Canadian economy

Can someone explain to me, as if I were financially illiterate, what is happening to our economy?

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bad things.

Interesting

Housing market is going to crash. We're fucked bud.

Not trying to be argumentative, but people have been saying that for years, and yet, fucking nothing

It's happening. Look into Home Capital it's our New Century moment

Oh yeah?

Largest subprime lender is bankrupt.

How is that a bad thing?
Like what does that mean for a regular citizen?

Depends where in the country you are and what your job is. A lot of people are in huge amounts of consumer debt with massive mortgages on houses that won't be worth what they paid. We're going to look a lot like USA after 2008.

Was the 2008 recession really that bad?
I'm not joking when I said explain this like I was mentally disabled

People with huge debts and no disposable income can't spend money so the whole economy slows down. People have to sell shit to keep up on payments etc.

You sound young is all. Yes it was really bad. Canada didn't experience much of it but the end result 10 years later was Trump being elected because people got screwed over so badly.

yeah and so well london's housing market right?

Imagine millions of people paying far too much for piece of shit houses which they couldn't afford, payed for with borrowed money they couldn't pay back. When it unravels everything gets fucked.

>houses won't be worth what they paid for

yeah maybe in ontario and elsewhere but in vancouver.

It is literally a tiny fraction of our market and went broke because people stopped using them for deposits, had nothing to do with their mortgages going bad.

So long as Chinks keep pouring money into our market the prices will go up. If China does well, they spend here, if China is getting bad, even more so. We're fucked. We are gnat on a bulls ass compared to them. I miss being owned by the US.

Probably a bit but not as bad as Toronto and the GTA.

Harper tried to turn us into a petrostate. Without a state owned oil company mind you. Then oil went to $45 a barrel. Now we're fucked.

It's a tiny fraction but it's "the canary in the coal mine" of what's going to happen.

in the us people bought houses in the middle of nowhere for 300k and the banks gave loans to anyone. if you think vancouver and toronto = fly over states you are delusional. the rest of canada's housing market is very healthy.

our problem is low unemployment for skilled workers and high public debt not housing but keep telling yourself vancouver or toronto will be cheaper to live in.

literal pipe dream.

Was good while it lasted. Far better than Trudeau's gender equality cabinet and all that bullshit.

Nah it's overpriced everywhere except the shittiest places.

you're canadian, you don't need to know about ecomony.

>our problem is low unemployment for skilled workers

wat

Houses in Manitoba, Sask and Alberta go for $600,000. Isn't that flyover country?

>source: my ass

vancouver is not over priced. its actually priced right compared to other major cities in the world.

same with toronto.

montreal is cheap, alberta is cheap. whats the big problem?

livingin-canada.com/house-prices-canada.html

>manitoba, sask, albert
>600k

uh okay

this was the latest report btw.

Are you a Vancouver homeowner?

But it's not. People aren't putting their money in savings accounts anymore because savings accounts are stupid and always have been. A place for dumb goys to have their money lent out with no profit. People don't do that anymore, that stupid bank relied on it.

yes but i live in montreal

i have a home in downtown and i rent it out seasonally.

Those prices include condos and apartments.

"It's different here"

also note this is in cad.

vancouver house prices will then be only ~700k usd which is a drop in the bucket when you compare it to Sydney, Australia or London or Hong Kong.

Vancouver is a major city and this is the consequence of living in a major city. Same with toronto.

Albertan here

you're fucking retarded

and? condos too good for the average canadian?

What are the young going to do when nobody can afford a home? As in right now.

Low interest rates cause this to happen but people have all there money in one big non-liquid asset.

No but it skews the price if you're talking about a house

again
source: my ass

see

Is it shitty that I want all of the rich boomers to loose eveything? I find the idea of a financial collapse interesting, in the same way watching a storm destroy things is interesting. I hate all of the pathetic smug, cucks in this country and I want to see them loose everything. I don't care if I have to live in some shitty apartment somewhere, i just want to see it all burn

Vancouver has no real industries (besides Chinese money laundering), and it isn't a world financial centre like London or Hong Kong.

LOL you're so fucking retarded. Vancouver is not in the same league as London or Hong Kong. Not even close. And yes Australia also has a housing bubble.

greaterfool.ca reader detected

Boomers will be fine it's gen x and millennials or those who bought more recently who will be fucked.

Wew and to think my parents bought their house and 1000 square meter lot for about 200K Finnish Marks or so back in -93.
How big land area/lot/yard you usually got with that average price.

it means (((someone))) made a bet, they failed, now someone has to pay for it, and that someone is going to be you, because if you don't pay, the world will implode (it wont)

look up TARP

Nictonite Space Traveller

>vancouver
>not same league as london or hong kong

yeah okay keep telling yourself that

>vancouver is not over priced. its actually priced right compared to other major cities in the world.

except vancouver isn't a major city
what's the biggest company headquartered in vancouver?
how old is vancouver?
what's the population of vancouver?
the two closest cities to vancouver are in a different country and have little ties to it

HAHAHAHA

>What is tech industry
>what is UBC
>what is multicultural society

How is it livable if you have to pay $1200 for a windowless basement suite?

>what is multicultural society
>what is trash

Yeah and people in tech are leaving cos they can't even afford to live here.

dailyhive.com/vancouver/microsoft-vancouver-office-photos

mcec.microsoft.ca/

People have always had all their money in one big non liquid asset. That's normal.

They're just not being good goys and letting their money sit in retard savings accounts and are are logically putting their money under management and getting some of that jew gold.

You bought all the propaganda. Go traveling and see how insignificant Vancouver really is.

How is it retarded when interest rates are high? Or you have it invested?

