hole with a young bit of arm-candy.

I'm not a Vancouverite so it's not my place to say, but If I was, that honestly wouldn't change my approval of him as a politician. If I was a supporter of him based on his policies and way of governing, his ditching his wife wouldn't bother me. I'm a strong believer in the idea that politicians personal lives don't matter and it's what they do on the job that counts. I've never been one to be bothered or annoyed by sex scandals.

[mistercorporate]

Why all this brouhaha about a guy leaving his wife for a younger woman? How do you guys know he dumped her just to be with some eye candy. Maybe his ex was a raving biyotch. If you leave her for that reason then your next one may as well be an upgrade instead of another 50 year old grandma. Just saying...

[lio45]

Originally Posted by Xelebes

I do think it is pretty skeezy of a guy to dump his wife and then bandage up the hole with a young bit of arm-candy.

Wow, even moderators are racist on this site.

[lio45]

Originally Posted by mistercorporate

Why all this brouhaha about a guy leaving his wife for a younger woman? How do you guys know he dumped her just to be with some eye candy. Maybe his ex was a raving biyotch. If you leave her for that reason then your next one may as well be an upgrade instead of another 50 year old grandma. Just saying...

You're missing the point. The point is, if Mr Robertson had been single for a while, and ended up in a serious relationship with a 50 year old ethnically Chinese grandma, there probably wouldn't have been any brouhaha about it. (Or approximately as much brouhaha as there ever was about, say, the Layton-Chow couple.)

[st7860]

Originally Posted by lio45

, the Layton-Chow couple.)

That's different. They were a political power couple.

[dleung]

Originally Posted by lio45

You're missing the point. The point is, if Mr Robertson had been single for a while, and ended up in a serious relationship with a 50 year old ethnically Chinese grandma, there probably wouldn't have been any brouhaha about it. (Or approximately as much brouhaha as there ever was about, say, the Layton-Chow couple.)

Comments like these would have happened anyway:
"I could see this woman influencing Robertson's policies so as to benefit Chinese immigrants and Chinese nationals. Honestly, he should be charged with treason "
"She has a billion+ relatives, all wanting to join her"
"the last true Chinese Canadians were the guys who built the railway"
"China is about dividing and conquering. Ms. Qu help divide and conquer a marriage."

No one is denying that it's scandalous, nor is anyone denying that Vancouver has an affordability issue. Just that in both cases, it gives small people like Cornholio and whatnext ammunition to, uh, do their thing.

[someone123]

Originally Posted by esquire

Chinese government clearly being racist by accusing a Vancouver real estate developer of profiting from ill-gotten gains:

http://www.theglobeandmail.com/news/brit...t-on-corruption-charges/article24179283/

Sometimes I hear people say that this isn't such a big deal, because there are only 30,000 wealthy business-class immigrants and the city has over 2 million people in it.

One insight here is that most Canadians have little wealth that is not bound up in real estate or pensions. If you have $775k in liquid assets, that puts you in the top 10% of all households in Canada. Most of the rest have almost nothing. Increasing the size of this cohort, particularly if we are actually talking about people with 5, 10, 50 million or more, dramatically increases the amount of money sloshing around in the real estate market. 30,000 can have an enormous impact if they have a lot of money. The top 10% alone in Canada accounts for 70% of the net worth.

Here's another article mostly about crime and real estate: http://www.theprovince.com/business/Vanc...dering+transnational/11015083/story.html

Aside from the crime itself, affordability is suffering because of the fact that real estate in Vancouver is a good financial instrument to use in money laundering.

[st7860]

This morning the CMHC announced that Vancouver has little risk of a price problem and furthermore said that growing after tax income supports the market. They rated Toronto as a 'medium' mrisk.

[kwoldtimer]

Originally Posted by st7860

This morning the CMHC announced that Vancouver has little risk of a price problem and furthermore said that growing after tax income supports the market. They rated Toronto as a 'medium' mrisk.

With Regina and Winnipeg being most at risk, due to overbuilding.

[Nathan]

Originally Posted by kwoldtimer

With Regina and Winnipeg being most at risk, due to overbuilding.

I believe they said both due to overbuilding and that prices appreciated much faster than incomes. The first I agree with... Builders in Regina went on a bit of a binge last year. They have definitely scaled back this year, and units are being absorbed (Regina is still one of the fasted growing cities in the country though, so by next year, that overhang will likely be basically gone.

The income vs home price appreciation I have an issue with...

