2 PERCENT

1/50TH

5 percent of our GDP is in home renovations. New kitchens are at at nato-contribution tier levels of GDP.

I had no idea it was this bad.

Other urls found in this thread:

bnn.ca/toronto-housing-chill-extends-into-mid-july-with-sales-sinking-39-3-1.810388
cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997
archive.is/kibwc
vanityfair.com/news/2016/12/maple-syrup-heist
twitter.com/AnonBabble

Oh it's way worse

how could things possibly be worse?

We fuck your soft, flacid timber exports again because Trump is sick of fagboy trying to one-up him at every turn.

> increase fees
> GDP soars
> profit!

2 PERCENT.

Agriculture, forestry, fishing and hunting combined only made up 1.6 percent of Canada’s GDP

C A N A D A 1 5 0
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>entire economy based on housing market

kek. it's never going to crash either because billions of chinks are going to continue buying up everything with their fake money until china has conquered the country. this is only allowed to happen because jews have used fiat money and fractional reserve banking to create an illusionary global economy.

>it's never going to crash

...

A 'crash' down to $550,000 per home is literally nothing. More like overheated market blowing off steam.

The situation is so dire that condo marketing companies can use branding like this, sell out to foreign investors, and millennials WILL choose to live in them.

...

>literally nothing.

I'm not sure I trust your sense of what constitutes a 'nothing', especially when this nothing was until recently, a 'will never happen'

...

Calm your faggot ass down. It's still at over $700,000 per home.

Are you going to stare me down with those slanty eyes and tell me with a straight face that some cuckshed surrounded by faggots is worth a million dollars?

Yeah but they choose to live there because there are no other options if you need to live in the city

Marketers are fucking golden right now, any idiot can just put together a proposal and it'll be bought because nobody fucking cares, the units are 70% sold before the foundations are poured

>there are no other options if you need to live in the city

Truth.

But the shills are pushing this line now:
>You have now right to live anywhere white man
>So what if you were born here

Furz Sturz

How long before Canada bans winnie the pooh to please their chinese masters?

bnn.ca/toronto-housing-chill-extends-into-mid-july-with-sales-sinking-39-3-1.810388

Toronto average prices:
>March $916K
>April $920K
>May $863K (-6.2% m/m)
>June $794K (8% m/m),
>July 1-14 $760K (-4.3%, extrapolated ~9.7% m/m)
>July

Wow, back to last year's drastically overpriced levels.

>Quick Rundown

CMHC = Fannie/Freddie Mac

Canadian housing has nearly tripled in 10 years.
A single detached house has gone from about $200K CAD to over $800K CAD.

CMHC has $20B in assets and $946B in liabilities
>50:1 leverage

Banks have lent out a trillion dollars in mortgages for hyperinflated crackshacks while removing any risk of default for them by offloading them to the CMHC (mortgage insurer). At one point, the CMHC allowed 40 year mortgages (in 2008 60% of all new mortgages were 40 year terms), with 0% down (cashback mortgages were a thing with 7-10% cashback), and no maximum loan value. In 2008, over 90% of mortgages were insured by the CMHC (read:

>the entire Canadian housing market is subprime

CDIC = FDIC

Insures up to $100K.

CDIC has $3.4B in assets
CDIC has $679B in liabilities
>200:1 leverage

Both CMHC and CDIC are backstopped by the government.

A 20+% correction would wipe out the CMHC and at least one major Canadian bank as they have uninsured mortgages (already happening with Home Capital, the Canadian CountryWide). A bank being wiped out would wipe out the CDIC.

The CDIC and CMHC being wiped out would require the Canadian government to issue hundreds of billions of loonies in new debt, sending the loonie to sub-50 cents, possibly to 20-30 cents or even hyperinflating.

>The Rakening is upon us

>What's happening now?
The CMHC has been reigned in to a max loan value of $1M, max amortizations of 25 years (from a high of 40), 5% downpayment on the first $500K, 10% on the next $500K (7.5% on $1M).

People have been using "alternative lenders" who loan $2-3M on self-declared income or with fake documents. Now these lenders are blowing up and not making new mortgages, hence prices have stagnated or dropped (as in Van, already down 15% this year).

