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TheBlueCat

This Is What A Housing Bubble Looks Like

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http://torontolife.com/real-estate/think-going-go-even-sky-high-wealth-expo-attendees-talk-torontos-housing-market/

Quote
Melanie Balanan

33, children’s entertainer from Richmond Hill

What’s the most useful thing you learned at the expo?
“Don’t take advice from non-doers and keep only positive people around you. I’m going to look into getting a spiritual mediator.”

What’s the future of Toronto’s real estate?
“I think it’s going to go even more sky-high.”

 

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Jeez....some of these people have absolutely no idea. They've been fed shit about being positive.....errrr....is that really going to keep the market moving forward.

 

The only people making money out of this stuff are the owners of this expo business.

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46 minutes ago, Wahoo said:

Jeez....some of these people have absolutely no idea. They've been fed shit about being positive.....errrr....is that really going to keep the market moving forward.

 

The only people making money out of this stuff are the owners of this expo business.

It is scary.  They do sound like the future mugs who'll be moaning about how they've been scammed out of their pension.

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When tshtf in 2007 I distinctly remember an Aussie woman on the tv whinging about how she found it to easy to get a liar loan about 50x her actual salary for a slave box in London. it wasn't her fault, lying was too easy!

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It's gone totally mental in Toronto over the last couple of years - it feels very much like the UK did just before Northern Rock blew up. As well as the locals, as per the linked article, there's a flood of foreign money too. E.g. a friend in the process of moving to another city for work sold his condo for some ridiculous amount over asking price sight unseen to a buyer from mainland China. One of the reasons I chose to move to Toronto was the more reasonable housing costs (this was back in 2009) vs. the UK but those days are long gone. I reckon my kids will need to move to Greenland if they ever want to buy a place of their own.

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Come on - every self-respecting professional 'children's entertainer' needs a spiritual mediator!

It will only get out of hand there when the spiritual mediator's life coach's PA needs a feng shui consultant for their $2M studio flat

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4 hours ago, Bkkandrew said:

Come on - every self-respecting professional 'children's entertainer' needs a spiritual mediator!

It will only get out of hand there when the spiritual mediator's life coach's PA needs a feng shui consultant for their $2M studio flat

Yes - that was really weird. A children's entertainer needing a spiritual mediator to buy a friggin' house !!!

How delusional can people get? 

Canada seems to be hitting the news for many wrong reasons these days. Slut walks, SJW nutters, stalled economic growth, oppressive social laws and regulations......not to mention feminism and Justin Trudeau. 

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22 minutes ago, Wahoo said:

Yes - that was really weird. A children's entertainer needing a spiritual mediator to buy a friggin' house !!!

How delusional can people get? 

Canada seems to be hitting the news for many wrong reasons these days. Slut walks, SJW nutters, stalled economic growth, oppressive social laws and regulations......not to mention feminism and Justin Trudeau. 

There's this collective madness sweeping around the world.

Canada was always seen as solid, respectable, hard working, outdoors, and just a teeny bit dull.

Now it's gone full on New Labour with housing booms and a girly SJW in charge.

Like a bigger Sweden.

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I think all you people are being very unfair on the people of Canada here. I mean, how can you expect anyone to learn about housing bubbles just because there have been hundreds of them in almost every country at repeated intervals throughout the entirety of recorded history. Anyway, the last housing bubble which utterly wrecked the world economy is already nearly 8 or 9 years ago. How can policy makers be expected to remember that far back?

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6 minutes ago, Stunley Andwin said:

I think all you people are being very unfair on the people of Canada here. I mean, how can you expect anyone to learn about housing bubbles just because there have been hundreds of them in almost every country at repeated intervals throughout the entirety of recorded history. Anyway, the last housing bubble which utterly wrecked the world economy is already nearly 8 or 9 years ago. How can policy makers be expected to remember that far back?

They only want the next vote!

