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(Some Guy)   Montreal real estate market collapsing so quickly that this 'Al Louer' guy seems to own most of the Montreal buildings these days. His signs are just everywhere   (marketwired.com) divider line 130
    More: Interesting, Montreal real estate market, Montreal, GMREB Board of Directors, North Shore  
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8792 clicks; posted to Main » on 16 Jan 2014 at 10:30 AM (44 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-01-16 11:58:32 AM  

unitednihilists: Mangoose: Is this a Canadian joke?

I think Canada is a joke..


i'm canadian, and i had to google it. my french isn't that good.
 
2014-01-16 12:00:02 PM  

orclover: TheShavingofOccam123: Can you see the CN tower from Montreal? This is important.

[www.englishbaby.com image 311x400]

I'm sorry what?


Did you say something?
 
2014-01-16 12:04:17 PM  

Savage Bacon: Atomgirl: Ahhh, another french canadian hate thread. It had been a while.

Yep.


Yeah, but we've been making up for it with "Canadian Ted" hate threads, which is nice.
 
2014-01-16 12:04:40 PM  

OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?


Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.
 
2014-01-16 12:04:50 PM  
Looks like it's "A Louer" not "Al Louer," submitter. That one letter makes a difference.
 
2014-01-16 12:05:19 PM  

Rev.K: SovietCanuckistan: The ONE investment refers to a home. A lot of people here have very little savings and they are counting on their home to increase in value without end. The average home in my city costs $527,763 (Dec 2013). People are leveraged to the tits and the only have money to pay the mortgage, not much else.

Calgary's vacancy rate at the moment is less than 1%

Calgary's unemployment is forecast to  decrease over the next few years.

Home values have continued to rise in the wake of the flood.

Home values have not substantially dropped since the crazy price increase of 2006-2007.


Calgary will be the exception to any sort of crash scenario. Growth is still strong and prices have held.


Ugg, and to think, you "oversee financial and budgeting policies for my municipality."  And you're 34.  No wonder the city's finances are in the toilet.
 
2014-01-16 12:07:42 PM  

Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the rest is a HELOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 5 year fixed rate mortgage for the 5 more last years.


/FTFM.
//Re-reading what you wrote is for sissies.
 
2014-01-16 12:08:19 PM  
Headline: Montreal real estate market collapsing.

Article: Half of all single-family homes were sold at a price higher than $225,000, which is stable compared to 2012. The median price of condominiums and plexes also remained relatively stable in 2013, as both property categories registered a slight increase of 1 per cent. Four of the province's six Census Metropolitan Areas (CMAs) continued to post increases in the median price of single-family homes in 2013: Montréal (+2 per cent), Sherbrooke (+2 per cent), Québec City (+3 per cent) and Saguenay (+3 per cent). However, these increases are smaller than those registered in 2012. Finally, the median price of single-family homes remained stable in Gatineau and decreased slightly in Trois-Rivières (-1 per cent).

Okay, so prices remained pretty much the same for two years in a row now. How does this equal "collapse"?  Is it because sales are down?
 
2014-01-16 12:13:21 PM  

valkore: How does this equal "collapse"? Is it because sales are down?


this is written by a realtor.  So yes, their world is collapsing around them because they can't make $100,000/wk in commissions anymore, and actually have to *gasp* schedule open-houses, and visits, and stuff, and how the Hell am I going to pay for that custom paint job on the new GLK?
 
2014-01-16 12:17:07 PM  

SovietCanuckistan: All of Canada is in for a Real Estate shake up this year.

Prices = crazy high
Rates = crazy low
CDN Savings = nil
CDN Debt = record heights
Employment = shrinking weekly
Diversified = nope
All money into ONE investment = yup
CDN Dollar = sucks ass

Not going to be a crash, but people are going to wake up one day and see their mortgage going up as the value of their home goes down. Gonna be a rough year for Realtors, cannibalism will be rife.


Sooo... Bad time to apply for Cadian... Err, I mean Canadian Citizenship? I just sent my resume to a company on Vancouver.
 
2014-01-16 12:17:24 PM  

Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.


WTF
 
2014-01-16 12:18:29 PM  

Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.


Are the renegotiated mortgages guaranteed to be available at some reasonable terms?  If not, that actually sounds like the pre-Great Depression era mortgage market in the US, which (obviously) did not turn out so well and led to the creation of the 30 year fixed-rate loan.
 
2014-01-16 12:21:52 PM  

CygnusDarius: Sooo... Bad time to apply for Cadian... Err, I mean Canadian Citizenship? I just sent my resume to a company on Vancouver.


The Vancouver housing market in a nutshell

I hope that job pays well.
 
