Canada's 'housing bubble' deemed close to bursting

[Loco101]

Originally Posted by urbandreamer

^Yes. I was thinking about Baby Point in Toronto, which is pronounced "Babby" after the somewhat controversial family. I stopped here for a stretch and pee break before heading up to Mooretown and Corunna. This entire area, from Komoka to Sarnia, Essex to Wallaceburg, Chatham to Lucan reminds me of rural Manitoba and Saskatchewan. The 402 is about as flat, empty and boring as the Yellowhead Highway. Chatham could be Yorkton or Selkirk.

While both regions are very agricultural and politically conservative (although generally less so in rural SW Ontario) I wouldn't say that they are very similar. They are in different climatic zones and the vegetation is much more impressive in SW Ontario and so are opportunities for landscaping. Rural SW Ontario is much wealthier than rural SK and has much nicer towns with better infrastructure. And rural SW Ontario isn't very far from large population centres and has freeways unlike rural SK.

[thebasketballgeek]

Originally Posted by Luisito

No they arent the only ones but I would say they have higher rates of scams in their community.

I and the people I work for have gone to court several times in the past 6 years for unpaid work and people trying to rip us off, and everytime it has been south asians. I hate to say it but it's true.

People look the other way because they're afraid to be accused of racism.

I’m not gonna snitch on my own brethren but let’s just say there’s a reason a lot of South Asians deal exclusively with cash. If you want to see why this is so prevalent in my community look up the terms “black money” and why India under Modi has made massive demonetization efforts in the last decade.

Canada makes it too easy to go under the table.

[Hawrylyshyn]

Originally Posted by Wigs

My cousin pays $1,500 for a basement apartment in St. Catharines. I'd say by 2022 standards you got yourself a deal

I'm paying $1,350 for a basement apartment in Pickering.

urbandreamer most certainly got a great deal

[swimmer_spe]

Originally Posted by thebasketballgeek

I’m not gonna snitch on my own brethren but let’s just say there’s a reason a lot of South Asians deal exclusively with cash. If you want to see why this is so prevalent in my community look up the terms “black money” and why India under Modi has made massive demonetization efforts in the last decade.

Canada makes it too easy to go under the table.

You have me curious. Is it a trust issue, or is it a legal issue that they like cash?

[Hawrylyshyn]

Originally Posted by swimmer_spe

You have me curious. Is it a trust issue, or is it a legal issue that they like cash?

Probably more to do with:
1. Money obtained via illegal means (less this case)
2. Money obtained legally but via a means where it is not reported to the government and hence not taxed (more this case)

[Coldrsx]

https://www.linkedin.com/in/jackson-corn...hip3_feed%3BetpSmxoRQjWSwMWnlUFA6g%3D%3D

[Wigs]

Any explanation as to why Calgary condos have increased in value whereas Edmonton is stagnant, particularly since both cities have similar growth rates?

[lio45]

Higher BCML interest in Calgary as the worldlier of the two.

[Truenorth00]

Originally Posted by thebasketballgeek

I’m not gonna snitch on my own brethren but let’s just say there’s a reason a lot of South Asians deal exclusively with cash. If you want to see why this is so prevalent in my community look up the terms “black money” and why India under Modi has made massive demonetization efforts in the last decade.

Canada makes it too easy to go under the table.

Luisito has an axe to ground with South Asians. It's why he posted that video without any comment at all, despite me posting it earlier (and focusing on the fraud, not race, in my comments).

But that CBC video was ridiculous in its portrayal. They made it look like only South Asians do this. When a lot of realtors and mortgage brokers will tell you that the problem is cross cultural. Also, South Asians are not the only ones who do lots of cash work. Go to talk to any waitress and ask them how much of their tips they declare on their tax returns. When it comes time to buy a house, what do you think they will do? Immigrants tend to work in service jobs that lend itself to cash businesses. So the practice will be more common in immigrant communities.

Here's a well known mortgage broker, who has been very vocal about mortgage fraud complaining about how racist the CBC piece was:

https://twitter.com/ronmortgageguy/status/1581350619486748677?t=XN41nK6Zwe6_-lJjT4EEbg&s=19

[Wigs]

Originally Posted by lio45

Higher BCML interest in Calgary as the worldlier of the two.

Lio, I don't know every acronym in Canada

[casper]

Originally Posted by Truenorth00

Luisito has an axe to ground with South Asians. It's why he posted that video without any comment at all, despite me posting it earlier (and focusing on the fraud, not race, in my comments).

