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Subject
calling U canucks-Canada's economic collapse begins Friday
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[quote:Anonymous Coward 15002367:MV8yMDA2NTgzXzMzNzE3NDQ2X0RDOTkxRjU2] [quote:Anonymous Coward 22717690:MV8yMDA2NTgzXzMzNzE1MTQ1X0U5NTI0NDhD] [b]While the sales are down significantly, the prices are not going down?[/b] I wonder if the same thing happened in the States prior to the crash. I don't get it. Sales are drastically down too. You'd think prices would come down. I mean, come on, who is crazy enough to pay almost a million dollars for a simple home in Toronto or Vancouver? [/quote] foreign investors as usual. bc hydro has a list of ghost properties that never spin a smart meter and just sit there empty all year and collect dust. This included condos, residential and commercial locations. The chinese buy them up like hotcakes before they are even built and sell them to even dumber chinese at a ridonkulous price. There are TONS of these types of properties in Vancouver. Many of their owners are in HK and never even step foot into them. [/quote]
Original Message
friday will most likely be the release of Toronto's september real estate data. ( downtown core condo and new housing will most probably be -unhappy and unwelcome news)
It will likely be bad news and the same as Vancouver's data and the downward spiral begins...why is this important???
Because a combined Vancouver and Toronto real estate market downturn will spell doom and possible bancruptcy for the Canadian government.
The majority of real estate value in Canada is present in these 2 markets and the federal government covers all mortgages for all of the loans to the banks with blanket insurance that is essentially derivative in nature and is not "real insurance"...default payments come straight out of federal taxes ( no real cash- just backed by the feds)
that's quite a sum for them to cover despite the gold and oil market ( the rest of our investor "value" )...it freaked me out to find out that we now we supply 30% of the oil to the US now but that won't save us...
[
link to oilprice.com
]
so guess what...we aren't any different than the rest of the world and are likely about to start our swirl down the toilet bowl...once the foreign investors find out we aren't a stable place to put their money..they'll go elsewhere because other countries are actually starting to recover or paying much higher interest on their sovereign debt bonds- that's when the SHTF and they'll ditch us like a plague
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