Canada's 'housing bubble' deemed close to bursting

[csbvan]

Originally Posted by Pinion

Well that's reassuring that he just discovered this. After I've lost everything basically.

After years spent criticizing the people who saw the obvious, now everyone seems to be lining up behind the inescapable fact that foreign money has had a large influence on our completely ridiculous housing market. There would be much less pain if policy-makers and business leaders admitted the obvious 5 years ago.

[lio45]

Originally Posted by Pinion

Light grey is parks/ALR, mid-grey is developable land and dark grey is developed.

I doubt that's correct; are Gambier Island and the area north of Brunswick mountain "developed"? From Google Maps, it certainly doesn't appear so.

The thing is, given that about half of Sea Island (airport) is of that same color (darkest shade of the three greys), I'm having a hard time guessing what the shades of grey even mean. Especially since one of the three shades is missing from the legend.

Downtown Vancouver is all mid-grey, so it's a safe bet that that shade is the one that means "developed". Light grey and dark grey, no idea. There are areas that are obvious wilderness that are light grey (such as West Lion mountain and the surrounding area) and there are other areas that are obvious wilderness that are dark grey (such as the area around Brunswick mountain and the mountains north of it). From my limited outsider's point of view, I haven't been able to deduce the difference.

[Pinion]

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[lio45]

Originally Posted by Pinion

Outside of the metro Vancouver borders everything is really dark grey, which is dumb, yes. That should be the missing third shade, although on my monitor it doesn't match up - sounds like the same for you. And yes the choice to make the airport that shade is odd.

Combine that with the failed legend and it's not just dumb but really dumb.

Out of curiosity, take a look at Delta. Where the "Delta" name in yellow is, it's all light grey (swampland, you said?). Southeast of the name in yellow, there's a square of mid-grey. Directly due south of the name in yellow, there's a rectangle of dark grey. (Which has a tiny bit of mid-grey at its top right corner).

You're from the area, do you happen to know what is that square and what is that rectangle? It may help us figure out what the colors mean.

[theman23]

Originally Posted by lio45

Combine that with the failed legend and it's not just dumb but really dumb.

Out of curiosity, take a look at Delta. Where the "Delta" name in yellow is, it's all light grey (swampland, you said?). Southeast of the name in yellow, there's a square of mid-grey. Directly due south of the name in yellow, there's a rectangle of dark grey. (Which has a tiny bit of mid-grey at its top right corner).

You're from the area, do you happen to know what is that square and what is that rectangle? It may help us figure out what the colors mean.

Rectangle is the landfill. Not sure about the square, but it appears to be wetland and creeks in Burns Bog.

[whatnext]

Originally Posted by csbvan

After years spent criticizing the people who saw the obvious, now everyone seems to be lining up behind the inescapable fact that foreign money has had a large influence on our completely ridiculous housing market. There would be much less pain if policy-makers and business leaders admitted the obvious 5 years ago.

Yeah, when they realize there's nobody left who can afford the mortgage products they're flogging, they get concerned.

When Bob Rennie finally admits there are no more locals that can afford the condos he is peddling, the circle will be complete.

[lio45]

Originally Posted by theman23

Rectangle is the landfill. Not sure about the square, but it appears to be wetland and creeks in Burns Bog.

The plot thickens!

Undefined Color #1: Gambier Island, the wilderness north of Brunswick mountain, Vancouver Airport, and the landfill in Delta.

Undefined Color #2: Wetland and creeks in Burns Bog, and Downtown Vancouver.

[sunsetmountainland]

RBC chief issues warning to foreign investors in Canadian real estate

Foreign inflows are distorting Canada's already constrained housing market and aren't the kind of investment the country needs, the chief executive officer of Royal Bank of Canada said.

"We do not need foreign capital using Canadian real estate as a piggy bank," David McKay, said Tuesday at a bank conference in New York hosted by the Toronto-based lender. "If capital is coming in to sit in a home, unproductively, and is distorting your marketplace and the livelihood of your residents – no thank you."

McKay, whose bank is Canada's largest mortgage lender, says he's supportive of government taxes and other measures targeting foreign buyers, as well as other regulatory efforts to cool the country's housing market. He's seeing some impacts from these rule changes, with "a little bit more healthy dynamics."

"Demand is down and house prices have been stable," McKay said. "There's still intensive bidding, but to a lesser degree."

Toronto, Canada's biggest housing market, has been correcting over the past few months amid a slew of regulations put in place to steady booming prices and increasing debt. Toronto home sales fell 35 per cent in February from a year earlier, marking the weakest month of sales in nine years, though benchmark prices were up 3.2 per cent on the year, according to data released Tuesday by the Toronto Real Estate Board.

Canada's housing market has been on edge this year as mortgage guidelines came into effect, making it harder for prospective buyers to qualify for loans.

A surge of foreign money into Canadian housing had been adding "gasoline" to markets in Vancouver and Toronto, McKay said. He identified a "cocktail of factors" that led to unconstrained growth of Toronto and Vancouver home prices, including a growing population, land constraints, lack of supply and highly stimulative interest rates that caused people to funnel more disposable income into their homes in addition foreign money.

This is great think about it the Canadian banks are telling foreigners not to invest in Canada!

You tell me a more stable place to invest? Think about it we have natural resources we have a great science and technology sector.

What does that say well it says we are a great place to invest! It also says we have a very bad dollar because we cannot get our resources to market.

So what is a 20% increase in the big picture?

Hell even I hope the market crashes so, I can make more money well people like Pinion are out of a job because the market crashed!

[Pinus]

Originally Posted by sunsetmountainland

This is great think about it the Canadian banks are telling foreigners not to invest in Canada!

You know bloody well that is not what they are saying.

[theman23]

I hope you all lose your jobs!

[Rollerstud98]

Originally Posted by theman23

I hope you all lose your jobs!

I had a really good time while unemployed! Thankfully it was short lived though and now I am apprenticing in a new field.

Getting ready to sell/buy again too, should have had my house ready in November though, missed that boat a little.

[sunsetmountainland]

Originally Posted by Pinus

You know bloody well that is not what they are saying.

I know that reverse psychology works! What you cannot have you want right?

[sunsetmountainland]

Originally Posted by Rollerstud98

I had a really good time while unemployed! Thankfully it was short lived though and now I am apprenticing in a new field.

Getting ready to sell/buy again too, should have had my house ready in November though, missed that boat a little.

I chose to work because I would be bored not too! Since I can retire I worry about other peoples kids and the future for them. I do not worry about myself!

Lol wrong poster!

[Rollerstud98]

I kept busy, took a motorcycle safety course, bought a motorcycle, completed some renovations. I was only on the sidelines for a short 3 months.

[sunsetmountainland]

Originally Posted by theman23

I hope you all lose your jobs!

I chose to work because I would be bored not too! Since I can retire I worry about other peoples kids and the future for them. I do not worry about myself!

Think about it you are selfish because you worry is about your person while I worry about others future!

[Pinion]

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[CanSpice]

Originally Posted by sunsetmountainland

Hell even I hope the market crashes so, I can make more money well people like Pinion are out of a job because the market crashed!

I'm not sure what it says about someone who'd gloat about making money while others are losing their jobs.

[Pinion]

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[whatnext]

Originally Posted by CanSpice

I'm not sure what it says about someone who'd gloat about making money while others are losing their jobs.

As a real estate pimper he probably has a lot of time on his hands right now to "enlighten" us with his wisdom.

[giallo]

Yeah. I think sunsetmountainland has outlived his/her usefulness.

Everyday the Canada section is filled with their passive aggressive posts (and terrible grammar to boot).

Mods?