2014-01-16 12:23:23 PM  

OptionC: Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.

Are the renegotiated mortgages guaranteed to be available at some reasonable terms?  If not, that actually sounds like the pre-Great Depression era mortgage market in the US, which (obviously) did not turn out so well and led to the creation of the 30 year fixed-rate loan.


The renegotiated rates are market rates at the time of renegotiation.  And if bank A doesn't offer good enough rates, but bank B does, you just switch to the new bank and pay a minimal penalty (that should be offset by the new rate you're getting at bank B).
 
2014-01-16 12:26:58 PM  
Ah louer, eh? Jaunty ah louer, eh?
 
2014-01-16 12:27:04 PM  

OptionC: Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.

Are the renegotiated mortgages guaranteed to be available at some reasonable terms?  If not, that actually sounds like the pre-Great Depression era mortgage market in the US, which (obviously) did not turn out so well and led to the creation of the 30 year fixed-rate loan.


There's also variable-rate mortgages here too.

You can just google "Canadian mortgage rates".  Those are the rates people pay.
 
2014-01-16 12:29:36 PM  

Flab: The renegotiated rates are market rates at the time of renegotiation.  And if bank A doesn't offer good enough rates, but bank B does, you just switch to the new bank and pay a minimal penalty (that should be offset by the new rate you're getting at bank B).


Which is all well and good when things are humming along.  What happens if the banks suddenly get very risk averse (due to, I dunno, a housing market decline) and decide that someone who was a qualified buyer in year X is not a qualified buyer in year X+5?  Are they still obligated to offer a renegotiated mortgage?
 
2014-01-16 12:29:41 PM  

OptionC: Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.

Are the renegotiated mortgages guaranteed to be available at some reasonable terms?  If not, that actually sounds like the pre-Great Depression era mortgage market in the US, which (obviously) did not turn out so well and led to the creation of the 30 year fixed-rate loan.


Also you can just keep amortizing over a 25 year period every time you renew.  This is what I do, because it keeps my minimum obligation low, just in case something horrible happens.  I just boost the payment, but I can lower it back down if I have to.
 
2014-01-16 12:30:06 PM  

Atomgirl: Ahhh, another french canadian hate thread. It had been a while.


And your point is...?
 
2014-01-16 12:31:40 PM  

OptionC: Flab: The renegotiated rates are market rates at the time of renegotiation.  And if bank A doesn't offer good enough rates, but bank B does, you just switch to the new bank and pay a minimal penalty (that should be offset by the new rate you're getting at bank B).

Which is all well and good when things are humming along.  What happens if the banks suddenly get very risk averse (due to, I dunno, a housing market decline) and decide that someone who was a qualified buyer in year X is not a qualified buyer in year X+5?  Are they still obligated to offer a renegotiated mortgage?


Typically they'll offer to renew but at a higher interest rate.  You don't have to stay with them though.  Having said that, if it's a general market condition then every lender will have high interest rates.

This did happen in the 80s.  Housing prices crashed, interest rates were through the roof, and people just walked away from their homes.
 
2014-01-16 12:32:25 PM  

Shazam999: OptionC: Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.

Are the renegotiated mortgages guaranteed to be available at some reasonable terms?  If not, that actually sounds like the pre-Great Depression era mortgage market in the US, which (obviously) did not turn out so well and led to the creation of the 30 year fixed-rate loan.

Also you can just keep amortizing over a 25 year period every time you renew.  This is what I do, because it keeps my minimum obligation low, just in case something horrible happens.  I just boost the payment, but I can lower it back down if I have to.


Doesn't that mean that you'll never actually own the house outright in a Xeno's paradox sort of way (assuming you made minimum payments)?
 
2014-01-16 12:33:49 PM  

OptionC: Shazam999: OptionC: Flab: OptionC: Also, aren't most Canadian mortgages equivalent to a 5/1 ARM in the US?

Not quite.  They are fixed-rate long-term mortgages that get renegotiated every 5 years or so.  In other words, you get: a fixed-rate 25 year mortgage for five years at rate X, then after those 5 years, you renegotiate another fixed-rate 20 year mortgage for 7 years, because you think the rates are going to go up and you want to be safe, then after those 7 years, you renegotiatie a mixed-rate mortgage for 3 years, where half is fixed-rate, and the resl is a HLOC because you know you're going to have to redo the roof and the wife thinks it's time to remodel the kitchen, then you renegotiate a 10 year fixed rate mortgage for 5 more years, then you renegotiate a 10 year fixed rate mortgage for 5 more years.