But that CBC video was ridiculous in its portrayal. They made it look like only South Asians do this. When a lot of realtors and mortgage brokers will tell you that the problem is cross cultural. Also, South Asians are not the only ones who do lots of cash work. Go to talk to any waitress and ask them how much of their tips they declare on their tax returns. When it comes time to buy a house, what do you think they will do? Immigrants tend to work in service jobs that lend itself to cash businesses. So the practice will be more common in immigrant communities.

Here's a well known mortgage broker, who has been very vocal about mortgage fraud complaining about how racist the CBC piece was:

https://twitter.com/ronmortgageguy/status/1581350619486748677?t=XN41nK6Zwe6_-lJjT4EEbg&s=19

I don't think this is specific to the South Asian community. I do know when ever I have needed work done on residential property, if its a "one person" company offering to do the work it is not unusual for two prices to be quoted one if you pay in cash without any paper work and a second if you want a GST receipt.

That usually convinces me it is someone I don't want to work with. Not about to follow Brian Mulroney money in unlabeled envelope business practices. to much liability with WorkSafe and the like to be playing those games.

[lio45]

Originally Posted by Wigs

Lio, I don't know every acronym in Canada

Billionaire Chinese Money Launderer. It's a SSP Classic.

[Wigs]

Originally Posted by lio45

Billionaire Chinese Money Launderer. It's a SSP Classic.

I should have known

[Coldrsx]

Originally Posted by Wigs

Any explanation as to why Calgary condos have increased in value whereas Edmonton is stagnant, particularly since both cities have similar growth rates?

1. Exposure - Tor, Mtl, Van, Cal.............. Edm...Win
2. Awareness - see above
3. YYC - over performing airport - see below
4. Business community/investors/entrepreneurial spirit
5. Mountains/Banff
6. Lifestyle
7. BCML

[Wigs]

I could understand if the Calgary economy is doing significantly better than Edmonton. Having lived in Calgary for 5 years (and visited Edmonton 4 times), I really don't think it has a huge advantage besides better airport connections, closer access to mountains and an inner city in better shape with higher population.

U of A definitely is a huge advantage over Calgary, as is the provincial government jobs. Now ETS is undergoing expansion as well. The newer arena, new RAM, AGA, other new things I'm sure I'm forgetting all help Edmonton have a leg up as well.

I did forget about condo speculation. In Toronto, the type of lunatics that would buy 10 pre-construction units at once. I'm sure that kind of stuff is more likely to happen in Calgary as opposed to Edmonton where people are more likely to buy as their domicile.

[Coldrsx]

A tale of two cities folks.

[urbandreamer]

Calgary is closer to Kelowna, Vancouver and US border, has a much better job market and more vibrant small towns nearby. Edmonton feels as isolated and rundown as Winnipeg or Windsor, except Windsor is conveniently located next to Detroit.

TBH, driving from Calgary to Edmonton for the first time felt like I was going from America to Siberia.

[Wigs]

Originally Posted by urbandreamer

Calgary is closer to Kelowna, Vancouver and US border, has a much better job market and more vibrant small towns nearby. Edmonton feels as isolated and rundown as Winnipeg or Windsor, except Windsor is conveniently located next to Detroit.

TBH, driving from Calgary to Edmonton for the first time felt like I was going from America to Siberia.

We have different impressions. Edmonton gained 350k in the last 20 years.
Sure there are parts that aren't vibrant but to compare it to Windsor, even Winnipeg. Nope.

[casper]

Originally Posted by urbandreamer

Calgary is closer to Kelowna, Vancouver and US border, has a much better job market and more vibrant small towns nearby. Edmonton feels as isolated and rundown as Winnipeg or Windsor, except Windsor is conveniently located next to Detroit.

TBH, driving from Calgary to Edmonton for the first time felt like I was going from America to Siberia.

Novosibirsk is actually a remarkable city. If it were not for Russia being an evil empire focused on global domination through genocide I would have loved to visit. I think Calgary and Edmonton are uniquely different.

[Wigs]

Originally Posted by casper

Novosibirsk is actually a remarkable city. If it were not for Russia being an evil empire focused on global domination through genocide I would have loved to visit. I think Calgary and Edmonton are uniquely different.

The only truly notable thing is
https://en.m.wikipedia.org/wiki/Akademgorodok