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15 hours ago, TheBlueCat said:

It's gone totally mental in Toronto over the last couple of years - it feels very much like the UK did just before Northern Rock blew up. As well as the locals, as per the linked article, there's a flood of foreign money too. E.g. a friend in the process of moving to another city for work sold his condo for some ridiculous amount over asking price sight unseen to a buyer from mainland China. One of the reasons I chose to move to Toronto was the more reasonable housing costs (this was back in 2009) vs. the UK but those days are long gone. I reckon my kids will need to move to Greenland if they ever want to buy a place of their own.

Still lots of denial about the extent of Hot Asian Money having an influence on the market. Strange that all cash import/export protocols and limits seem to be ignored when it comes to HAM pouring into the housing market.

A tear down was bought for about $1.5m just around the corner from me in Vancouver, demolished and a new build put on the market for $4.888m. Just a coincidence that this is a lucky number.

Now sold, it sits empty - just a parking place for the flood of HAM coming in. I believe that the limit for transferring cash out of China is $10k

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10 hours ago, Wahoo said:

Yes - that was really weird. A children's entertainer needing a spiritual mediator to buy a friggin' house !!!

How delusional can people get? 

Canada seems to be hitting the news for many wrong reasons these days. Slut walks, SJW nutters, stalled economic growth, oppressive social laws and regulations......not to mention feminism and Justin Trudeau. 

When I used to be an accountant, one of my employer's clients was a children's entertainer. Since then she has hosted a property porn programme on the beeb that's been on almost every day for the past 15 years. 

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41 minutes ago, Captain Cavey said:

Still lots of denial about the extent of Hot Asian Money having an influence on the market. Strange that all cash import/export protocols and limits seem to be ignored when it comes to HAM pouring into the housing market.

A tear down was bought for about $1.5m just around the corner from me in Vancouver, demolished and a new build put on the market for $4.888m. Just a coincidence that this is a lucky number.

Now sold, it sits empty - just a parking place for the flood of HAM coming in. I believe that the limit for transferring cash out of China is $10k

Greetings fellow Canadian resident - I thought I was the only one here! I think the Chinese currency exchange limit for private individuals is more like $50K but, yes, it's clear all the money flooding into Vancouver and now Toronto property from there is far in excess of what can be transferred within the normal limits. In the case of my friend's place, the story was the buyer's daughter was coming to Toronto to study at UofT (I don't believe that for a second as the location is in now way convenient compared to other places on the market) but I wonder if that story allows some kind of exception to the normal limit?

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10 hours ago, Frank Hovis said:

There's this collective madness sweeping around the world.

Canada was always seen as solid, respectable, hard working, outdoors, and just a teeny bit dull.

Now it's gone full on New Labour with housing booms and a girly SJW in charge.

Like a bigger Sweden.

There's been a housing boom of one sort or another here for at least the last 15 years - it started in Vancouver and has now moved to Toronto. Edmonton was pretty frothy for a while too. Don't believe all the hype you read about Trudeau, he may be quite liberal (in the US sense) compared to Harper but he's still a long way off the New Labour approach in reality and Canada is still a long way off British standards of entitlement and the like.

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chart-vancouver_3_orig.jpgVancouver shows some signs of tipping over, (some say due to the provincial government imposing a 15% non residents tax on house purchases) but it's still bat shit crazy. I hear that Ontario is thinking of imposing this tax there.

 

 

Edited by Captain Cavey

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1 hour ago, Captain Cavey said:

Vancouver shows some signs of tipping over, (some say due to the provincial government imposing a 15% non residents tax on house purchases) but it's still bat shit crazy. I hear that Ontario is thinking of imposing this tax there.

There is talk of it. I'm somewhat sceptical it will happen given the provincial budget deficit:

http://business.financialpost.com/news/economy/ontario-deficit-shrinks-to-1-9-billion-as-housing-boom-helps-province-inch-closer-to-balanced-budget

 

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