Once a massive across the board drop occurs, lots of people who are leveraged to the tits with negative/0/5% downpayment 30/35/40 year mortgages will be underwater (they will owe more than they can sell their house for).

>Canadian mortgages are all Adjustable Rate Mortgages (ARMs) that reset every 5 years

When renewal comes up, which is soon for a lot of 2010-2012 mortgages on 40 year terms with negative/0/5% downpayments, they will be forced to come up with hundreds of thousands of cash to bring their mortgage Loan-to-Value back down to 80-95%. 99% of people won't be able to come up with the money, so the bank will write off the mortgage with the CMHC mortgage insurer, who will pay the bank the loan back then take possession of the house and do a fire sale, and then go after the homecuck for the balance which will be hundreds of thousands for life. Bankruptcy can't discharge CMHC debt since it is Crown debt.

In fact, banks can call in mortgages at any time for any reason (lol). So if they see prices dropping, they will pre-emptively call in mortgages and write them off to stay afloat. Once this occurs, it's a race to the bottom as banks are forced to call in more and more mortgages to stay afloat (in order to maintain their Tier 1 capital ratios with marked market values of the houses on their books)

>A significant price drop will put millions of homecucks underwater
>Banks call in mortgages
>Homecucks can't come up with margin
>CMHC bails out banks and dumps toxic houses on market collapsing prices

>Canada's financial system and banks didn't crash in 2008

That's where you're wrong kiddo.

>cbc.ca/news/business/banks-got-114b-from-governments-during-recession-1.1145997

>Banks got $114B from governments during recession

>Support for banks 'more substantial than Canadians were led to believe': CCPA report

One of the most well-known ways in which policymakers helped the banks during the crisis is through a $69-billion CMHC program whereby the housing agency took mortgages off the balance sheets of big Canadian banks. In contrast with other support facilities, all of the funds granted by the CMHC were through selling assets (in this case mortgages) to the housing agency. They were not funds that had to be paid back.

The CMHC has provided the aggregate total of how much was given out, but has yet to release specifics on which banks sold how much to them, and when, the CCPA says.

When asked for comment in reaction to the CCPA report, the Canadian Bankers Association noted that the $69 billion that Canada's big banks sold into the CMHC program is in fact only 55 per cent of what was allocated for the program.

>To show the scale of the funding, the CCPA report contrasted the total value of the support Canadian banks took against the bank's total value at the time. Under that comparison, CIBC received $21 billion in support — almost 1.5 times the value of the company at the time. BMO maxed out at $17 billion or 118 per cent, Scotiabank peaked at $25 billion or 100 per cent of its value, while TD and RBC maxed out at $26 billion and $25 billion — good enough for 69 and 63 per cent, respectively, of the total value of those companies at the time.

we have no job market for people 14-21, most careers revolve around working as a clerk for the government in some capacity, people ignore the trades and end up with tens of thousands in student loan debts, the housing bubble will burst any time now, and that's what we're going to remember as the "good times" in the coming decades. we are beyond fucked.

Archived it
archive.is/kibwc

While I agree with a lot of what you're saying, the idea that properties will be dumped onto the market en masse doesn't logically follow as both the banks and the economy lose bigly. The most likely outcome is that people will stay in their homes and stay deeply in debt, whatever foreclosures there are get slowly sold or held off the market, and taxpayers pick up the bill.

It's just copypasta

Numbers and figures don't count as copypasta.

I'm aware, but it raises valid points. I'm just saying the conclusions don't logically follow.

>Bankruptcy can't discharge CMHC debt since it is Crown debt.
So in Leafland a mortgage with any bank is effectively an agreement with the government that you cannot discharge under any circumstances?

>I'm just saying the conclusions don't logically follow.

Logically speaking Sears is supposed to still be in business, according to their accounting. But Reality caught up with their creative accounting. Canada is a nation of creative accounting and the chickens will soon be home to roost.

>huge historically aberrational price increases are normal
>huge historically aberrational price decreases are no big deal

Mmmm, Kool Aid

If your mortgage is CMHC insured, i.e.