Houses were incredibly undervalued by this metric prior to the swift rise in prices over the last decade. As of 2012, the Regina metro has the 4th highest median family income, and it's been up there for quite some time (Stats Can) while at the same time, the housing prices are on the lower/mid-range of the spectrum.

Here is a simple affordability comparison I threw together (Housing price / Median Family Income) using the StatsCan information and the information from this CBC article where info for both cities was available (I used the Ontario-side Ott-Gat income). Family incomes from 2012... March 2015 Real Estate Prices. Not a be all end all of course... but this is why I feel this side of their argument is flawed. I know I've seen something like this before, but couldn't find anything quickly.

Vancouver	12.232
Toronto		8.446
Victoria	6.214
Hamilton	5.384
Montréal	4.728
Calgary		4.557
Saskatoon	3.897
Edmonton	3.805
Ottawa–Gatineau	3.667
Winnipeg 	3.605
Halifax 	3.446
Regina		3.290
Québec		3.222
Thunder Bay	2.605
Saint John	2.175

[osmo]

Originally Posted by someone123

Sometimes I hear people say that this isn't such a big deal, because there are only 30,000 wealthy business-class immigrants and the city has over 2 million people in it.

One insight here is that most Canadians have little wealth that is not bound up in real estate or pensions. If you have $775k in liquid assets, that puts you in the top 10% of all households in Canada. Most of the rest have almost nothing. Increasing the size of this cohort, particularly if we are actually talking about people with 5, 10, 50 million or more, dramatically increases the amount of money sloshing around in the real estate market. 30,000 can have an enormous impact if they have a lot of money. The top 10% alone in Canada accounts for 70% of the net worth.

Here's another article mostly about crime and real estate: http://www.theprovince.com/business/Vanc...dering+transnational/11015083/story.html

Aside from the crime itself, affordability is suffering because of the fact that real estate in Vancouver is a good financial instrument to use in money laundering.

Who is walking around with $1 million in cash to buy a house....this isn't the movies. People trying to clean up 20k in cash are small fries compared to the ultra wealthy.

[someone123]

Originally Posted by osmo

Who is walking around with $1 million in cash to buy a house....this isn't the movies. People trying to clean up 20k in cash are small fries compared to the ultra wealthy.

Here's an article about cash buyers in Portland, Oregon: http://www.invw.org/cash

[st7860]

from just a few days ago

http://www.repmag.ca/news/daily-market-update-190870.aspx
"The Bank of Canada’s governor has rejected the idea that there is a housing bubble in parts of the country. Stephen Poloz was appearing before a House of Commons finance committee on Tuesday to defend the central bank’s interest rate cut and give MPs an update on the economy."

[sunsetmountainland]

Interesting article from CMHC saying Regina and Winnipeg are the riskiest housing markets.

http://business.financialpost.com/person...e-the-riskiest-housing-markets-in-canada

[st7860]

http://news.nationalpost.com/news/canada...r-more-than-2-million-above-listed-price
A Vancouver home sale that closed this month at more than $2 million — or 33 per cent — above the listed price is the latest eyebrow-raising real-estate deal in a city racked by worries about affordability.

The home, at 1383 West 32nd Ave. in Vancouver’s tony Shaughnessy neighbourhood, was listed for $5,990,000 on Feb. 5 of this year, according to its MLS listing. It sold for $8,010,000 on Feb. 17, and the sale was finalized on April 16.

The listing broker for the sale, Stuart Bonner of Re/Max, said 10 prospective buyers expressed interest in the property during the 12 days it was on the market. That level of interest is fairly normal, Bonner said, but the sale coming in at more than $2 million above the listed price was “unusual.”

“It’s that kind of a market,” Bonner said.

Bonner said Vancouver’s supply of detached houses is shrinking while more lots are converted to townhouses and apartments.

[st7860]

http://www.theglobeandmail.com/report-on...int-from-low-fee-broker/article24217781/
Canada’s Competition Tribunal struck a blow to Canadians looking to sell their homes without using an agent, ruling that the real estate industry’s restrictions on how private sellers advertise their contact information through the popular realtor.ca website were fair.

The decision, issued Thursday and posted to the Tribunal’s website on Friday, is the latest in an ongoing spat between the federal Commissioner of Competition and the Canadian Real Estate Association, which oversees the country’s 100,000 real estate agents, over how much access the public can have to information and tools that would allow them to buy and sell homes without using a realtor.