Canada's economy now depends on people not realizing how fucked they truly are.
As Home Capital Group Inc.’s shares were in freefall last week, the fight to stop the bleeding at the Canadian mortgage lender had already begun.
>by using 321 000 healthcare pensions to bail them out
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>Home Capital is responsible for less than 0.5% of the mortgage market in Canada
You guys are retarded. Yes, the housing bubble will pop, but not until somehow all foreign buyers get scared away. Honestly it'll be a good thing once it pops, then millennials will actually be able to afford houses.
wishful thinking
when the bubble bursts millennials will be even worse off than before
now is the right time to get in on the house boat bubble.
So long as you're not looking for a house in a city, then house prices aren't too bad.
This 3700 square foot house is $850k Canadian here.
If this house were in downtown Vancouver it'd be minimum $5 million.
This.
Our already weakened dollar will hit the shitter and we'll suffer through either huge debt inflation that will make subsequent generations even poorer, or we'll hit a depression.
Maybe we'll finally get rid of all the rapeugees once all the gibs are gone though.
itt: canadians shills shll that their 250k shitshacks are worth 1.4 million.
Dudes, your house isn't really gaining in value $500 per day.
Tell that to Chang.
TREB just released data. They push the foreign buyers meme as hard as possible but 98% of the buyers are local.
canadians are to blame
Posting screenshots of a thread from last week...
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They would if not for the fact they wont have jobs after this.
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tell that to your mother in law who rags on you for not buying a $1.2 million place
tell that to all 4 of your friends who bought 6 homes each with downpayments financed by their parents so they they can flip homes
honestly, go to a coffee shop and listen: even the uber drivers are flipping properties. this isn't about foreign money, it's about retards (i.e. most of the population)
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Wouldn't foreign buyers just buy houses through Canadian Citizens to get around the foreign home buyers tax? Send known reliable guy money, he buys a house for you. I know that's what I would do.
my brother bought a similar house in Quebec for 450k
and thank you for the gibs canada
50:1 leverage.
There's no way this doesn't end with leafs losing their pensions and the IMF getting involved.
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Day of The Rake
Ty for this. This is all factually correct. I've been following this bubble since '09.
Wife and I over 5 years went from -$20k net worth to over $300k liquid net worth. Our friends are dying with repair bills and levereged into RE. This ends badly for them if they don't get out at the right time.
no, there's AML (anti-money laundering) that's pretty stringent.
i don't doubt some of this is happening but it's not a very simple scheme to take part in.
Gold Standard, we're gonna have to rely on the lead standard soon.
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I can't wait until this happens here then I can buy a house in the country
Canada, just let us annex you and bring some American Ingenuity to them delicious oil fields. We'll promise you see 1% of the interests, and we'll even let you take out some loans so you get trained to work on said oil fields.
So 850k is affordable? Taking the rule that person should spend 3x gross salary on a home, that is a household income of almost 300k.
I have seen this before
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Last one
>I have seen this before
where?
there has never been a real estate bubble before anywhere, ever!
>Canada, just let us annex you and bring some American Ingenuity to them delicious oil fields
Only 29 percent of canadians voted in the election. That's alot of resources under a government with no legitimacy and one which is mired in corruption. Trump could sell america on an invasion.
How can I bet against the market? What can I do to profit from this meltdown?
>98% of the buyers are local.
Didn't you hand out Canadian citizenship for investments?
>buy house
>"become local"
Not to most, no.
In my small town though you could easily get a 3 bedroom 2 bathroom small house for around $150k Canadian, which is much less in American.
"naturalized", which takes a while. Not buying citizenship.
check out the pictures in the thread to learn how retarded this nation has gotten with respect to real estate financing
it's worse than what the US did.
I think Canada would have a lot more to gain with the way the show is being run right now. The entire economy is basically just a race to the bottom that's going to ensure future generations have absolutely no standard of living, so why not just cash in now and live the high life?