>The government will do everything within its power to transfer any losses to the taxpayers.

you got that right buddy

I'm not saying any of it is normal. We live in a time when interest rates are the lowest in 5000 years of recorded history. Clay tablets from Mesopotamia suggest they charged ~5%. What a time to be alive!

So how will this affect American markets? I don't give a shit about maple brown gravy guzzling fucking leafs.

Jesus Christ. Terrifying.

This is going to create a giant tide of permanently enslaved people that can never pay back their """debts""". This is a mechanism for turning the poor back into serfs, with the bankers being made into the new noblemen.

>I don't give a shit about maple brown gravy guzzling fucking leafs.

That's Trudeau's unofficial motto.

Agreed - the real cause of Canada's situation is:

1. the existence and policies of the CMHC
2. nearly a full decade of emergency interest rates that people believe are normal and good because it makes their assessments go up
3. laundered Chinese money and corrupt Canadian politicians who feed at the Chinese teat to look the other way

#2 is slowly (oh so fucking slowly) ending, which might have a knock-on effect on #1 (but law of mediocrity says it won't be the End Of Days). #3 ain't going anywhere. I'd love to hear the wails of a million Chinks but somehow I think Vancouver is probably fucked for a good many years to come. I'd love to be wrong.

Moar debt! Moar!

Same as it ever was. The golden age of the mid-20th century will go down as an anomaly in the long-term history of serfdom that is humanity.

the first step to make turdo a drama teacher again is a balanced budget
>i do not fear the Sheer

I'm sorry your leader is the king of all cucks. Find yourself a canuck Trump.

They will just take out another IMF loan and carry on until 2022-2025
:^)

IMF was recently scoping out the ports, not joking.

Quebec has to leave or they'll lose their shit to the loan too.

>>i do not fear the Sheer

Women prefer Big Andy over Trudeau.

>IMF was recently scoping out the ports

They'd better watch their asses in Vancouver. The PLA isn't fond of people fucking with their assets.

Brainlet here. How can the IMF provide """loans""" to anyone? Where does this magic money come from?

It's fractional reserve currency; we ain't gotta explain shit.

This.

that's an interesting pic
i wonder if one exists for the Canada Dollar?

I imagine it's comparable, albeit with exchange rates factored in. We're all in a race to the bottom.

It would be far too longwinded to give you a proper rundown of IMF wizardry, but it's essentially a constantback and forth flow. What matters is not who holds it, but that it flows. The thing here is thatthey csn request non-monetary conditions on their loans like economic reforms and governmental restructuring (via economic reforms)

Think of it as a big autist balancing spreadsheets and moving numbers from one column to another. That is how the IMF works.

I buy $2 million house next week. Ok thanks.

Straight up NWO tier shit.

>-2,2k/day for average income families

Canada btfo

Google searches for "file bankruptcy" in Canada have PEAKED this year. We are on the precipice of an economic crisis. DAY OF RAKE SOON.

>comparable
you're probably right
seeing your pic makes me miss our old money

Appreciate your effort, thanks.

DotRake soon.

Really makes your almonds alkalized, eh?

holy fuck

That's a pretty mild retracement desu. The crash starts when it starts breaking below the 2016 peaks.

There are people who will never admit a crash has ocurred or is occurring. They wil take refuge in semantic arguments.

they're usually the same crowd caught up in the mania preceding the 'not crashing pls no' situation

>Gold reserves

If you don't want to look like a dumb hick stop complaining about gold reserves. Literally means nothing in today's economy.

>Agriculture, forestry, fishing and hunting
>quick peak and quick decline
>mild

Uhhh yeah, okay. People literally said the same thing during the crash of 07. There's no such thing as a soft landing following a decline like this.

how much gold did that guy steal from Canada using only his anus?

Have you ever looked an a price chart in your life?

One simple rule is "previous resistance becomes support"

See where housing prices peaked in 2016? Look at where price fell to after hitting a peak... Right on top of that resistance level. As of now we are still fine, we could bounce off of this and continue up or the real crash could begin.

Your posts stink of perception management bro. You sound just like the Home Capital stooges we had here months ago.

Hey that's exactly the same as our economic policy!

>Accumulate credit card debt
>Pay it off with another credit card
Brainlets can't even hack the economy lmao

DAY OF THE RAKE

Paying off a high interest loan with a low interest loan is not bad but actually beneficial. I don't know if this is the case in Canada or Brazil though.

