Canada's 'housing bubble' deemed close to bursting

[MolsonExport]

Originally Posted by Stryker

It's a relative thing.

Cultural Protestants are pretty diverse yet there is a pretty strong history of certain beliefs. From Brazil,South Africa Sweden and minnesota.

It's all relative.




When did I make the claim that chinese people have some hard wired belief in the father land.

This is exactly my point.

Nothing is a given, including being concious of the effects of racism.

Western society had it's very abysmal experience with the ideas of racial superiorty.

This collective white guilt wasn't something we were born with.


Then you are not chinese. All chinese are ethnic han, not all ethnic han are Chinese.

My point was segment ethnic han chinese in china away from the mongolians, weeghurs, tibetans, machurians and those burmese-types.


What does a ethnic protestant kid in brazil have in common with some kid in bavaria.

Everything and nothing.



I have no comment on this one. I don't know much about the hong kongers and won't claim to.

It's a completely different place.




Hmmm how could something like the rape of nanking lead people to have a strong predigest against outsiders, how about the opium wars?

Do I need to connect the dots.

How about the cultural revolution did that happen or didn't it?




Which has been done.

Let's go through the checklist of how you get people to be racist.

1) Create the real or imagined notion that an outside group means you harm.

2) Create the narrative that outside values systems are inherently corrupt.

3) Expose them to hardship.

Do I need to keep going.

Lakelicker for sure

[Gresto]

TRREB: Q3 Condo Sales and Listings Skyrocket as Rental Prices Decline

[whatnext]

Canada's big city condo market continues to suck:

Merilee Wright doesn’t even officially own her condo in downtown Toronto yet and she’s already trying to sell it.

The 56-year-old former bank executive agreed to buy the two-bedroom unit before construction got underway in 2018, a time when surging valuations and rising rents made Toronto condos seem like a perfect investment. Now, with the Covid-19 pandemic sending rents plunging and spurring an exodus from dense downtown housing, the unit is complete and Wright faces a choice between paying out more on her mortgage than she’d collect in rent each month, or bailing out of her investment at a discount....

....It’s the next six to 12 months that really is what’s going to be painful,” said Wright, the Toronto condo investor who reckons she and her business partner could sustain the losses, but is also looking for a buyer if she can find one. She called it a “reality check” on real estate investing.

Recent listing data in Toronto and Vancouver suggest it’s not just people who bought pre-construction who are now looking to get out of the market. The City of Toronto saw the number of condos listed for sale double in November from the year before, causing average prices to fall 3%, the latest data from Toronto’s real estate board show. Meanwhile in Vancouver, the benchmark price for an apartment unit registered a 1% drop from the previous month as listings rose there too.

And with large parts of Canada once again going into various levels of lockdown to counter a surge of Covid-19 cases, there’s little reason to think the pressures on Canada’s small condo landlords will ease. That could eventually affect demand for detatched homes too....

https://www.bloomberg.com/news/artic...?sref=x4rjnz06

[wave46]

Originally Posted by MolsonExport

Cheap money has always been used as a tool to grease the economy, and it applies at the consumer level just like it applies at the firm level. Similar analogues exist with "zero interest financing" on cars, and "don't pay a cent event" at furniture stores (buy now, pay later).

Now of course things get more complicated when you have rock-bottom (or even nominally negative) interest rates when demand is constrained, e.g., Japan with its negative population growth and 3-decade long stagnation of discretionary household incomes

It definitely is something to watch in cases like Japan. I don't know how one unwinds the concept of unending growth that modern economics is based on.

We've become so used to the high growth rates of the 20th century - an incredible moment of human history when we harnessed the power of scientific invention, mass production and population growth in the West - that I don't know if we're able to cope with a world in which gains are much harder.

I'm not so sure we will be able to sustain such a pace in the 21st century. We've exhausted the easy solutions of lower interest rates, the easy scientific gains and rapid population growth. Maybe we're going to spend the better part of the 21st century revising our expectations downwards.

I'm also wondering how much more 'free' government stimulus can provide - I'm curious about how much debt somewhere like Japan can just absorb. It has to catch up at some point as one can't just get something for nothing infinitely. Either the currency crashes or there has to be an increase on the interest rates of debt.