>successfully operating with 50:1 leverage.
Very effective management!
>"naturalized"
What categories are used in stats?
>fucking retards thinking its a bubble
its not a bubble you fucking retards. its a money laundering scheme
they are two completely different things and require different solutions to fix. the only way to bring house prices back down is to stop the inflow of 500 000 chinese, russian and (to a lesser extent) indian millionaires that are laundering their money though our housing market.
thats not a bubble dip shits, a bubble is when people are paying more than its worth, thats not the current problem. our houses are worth what htey are because of the value they provide to money launderers.
until you fuckheads identify the real problem, theres no hope in solving it
It all depends on how the bubble pops, whether if it's a slow slide or a fast race to the bottom. If it's slower it's manageable, if it's faster it could be catastrophic.
I'm guessing it'll be a slow slide to the bottom as opposed to a quick pop. There's very few things that could cause the entire market to collapse on itself.
People will actually have to stop buying houses at unaffordable prices before anything changes. The question is, how high is too high before people stop buying?
It'll spread here soon. Watch for Australia to be similarly fucked very shortly. I think we'll get hit harder than Canada. This country is going down.
If it's money laundering then I highly doubt prices will ever go down.
The whole thread is archived here, whoever OP was knew his shit. Def worth a read.
There is a clause in your founding documents that says if enough canadians want to be American, it can start to happen. It's not talked about but it's there for this reason. Thomas Jefferson and the lads knew they'd get sick of their own shit sooner or later.
I just bought a house in downtown Tokyo for a fraction of what I would have paid for a shack in the middle of the bush back home.
But I'm sure those 500,000 immigrants from Aftica you'll get next year will fix everything. Brainwash a few more little boys to cut their dicks off and start gassing old people while you're at it, too.
Canada is utterly fucked as a society and you need to get out while you can. There's no future worth living in for that country. It will be South Africa within a few decades. Canada can go to hell for all I care.
inflation causes interest rates to rise, interest rate rises cause mortgage rates to rise, mortgage rate rises cause foreclosures...
the market is self correcting, that is if you arnt letting in 500 000 chink millionaires into toronto and vancouver to FUCK the whole capitalistic system up
Nope. If we fall that hard, they'll openly enforce Sharia Law.
You're lucky you got Trump, and enough people still human enough to act.
Sauce, or you're bullshit.
unfortunately this might be the case
it gets worse though, see inflation is going to cause locals to foreclose on their properties, which will just be scooped up by foreigners
basically canada sold its 2 biggest cities to the chinese, just like it sold out what little culture it had and is now selling out its citizenships to foreigners as well.
my apologies for being so abrasive in the the first post, i am a fuckhead
usually when they do these numbers: it counts as local if it's citizens. those on visas are considered foreign.
i'm not sure about this specific report, however
globenewswire.com
either way, attacking foreign money will either have a direct effect (which I think is negligible) or an indirect effect that's persuasive. If Canadians (who are driving this market up) believe that it's all foreign money driving it up, and they see foreign money getting shut out, they'll hesitate to get into the market.
It doesn't make sense that the Chinese would be driving up real estate values here. They want a good deal. Why pour money into an already expensive market where the prices are so far gone from fundamentals when the rest of the world is available for real estate speculation? I know chinese are just termites but they're not retarded.
why would you launder money through real estate in a place where it's so expensive and transactions are so punitive? it makes no sense.
If it's anything like the 08 recession, it'll be a slow slide ***you are here*** until everyone panics and then shit crashes overnight. It's different though because Chinks are buying your houses, not Canadian citizens. They won't stop because the Chinese are basically buying up anything not in China because of talks a worldwide recession. Look at Bitcoin, it's not just meme traders. I'm not kidding when I say American annexation might be your best bet.
Hmmm, if this became a meme it could have some interesting effects.