>Paying off a high interest loan with a low interest loan is not bad but actually beneficial.

We're dealing with morons, the average indebted leaf is not doing things the smart way except in exceptional cases.

ill i have to do is wait for my parents to die lol

Are you going to loan money at a lower interest rate to someone who can't pay off their debt?

I've heard of the real estate bubble in Canada, but not about problems the regular Canadian has. Maybe it has something to do with a false sense of wealth people experience from increasing housing prices higher than inflation on their own house. How high is the interest rate for mortgages on average in Canada and how much of your own money do you have to bring to apply for one, also how many times your yearly income can you loan for a mortgage?

The ECB did.

They're going to make crown debts inheritable I got that feeling.

Either the bubble bursts of or Canada becomes part of China.

Probably cause a massive crash here too as investors get spooked. Sadly, Drumpf has decided to "own" the bubble right now, so when it pops he's going to take the full force of the blame

I agree but the government isn't making things any easier.

Did you know that people on public assistance and disability can use cash now or payday loan stores to get their money early? So essentially large parts of our taxes go right to these companies. Which is why they are fucking everywhere.

>Maybe it has something to do with a false sense of wealth people experience from increasing housing prices higher than inflation on their own house.
Maybe, but our property taxes go up the more the house is worth too. This is probably the other half of the reason the government doesn't care to do anything about this.

Good post

It's not about ultimate value of the home. It's what each home is mortgaged for. If you paid 1,000,000 but it's now worth 700,000 you now are upside down and have a negative asset.

Canada is going to be fucked because of the economy's outsize reliance on housing stock. Just like what happened here during the Great Recession.

>Did you know that people on public assistance and disability can use cash now or payday loan stores to get their money early? So essentially large parts of our taxes go right to these companies. Which is why they are fucking everywhere.

that's so fucked up

i think banks have to cash welfare cheques so any of you anons on welfare due to jobs being shipped to china/not being diverse enough for government employment, don't use those fucking loansharks to cash your cheque. Deny them a cut.

Yeah that's true, it's a money maker for the government in that way. But the government will definitely need to do something about it, the bubble will eventually burst hard and then there almost won't be any revenue for the government anymore. Just to keep that tax revenue I think they'll have an incentive to keep prices high. Either they saved up the money from what they earned as "extra" revenue from property taxes with housing prices being too high, or they're basically fucked and will either have huge deficit or will have huge austerity.

rural and suburban retards are too lazy to work thats why they only make 1.6% of canada's gdp

I worked in Property management for a time

half our rents were paid by ODSP. We upped the prices every chance we got because ODSP always paid and they give more to their clients based on the rental market.

Shit is hilarious. Though it is nice to know that government handouts go right back to private hands.

>cash now or payday loan stores
Judging by my time I spent in Canada, the entire country must be on welfare then. Those fucking things were on every corner.

vanityfair.com/news/2016/12/maple-syrup-heist
it was all according to the plan

Because when you don't have a job you can just hire yourself...
Fucking ancaptards.

If it crashes the chinks can buy even more unless for some reason they changed all their yuan into CAD.

>Because when you don't have a job you can just hire yourself...

Fuck that. Pretend to Hire a Chinese and get 20k for 3 months.

Pretend Hire ten and make 200k. Do it four times yearly and earn 800k.

Boom, you now can be a home owner!.

It should be that only banks can cash the welfare cheques but its not. Cheques are mailed on the 25 but not cashable till the end of the Month. So off the all go giving 50$-100$ each just to get their 500$ 5 days earlier.

The sad part is the government isn't gonna do shit about it since the company provides jobs. But the dumb and desperate poor will just keep getting poorer.

In 2006 we had 11% of our working population (25-64) on disability. I wonder what % it is now

>New kitchens are at at nato-contribution tier levels of GDP.
That's a fucking hilarious way of putting it. I'm gonna use that from now on.

Thanks m8.

Didn't even have my coffee when I thought of it. I was practically in a dream state.

I feel like 1/3 women i meet is talking about or on disability for asinine reasons. Social services has a white knight problem.

...

his socks tho