The city is being priced out industry. It doesn't have the draw of SF yet is approaching the prices.

Chink money is killing the city and prices will not collapse. It's a perfect storm of shit. It'll be nothing but chink expats doing chink shit.

lmao

okay there dude.

700k usd isn't expensive compared to other major cities.

if u dont like vancouver then dont live there.
if u cant live in vancouver dont live there.

if you vancouver is beneath you because hurr chinks hurr its not a major city then okay. except there are literally hundreds of people that drive Maserati and rolls royces there just to go to save on foods or whole foods. If you've been on campus at ubc you'll see just how rich people are there. im not claiming that vancouver is a financial center but u dont have to be a financial center to be a major city.

High interest rates are only good for kike money lenders. Low interest rates are good for people who actually want to do something with their money. Shitty thing is even high interest rates wouldn't cool down the housing market because so much is based on foreign speculation with cash. It would just fuck normal people out of ANY chance at affording a home.

governments solution to the crash would just be to increase immigration

right now we're better off with things plateauing a bit

list doesn't have any Alpha tier cities like NYC or London

it literally isnt approaching those prices u idiot. its in CAD. vancouver houses are ~700k usd. SF houses is average like 1.1 million USD

UBC is nothing but wall to wall chinks. It was disgusting, I swore I came off the plane into Shanghai.

Mahoneys 10 years ago was awesome full of young white people. Chinks. Nothing but.

The city is dead. John A MacDonald was right.

It's being supplemented with third world shitskins. It makes no actual sense, but somehow keeps thing looking good in paper so it doesn't all collapse just yet.

isn't low unemployment good?
fucking leafs

Insecure much? It's a house of cards.

Yeah it's only 65% of the way there for a city that was 1/10th of SF industry. Really got me there retard.

low employment typo.

No, it's worse. Nothing is going to collapse, only degrade into a pit of Chinese fuelled shit.

Housing bubble recently burst

Trump fucking with our lumber has doubled the price of lumber. Cost to build houses is too high. In Ontario our shit lord premier has tried to control things but j
Its out of hand.

I sold my place recently but I. Going into bidding wars to buy and even to rent. We dont have enough affordable places to own or rent.

2 years tops till were really feeling the strain. Within 10 years expect the market to crash and burn.

We can thank Harper for bouncing back better than America. Ttudeau wont deliver the same results.

>i've literlaly never heard of depreciating housing prices

If they're so rich why do they drive to fucking save on foods?

Why would increasing immigration help?
Also, why would anyone move to a poor country in an economic depression

Harper also helped cause a bit of the current situation but still much better than Trudeau

Now look up global city power rankings

en.wikipedia.org/wiki/Globalization_and_World_Cities_Research_Network

>save on foods is too good for me
this is some premium autism right here.

facts:
vancouver avg houses: 700k usd
average houses for any big city in the world: ~900-1.1m usd

wow what a big surprise that people want to buy houses in canada.

fucking retarded desu

High intrest rates will speed up the collapse

Save money up becausr you can buy cheap when it collapses

By Harper you mean Paul Martin, the Liberal who kept our banks regulated

muh power

okay go live in zurich. its not powerful so it must be dirt cheap right? or vienna or hamburg or munich

I have, I fail to see your point.

Vancouver is overpriced for what it is. It is based on chink money not organic local demand. That is a fact. If all the chink money was out Vancouver house prices would be half what they are now, in line with similar cities like Portland.

because they'll bring in more foreign money to cities to prop up housing prices
asians want to move to canadian cities, vanderhoof and truro are white, vancouver and toronto aren't

because they're rich in their country and want to have actual laws that protect their money

Just a joke ya fuck

my best guess is that investors don't believe your government is willing to put it's own interests first, and thus deciding your country is pathetic and not worth having confidence in.

Paul Martin fucked us but not as hard as Wynn

Appropriate that a city full of beta males would be beta-tier.

It'll lead to the complete and utter buyout by foreigners.

Why can't we just ban foreigners from owning property, then get the government to liquidate the properties, once the current owners die?

Immigrants come here
Work our jobs and send the money back to the shit hole they came from

They are why crime rises

They overwhelm hospitals and their stupidity increases our insurance rates

Fuck immigrants

This is the correct course of action. Foreigners should not be allowed to own land here.

Canadians as a whole have taken on more debt than they can possibly ever service, to the tune of 165% of their incomes. Much of that debt is in mortgages on homes that are overvalued by as much as 500% in some cities. The second largest chunk of that debt is spent on cars, consumer goods, etc and is largely leveraged against said overvalued homes.

The thing that's going to cause the economic death spiral is that with the exception of Alberta, Canadians cannot walk away from mortgage debt. In many states, and Alberta, you can simply give up the title of the home, and the bank has to eat the loss; in Canada you are stuck with that debt for the rest of your life. There are millions of young people with $500,000+ mortgages on apartments worth maybe $200,000 if they're lucky.

Literally untrue.

If it is based on chink money then why do people want to live in Vancouver? You are acting as if vancouver is just a honey pot with zero intrinsic value.

It has jobs
best climate
one of the best universities in canada
low population

and high demand from the fact that its not geographically as large as toronto or other cities. vancouver is limited in space.

Canadians just cant compete with foreign investors but that doesn't mean there isnt local demand u fruit.

only retards would rather live in like regina than vancouver because muh chinks

You know
considering this shit happened not even a fucking decade ago
WHY THE FUCK ARE THESE PEOPLE STILL ALLOWED TO BE INVOLVED IN THE ECONOMY!?
like, christ people.

You can't just do that to people.

This guy knows.

Its because people here are bleeding hearts and vote liberal to appear progressive

Says what ?

See