>Article XI of the Articles of Confederation:
>“Canada acceding to this confederation, and adjoining in the measures of the United States, shall be admitted into, and entitled to all the advantages of this Union; but no other colony shall be admitted into the same, unless such admission be agreed to by nine States,” the document says.
At the time, Ontario and Quebec made up what was called Canada.
This country is fucked. I'm getting out to do my MBA in America or England soon.
There's nothing to keep me here
>That provision allowed the residents of Canada to petition the United States for immediate inclusion in the United States, assuming the Canadians had ended their relationship with the crown. It excluded other British colonies, which would need a vote from the Confederation Congress.
maybe the Chinese govt. cant repossess Canadian home... seems pretty safe (comparatively) and especially before the additional taxes were added to try and dissuade this type of investment...
Thanks mate
Literally emigration, which is basically annexation on the individual level. Make it happen Canada!
>NINJA(No Income No Job or Assets)
wtf I'm a ninja now.
u should've got a massive loan on a huge house and rented it out to students.
but you're a fin so you'd probably pay what you earned not to have to speak to those students... tough spot bro.
>why would you launder money through real estate in a place where it's so expensive
i dont think you understand what laundering money is if you think that high house prices create undesirable circumstances for it.
>transactions are so punitive
there are brokerages in markham that off 0.5% commission, some used to offer a $500 "flat fee" for the agent. also we have huge holes in our tax law that allow foreign buyers to avoid LOTS of taxes when purchasing our cities from us:
so no, its not expensive and the transaction costs are not punitive, they are extremely low which incentivises this type of cuckery.
Question guys,
Can we nail Trudeau to the wall for this at all?
>Be canadian
>many friends tell me they aren't voting
>cringe as a fucking retard is voted into office
No, this was baked into the cake by the Jew bankers a long time ago. You can nail him to the wall for going along with it and saying nothing, but you'd have to prove he's not just a complete idiot who has no idea what's going on.
trudeau, harper, martin and chretien are all to blame.
it started with chretien and no one did anything proper about it yet
not really, he came in late and hte problem has been stewing for about 10 years now.
you can however blame ontario dyke cunt in chief kathleen wynne as well as her decrepit scum liberal party.
they drove our economy into the toilet and now they are going to bankrupt us even further
>Can we nail Trudeau to the wall for this at all?
nail him to a cross
Let the annexation happen and we'll reopen all them old military bases for you. The Arctic is going to be very valuable in the near future.
>Let the annexation happen
stop teasing faggot
they're claiming that they've done a great job with the economy in ontario because jobs are up and unemployment is down
when you slice the numbers, it's all up in landscaping, construction, real estate services, real estate financing
they're patting themselves on the back for making tax revenue off a bubble and intensifying employment in that bubble
What's wrong user-kun, are you craving my economic incentives?
And in case anyone forgot: they have a carbon tax in canada as of this year.
That wooshing sound was every business that could flee, fleeing.
Don't think that the US isn't in for the same financial solution: kill off the old people and steal their pensions to balance the books, and precondition the youth to hate them enough to see this as necessary and justified for their own success.
Don't forget: upwards of 90% of the people on the planet are meant to die as part of the end goal.
I still have hope that the next generation will see that mudslims and the liberal party are cancer.
Who knows maybe they will even vote, and on top of that hold our faggot politicians accountable.
>mfw it seems like i WILL be able to buy a house in my lifetime
bring on the crash!
Faaaaaaake
Briiiiiiiit
How's the weather in DC treating you?
Hopefully. The left wing is starting to hate him.
Either way he isn't Canadian. He'll move out of the country when his term is up
>Don't forget: upwards of 90% of the people on the planet are meant to die as part of the end goal.
il believe this when ((((they)))) stop giving billions of dollars in food aid to africa, stop giving them free HIV drugs, they even now have a vaccine for malaria.
do you have any idea what a malaria vaccine is going to do for the population of africa?
bye bye europe
>upwards of 90% of the people on the planet are meant to die as part of the end goal.