Are the renegotiated mortgages guaranteed to be available at some reasonable terms?  If not, that actually sounds like the pre-Great Depression era mortgage market in the US, which (obviously) did not turn out so well and led to the creation of the 30 year fixed-rate loan.

Also you can just keep amortizing over a 25 year period every time you renew.  This is what I do, because it keeps my minimum obligation low, just in case something horrible happens.  I just boost the payment, but I can lower it back down if I have to.

Doesn't that mean that you'll never actually own the house outright in a Xeno's paradox sort of way (assuming you made minimum payments)?


Pretty much, yeah.  It's Canada's dirty little secret.
 
2014-01-16 12:38:07 PM  
Glad I moved east instead of buying a condo in the GTA, and glad I got a 5 year fixed rate. Home prices are already below what they should be, where I am now (Fredericton) so I don't expect a big drop here.
 
2014-01-16 12:39:28 PM  

OptionC: Flab: The renegotiated rates are market rates at the time of renegotiation.  And if bank A doesn't offer good enough rates, but bank B does, you just switch to the new bank and pay a minimal penalty (that should be offset by the new rate you're getting at bank B).

Which is all well and good when things are humming along.  What happens if the banks suddenly get very risk averse (due to, I dunno, a housing market decline) and decide that someone who was a qualified buyer in year X is not a qualified buyer in year X+5?  Are they still obligated to offer a renegotiated mortgage?


No, they can ask you to pay in full for the remainder of what you owe.  ( link )
 
2014-01-16 12:42:46 PM  

Shazam999: Ugg, and to think, you "oversee financial and budgeting policies for my municipality."  And you're 34.  No wonder the city's finances are in the toilet.


Ok, Greenspan. Give it to me straight.
 
2014-01-16 12:44:12 PM  

Flab: So when all of Canada's 34 million people live in Calgary, then what?


I sell my house, make a ton of money and move somewhere else.

Of course, to grow to 34 million might take a few centuries, so perhaps I won't be around anyway.
 
2014-01-16 12:52:34 PM  

Rev.K: Shazam999: Ugg, and to think, you "oversee financial and budgeting policies for my municipality."  And you're 34.  No wonder the city's finances are in the toilet.

Ok, Greenspan. Give it to me straight.


Well right to the ad hominem attack.  Impressive.
 
2014-01-16 12:53:25 PM  

Rev.K: Shazam999: Ugg, and to think, you "oversee financial and budgeting policies for my municipality."  And you're 34.  No wonder the city's finances are in the toilet.

Ok, Greenspan. Give it to me straight.


Wait, it's 10:53am.  Shouldn't you be working?
 
2014-01-16 12:57:36 PM  
i49.tinypic.com
I don't understand the headline and i won't respond to it.
 
2014-01-16 01:01:09 PM  

Shazam999: Well right to the ad hominem attack.  Impressive.


Because you were oh so pleasant to me.

Ugg, and to think, you "oversee financial and budgeting policies for my municipality."  And you're 34.  No wonder the city's finances are in the toilet.
 
2014-01-16 01:05:22 PM  

Flab: this is written by a realtor.  So yes, their world is collapsing around them because they can't make $100,000/wk in commissions anymore, and actually have to *gasp* schedule open-houses, and visits, and stuff, and how the Hell am I going to pay for that custom paint job on the new GLK?


Ah, then they should come down to the DC market.  I was looking for a place in the spring of last year.  All open houses were mobbed.  I mean, people lining up outside before the showing, and elbowing past each other to get a look at each of the rooms.  The realtors at these showings just sit back like kings and watch over their subjects, knowing their four hours of time was guaranteeing them a sale that was 20% over asking price and at least $10k in their pocket.

Google search results relevant:

i.imgur.com
 
2014-01-16 01:10:17 PM  

oldfarthenry: You're getting burger-horks all over the thread.


*adds to vocabulary*
 
2014-01-16 01:19:19 PM  

Rev.K: SovietCanuckistan: The ONE investment refers to a home. A lot of people here have very little savings and they are counting on their home to increase in value without end. The average home in my city costs $527,763 (Dec 2013). People are leveraged to the tits and the only have money to pay the mortgage, not much else.

Calgary's vacancy rate at the moment is less than 1%

Calgary's unemployment is forecast to  decrease over the next few years.

Home values have continued to rise in the wake of the flood.

Home values have not substantially dropped since the crazy price increase of 2006-2007.


Calgary will be the exception to any sort of crash scenario. Growth is still strong and prices have held.


Yikes. 34 years old, huh. And looking after municipal finances. Eep. That's cute that you think Alberta is immune to recession. Tell your elders the above and ask them why they're chuckling and shaking their heads. Jesus, kids these days.