[Nite]

Originally Posted by Gresto

TRREB: Q3 Condo Sales and Listings Skyrocket as Rental Prices Decline

shouldn't this be the ideal situation for everyone?
can someone tell me the problem with skyrocket sales and declining rents?

This is what i have always said was the solution to the housing crises, build more housing and the problem would go away on it's own once all demand is met without any government interventions required.

[whatnext]

Originally Posted by Nite

shouldn't this be the ideal situation for everyone?
can someone tell me the problem with skyrocket sales and declining rents?

This is what i have always said was the solution to the housing crises, build more housing and the problem would go away on it's own once all demand is met without any government interventions required.

You read that wrong. It's actually slash AirBnB, immigration and international students and the problem will go away. And make everyone work out of their tiny skybox.

[Nite]

Originally Posted by whatnext

You read that wrong. It's actually slash AirBnB, immigration and international students and the problem will go away. And make everyone work out of their tiny skybox.

we are still not building enough is the problem to meet all the demand, the city/province should speed up it's approval process and make it easier to build ie less restrictions on height and where to build.

[Antigonish]

Originally Posted by Nite

we are still not building enough is the problem to meet all the demand, the city/province should speed up it's approval process and make it easier to build ie less restrictions on height and where to build.

Housing needs to reflect median household income. The system is so broken (by design) that the only solution to make the markets reflect reality is for housing to reflect local wage/consumer markets. Slashing immigration, abolishing AirBnBs, more efficient zoning reforms, micro-urbanism, there are many smaller efforts that can play a positive role. But in the end of the day, until housing reflects wage/consumer markets all of it is a bandaid that isn't good enough. I'm sure we could find an equitable formula but good luck "legislating" those reforms under the current regime. Top-down reforms from the government + BoC is the only real way to make it work but good luck asking the powers that be to step aside while we fix their mistakes. If only there was a solution..

[SignalHillHiker]

Relative just bought the hideous house on the right - but what struck me most is the typical Newfoundland architecture of the house on the left. Man, if our suburbs looked more uniformly like that, I’d actually love the look of them.

[biguc]

Originally Posted by Antigonish

Housing needs to reflect median household income. The system is so broken (by design) that the only solution to make the markets reflect reality is for housing to reflect local wage/consumer markets. Slashing immigration, abolishing AirBnBs, more efficient zoning reforms, micro-urbanism, there are many smaller efforts that can play a positive role. But in the end of the day, until housing reflects wage/consumer markets all of it is a bandaid that isn't good enough. I'm sure we could find an equitable formula but good luck "legislating" those reforms under the current regime. Top-down reforms from the government + BoC is the only real way to make it work but good luck asking the powers that be to step aside while we fix their mistakes. If only there was a solution..

There is: the Singapore and Vienna models are both incredible successes.

[ssiguy]

The sagging sales in places like Vancouver and Toronto are hardly surprising.

So many of these sales has nothing to do with housing people and everything to do with flipping real estate or renting them out as AirB&B. Now those are no longer winning scenarios and all of a sudden these sellers have to find buyers who are actually going to live in them.........the horror.

[urbandreamer]

With record rental apartment construction and many condos for sale, it's no wonder Trudeau's govt intends to bring in so many immigrants next year. Gotta keep the bubble going for another century.

[lio45]

Originally Posted by SignalHillHiker

Relative just bought the hideous house on the right - but what struck me most is the typical Newfoundland architecture of the house on the left. Man, if our suburbs looked more uniformly like that, I’d actually love the look of them.

That's not typical Newfoundland architecture, it's pure American "Federal" style of the late 1700s and early 1800s.

[le calmar]

^ That’s what I thought too. It looks like a typical American colonial house. There are tons of houses like that across New England. If it’s not the same style, at least the similarities are striking.

[lio45]

It's a style that's easy to imitate. This one was built in 1988 but at first sight you can't really tell the house itself (not the garage) isn't from 1790.

https://therealdeal.com/tristate/201...ts-the-market/

[chachaflint]

Thanks for the article. If you ever wanted to rent out an apartment of yours, but don't know where to start or you need a place to live and you have no idea how to find and contact the owners, then a company like this would come in handy. Pretty sure, that it will be useful for you, so be sure to check them out. Good luck.