The way I understood it, and same in Australia, is a wealth Chinese guy can take all his bribe money into Canada /Australia and park his money there in a house, earn a return on it as 'property never losses value in the long run', and like you said have it safe from the government of his homeland, where he doesn't want it since it's a shot hole. It's not laundering money in the typical sense since he's not trying to get it back cleaned as fast as possible, it's more like storage. But since we only learn about a small fraction of the dodgy shit that goes on we are just guessing at their motives.
The next generation is going to vote for the biggest gibs party once this Fiat-Currency fueled debt bonanza ends. There is no hope for the future.
Nah, you're pretty much on the money. China is in for some real shit, I wouldn't be surprised if they intend to move into these houses they're buying. At least Asians don't bring violence with them when they immigrate.
Numbers generated from all factions are suspect but the bulk of the bubble is domestic fed by cheap low interest money and amplified by some foreign money laundering. Old game is old, when rates rise the defaults and foreclosures commence. Only questions are how big a correction and for how long will it hurt.
Better not eat our fucking dogs
Refer to:
Yeah this is basically it.
That's why the Chinese angle makes some skeptical of the "bubble".
In other cases, unrelated to real estate, Chinese are buying Canadian businesses with a borderline loss just to park their money here. They're basically paying us to keep their money safe.
Throw that in combination with out banking system (which many in the world don't realize).... Canada is essentially what people imagine Switzerland as
I guess I'll start getting ready for the future then lol
Well i wouldnt have expected him to be directly responsible.
But anyway, his cabinets inaction over the situation will be good for the meme war to reclaim Canada.
I wanna nail him to a big beautiful wall you see.
Its not enough for the left to hate him. We need to make sure the ones that get parliment seats belong to parties that arent fucking retarded.
It's a pretty discombobulated effort overall. I think what we're seeing at present are powers that be grappling for control over the future, and quite willing to resort to just outright taking pensions or using the African population as a destabilization force, slave labor, whatever else.
Historically, these kinds of plans are generally consistent but don't play out as intended. I think the right way to look at it as an opportunity in a time of chaos for the little guy to get himself in a better position vs. the expected future.
Be a true capitalist and start breeding the dog breeds they love to eat.
That would be a wise move. A very wise move.
No Canada terminated the investor class immigration route in 2014
>muh immigration is for economic reasons
why not 500,000?
they've been saying there are too many people for this world since there have been people
I had a mate stabbed by an Asian gang in Adelaide, he was an aboriginal though so he just swore at them until they ran off.
I'm gunna start burying 44 gallon drums of essentials, oil, water, KFC. All that good stuff that will be scarce after the apocalypse
Nah, don't stockpile KFC. You'll attract niggers.
He's in poland.
Some of TREB’s key findings from an analysis of the data were as follows:
>The number of buyers with a mailing address outside of Canada is well-below one percent, regardless of the year. Most of these buyers have a mailing address in the United States.
>Between 2008 and April 2017, the average share of foreign buyers in the GGH was 2.3 per cent. The share was 2.2 per cent in 2016 and 2.6 per cent for the January through April period in 2017. The majority of foreign buyers - 87 to 90+ per cent - purchased their home as a place to live: 91.5 per cent in 2016 and 88 per cent January through April in 2017.
>Between 2008 and April 2017, homes bought and sold within a short period of time - within one year of the original transaction - by domestic or foreign buyers accounted for a very small share (less than five percent in 2016 and approximately seven percent between January and April 2017) of total transactions.
>TREB analyzed the ratio of property owners that owned more than one property in the GGH to the total number of properties. As of April 2017, this was a relatively small 6.2 per cent of total properties.
One of the prime characteristics of a bubble is people denying that it's a bubble because "it's different this time". This is actually a defining characteristic of an asset bubble in academia.
>I still have hope that the next generation
I'm pretty sure they're child molesting themselves up a whole new class of Lib voters as we speak.