Ahem.

*Cough*

All the activity we're seeing is the petroleum industry frantically making hay while the sun is still shining. Calgary might not crash at the same time as the rest of the country, but it will crash.
 
2014-01-16 01:22:29 PM  

Rev.K: Shazam999: Well right to the ad hominem attack.  Impressive.

Because you were oh so pleasant to me.

Ugg, and to think, you "oversee financial and budgeting policies for my municipality."  And you're 34.  No wonder the city's finances are in the toilet.


You're proud of your position, and yet the city is actually running of out debt room.  Also projects are routinely over budget.  Are you sure you have a handle on finances?
 
2014-01-16 01:22:32 PM  
There was supposed to be a link to Wall Street Journal in there too but apparently Fark tosses links to WSJ. Let's see if Bloomberg is okay.
 
2014-01-16 01:23:31 PM  

ruta: Rev.K: SovietCanuckistan: The ONE investment refers to a home. A lot of people here have very little savings and they are counting on their home to increase in value without end. The average home in my city costs $527,763 (Dec 2013). People are leveraged to the tits and the only have money to pay the mortgage, not much else.

Calgary's vacancy rate at the moment is less than 1%

Calgary's unemployment is forecast to  decrease over the next few years.

Home values have continued to rise in the wake of the flood.

Home values have not substantially dropped since the crazy price increase of 2006-2007.


Calgary will be the exception to any sort of crash scenario. Growth is still strong and prices have held.

Yikes. 34 years old, huh. And looking after municipal finances. Eep. That's cute that you think Alberta is immune to recession. Tell your elders the above and ask them why they're chuckling and shaking their heads. Jesus, kids these days.

Ahem.

*Cough*

All the activity we're seeing is the petroleum industry frantically making hay while the sun is still shining. Calgary might not crash at the same time as the rest of the country, but it will crash.


Astounding really, and of course a guy like Rev.K will vote Liberal in the next federal election, who will then promptly put in NEP2, and that'll be that for Calgary.
 
2014-01-16 01:27:27 PM  

Rev.K: Flab: So when all of Canada's 34 million people live in Calgary, then what?

I sell my house, make a ton of money and move somewhere else.

Of course, to grow to 34 million might take a few centuries, so perhaps I won't be around anyway.


Canada has 34 million people? Geez, that's almost as many as the real CA.

/ducks flying plates of Poutine
 
2014-01-16 01:43:20 PM  

sn0wblind: montreal is a temporary city for most, generally being because of the lack of work.  most come here to get their education or for temporary work, then leave for greener pastures.  thanks to quebec bureaucrats, companies have to face a lot of red tape and headaches just to do business here; unless the industry is specifically targeted for provincial government incentives.
without jobs, no one wants to buy the plethora of condos popping up everywhere this past year.


But I was told regulation does not hinder business.

/What I love most about Quebec is that despite how badly they want to be French, the French hate them too. They don't even speak real French. Nobody likes them.
 
2014-01-16 01:45:18 PM  
Shazam999:

Astounding really, and of course a guy like Rev.K will vote Liberal in the next federal election, who will then promptly put in NEP2, and that'll be that for Calgary.

Now we disagree. The first NEP didn't trigger the recession, it only exacerbated it. Continuing to scapegoat it and Trudeau for the recession 40 years on is farking tiresome and simple-minded. Lougheed was at least smart and created the Heritage fund to shore Alberta up against future calamities, but now that's been pissed away. By who? Not by the federal Liberals. Alberta ought to have the finest education, healthcare, and innovative research and industry in the world with all that money coursing around, but instead all we have is inflated real estate and petroleum companies biatching and moaning if we dare to skim any off. All the eggs remain in one farking basket. We're the farking Beverly Hillbillies.
 
2014-01-16 01:47:57 PM  

ruta: Yikes. 34 years old, huh. And looking after municipal finances. Eep. That's cute that you think Alberta is immune to recession


Shazam999: You're proud of your position, and yet the city is actually running of out debt room.  Also projects are routinely over budget.  Are you sure you have a handle on finances?



You should go back and look at what I wrote.

I'll be the first to say that of course Calgary is not immune to recession. My outlook may have come across as overly cheery, but I'm not saying that Calgary's economic growth will never stop and it's sunshine all the time.


What I did say is that while a recession could happen, Calgary is well positioned because strong growth continues, which drives demand for housing. Calgary's vacancy rate is exceptionally low, partially due to the June flood, and unemployment in Calgary is forecast to decrease in the coming years.

My point is that the economic indicators aren't consistent with an imminent crash, something that has been predicted since the housing surge in 2007. That isn't to say it can't happen, but indicators are not signalling that it will happen soon.
 
2014-01-16 01:53:20 PM  

ruta: Shazam999:

Astounding really, and of course a guy like Rev.K will vote Liberal in the next federal election, who will then promptly put in NEP2, and that'll be that for Calgary.

Now we disagree. The first NEP didn't trigger the recession, it only exacerbated it. Continuing to scapegoat it and Trudeau for the recession 40 years on is farking tiresome and simple-minded. Lougheed was at least smart and created the Heritage fund to shore Alberta up against future calamities, but now that's been pissed away. By who? Not by the federal Liberals. Alberta ought to have the finest education, healthcare, and innovative research and industry in the world with all that money coursing around, but instead all we have is inflated real estate and petroleum companies biatching and moaning if we dare to skim any off. All the eggs remain in one farking basket. We're the farking Beverly Hillbillies.


THIS.  Goddamit, THIS.
 
2014-01-16 02:06:28 PM  
Shazam999:

Astounding really, and of course a guy like Rev.K will vote Liberal in the next federal election, who will then promptly put in NEP2, and that'll be that for Calgary.

Why does everyone think this?  Everyone assumes to know Trudeau's policies.  You know he supported Canadian pipeline development in the US?   He's the biggest energy sector supporter in Ottawa.
 
2014-01-16 02:08:36 PM  

Rev.K: ruta: Yikes. 34 years old, huh. And looking after municipal finances. Eep. That's cute that you think Alberta is immune to recession

Shazam999: You're proud of your position, and yet the city is actually running of out debt room.  Also projects are routinely over budget.  Are you sure you have a handle on finances?


You should go back and look at what I wrote.


Ok, you said:  "Calgary will be the exception to any sort of crash scenario. "

I'll be the first to say that of course Calgary is not immune to recession.


No, you were the first to say that it was the exception to any sort of crash scenario.

What I did say is that while a recession could happen,

Nope.

That isn't to say it can't happen, but indicators are not signalling that it will happen soon.

And the goalposts are moved!
 
2014-01-16 02:10:22 PM  

LemSkroob: Maybe this will force them to all go back to France? That would be best.


Yeah, about that. France doesn't want them back. They're considered to be colonial peasants who speak a bizarre, bastardized version of French. A lot of their ancestors were basically exiled to the New World for being low-life scum.

/disclaimer: that's what the French think, not what I think. The French Canadian guys I work with are pretty decent guys as long as you don't talk politics.
 
2014-01-16 02:10:56 PM  
 
2014-01-16 02:23:44 PM  
CSB: My mother-in-law has a duplex in NDG that she refuses to sell, no matter how much I try to explain that the Montreal housing market has topped. She doesn't have a lot of other assets, so I don't know what else she expects to retire on (she's welcome to my and Mrs. Fuccon's spare room, but that doesn't strike me as ideal either). She rents out the upstairs, but even the part she lives in is too big for just her and her husband.

I realized I might as well have been talking to myself when she said, "I don't care about your economic models, Mikey, this is my house and I'm not selling!"

/economist
 
2014-01-16 02:24:02 PM  

Rev.K: My point is that the economic indicators aren't consistent with an imminent crash, something that has been predicted since the housing surge in 2007. That isn't to say it can't happen, but indicators are not signalling that it will happen soon.


The person whose job is managing public funds should be the most pessimistic person in the room. You're not there to be the next Warren Buffet.
 
2014-01-16 02:27:01 PM  

TheAlgebraist: However, Canada has a 70% (maybe higher) ownership rate, so there are a lot of people with household incomes below $50,000 trying to buy $300-500 thousand dollar homes.


We've noticed.  Somehow they all end up on Canadian-produced real estate shows that air in the U.S.
 
2014-01-16 02:35:07 PM  

unitednihilists: Mangoose: Is this a Canadian joke?

I think Canada is a joke..


Gotta be
 
2014-01-16 02:35:42 PM  

CygnusDarius: SovietCanuckistan: All of Canada is in for a Real Estate shake up this year.

Prices = crazy high
Rates = crazy low
CDN Savings = nil
CDN Debt = record heights
Employment = shrinking weekly
Diversified = nope
All money into ONE investment = yup
CDN Dollar = sucks ass

Not going to be a crash, but people are going to wake up one day and see their mortgage going up as the value of their home goes down. Gonna be a rough year for Realtors, cannibalism will be rife.

Sooo... Bad time to apply for Cadian... Err, I mean Canadian Citizenship? I just sent my resume to a company on Vancouver.


Always room for more Dude!
 
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