calling U canucks-Canada's economic collapse begins Friday

Yeah; I miss he view of lake Ontario as I drove down the Gardner. I also miss the hump somewhere around the seahorse motel that sent you flying. I feel sorry for my kids.

The only thing that can fuck us up is if oil dropped to 70$. A bad housing report won't reflect much, maybe the prices drop slightly but the demand is still there. Toronto condos are in trouble, but how on earth does that lead to an economic crash of an entire country.


The biggest threat we face is the possibility of a 2015 government run by Justin Trudeau. Now that's scary.



Nothing to see here people, move along.

The US real estate sector was booming since 1991-2005

2003 to 2005 was a blow off top of the longest real estate boom in history.

All that happened was that the uS ran out of people to sign on the dotted line to sustain continued inflation of the USA and world.

Yes, I agree. There won't be a collapse. If I'm wrong, which I won't be, you can come back and say you told me so.

Just how much of a correction is the question.

No one is really from Toronto or Vancouver any ways.. every one just kind'a ended up there, bubble bursts they'll all sober up and go home.

We should have learned from the crash of '08 and bit the bullet back then.. instead we allowed them to figure-fuck us & shovel 25 billion under the table into CMHC coffers.

60-70% of those make work condo projects & contractors never made it past phase two.. a few fancy drawings & a couple of cum-shots on the floor of a convention center announcing "Canada's Action Plan."

Our economy did better when Harper did nothing.. proroguing parliament was one of his better ideas.

The crash will not be this Friday. The bubble has already started to burst all across Canada when the government decreased the max mortgage years to 25. All of Canada saw a drop after this occurred. Here us why it will burst here.

1. Canada is an export nation - take away our exports and we are nothing more than a second or third world country. Exports are decreasing as world economy slows down.

2. 1 out of 3 jobs are related to US exports alone. As the US worsens we will get worse.

3. Massive personal debt rates. We have the highest personal debt rate in all of the world.

4. Job loss: aground 37,000 jobs were lost in July 2012 and around 35,000 in August. I haven't heard septembers report yet.

5. Most young people have around a 400k to 500k mortgage. One interstate rises it will be the perfect storm.

So doom off for Friday, but we are already in the down fall. It could take months or many years to bottom out, but bottom out it will.

I heard if things get really bad, the government will change the max mortgage years back to 30.

Also, interest rates will not be going up significantly any time soon. People are trying to lower their debt before rates go up. They have been low since 2008 and will remain low fow the next few years. That gives people time to pay off as much debt as they can. I can't see the rates going up anytime soon.

i told my parents that they are in for a shock that Quebec has a debt way over 250 billions! They said i was just beleiving lies from the internet! HAHA, You can run from truth but Reality will kick your ass even harder if you decide to run! (then they say, if we knew!)
il be there and Say. Hey RETARDED ADULTS! I told you, but you didn't give a shit! You would rather trust Certifed and prooven liars instead of listening to your own Son, So you get what you deserve. Both of you.

TROLOL! You honestly believe that when the real estate market is so outrageous, to the point where a 1,000 sq ft town house is worth near a million dollars, and there is NO BUBBLE? Hah! Good luck with that one my friend.

Well, take this test and see for yourself!
[link to www.crackshackormansion.com]

The system was bound to fail, so bring it on. Canada was one of the country's hardest hit by the recession and the dust bowl, weather.

But life was still good in the Canadian wilderness. There were higrade veins of gold ore to stake and mine into. You had squatters rights to build on your claim. Timber for fuel and building material was right there to cut. Fresh water, fish in the lakes, partridge, caribou, deer, rabbits, and beaver in the woods.

Nothing much has changed. We shall see a few gold rushes in the next few years. I've been out of the prospecting game for about 15 years (working for the God-damned oil companies instead) but I've always known that when the depression hits, this is still one of the richest countries in the world,... if you don't weaken.

sorry for the typo, I meant the Depression not recession.
the North was booming then.

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.

You don't understand how it works here. There is a real estate bubble. The Feds raised down payment requirements and made it harder to insure mortgages over $1 million.

When the bubble bursts here, and it will burst, Holders of Canadian mortgages will get their money automatically, because unlike the USA, all insured mortgages in Canada are guaranteed government bailouts in advance.

Banks and mortgage providers in Canada have been incentivized to provide mortgage loans to anyone because they are guaranteed payment on default.

Too many Canadians think that our banks did not receive bailout money back in 2008-2009. They did and received billions. Our banking system is not as good as the banks and governments tell you.

I'm in New Brunswick and the giverment here is considering a new tax on baby boomers for health care. You want to see a population segment, the ones with the most disposable income, go west...just do it Alward, you dumb stupid fuck!

Hahah, I want some of your kool-aid. You think in the event of mass failures the Government will simply catch everyone? LOL. Ya right.

where did I say that dumb fuck?

Collapse? No. Carry on.

When the US sneezes...Canada catches the cold...but this time around it is the whole world sneezing

Every country is printing invisible money around the world...don't fool yourselves Canada is doing this also..print print print

Flaherty is the QUEEN OF DENIAL...he spouts hot air just like the rest of them and Carney syands behind him lying and cheating Canadainas all the way to their bunkers...

I will agree with the OP that Canada is also is big pile of dodo...but the housing market is not the only thing that will bring Canada to its knee,s along with all the other countries in the world

We pay way to much in taxs in Canada, we also pay the highest banking fee,s in the world(average 30 dollars a month for one account)...Our food prices like the rest of the world are climbing higher(sticker shock and the amazing shrinking packages)..quality of food has hit an all time low(anything produced in Canada)

Our governments want to shift the focus OFF of themselves and will use any lame brain excuse..for example the beef industry in Alberta this week...along with the BEEF ecoli scare you have the pig farmers filing for bankruptcy..

Why be obvious about how you want to crash and burn along with the rest of Rome(the world) when you can be liars,additive gamblems and theives without anyone noticing...just raise taxs,shrink more products, price food for only the rice and then raise interest rates on homes and credit card bills...

havent seen u post in a looong time sami!

I am hoping housing prices tank and interest rates skyrocket.
Strange eh?
Well not really, because I took one look at the housing market and said... "I think I'll rent."
Now I have money, and no debt, but the highest interest rate I can get on a savings account in 1.8%... basically nothing. Where is that rate offered you may wonder???
Canadian Tire.... God almighty.
Waiting, tick tock tick tock.
500k 30 year loans for tinderbox townhouses built of straw.
All my friends are idiots.
Taiwan is nice.

Don't be so sure of that. We may not of had the subprime market as they did in the US but even that was under 20% of the overall mortgage defaults. What we did have was 40 year mortgages and minimal down payments as well as more exposure to foreign ownership. When the Chinese stop buying real estate in places like Toronto things will begin to crash and all those condos under construction will quickly come to a hault.

Remember Harper takes his orders from the same guy as Obama. Unfortunately it's not a question of if but when and it's going to get really bad everywhere so don't think Canada is going to be able to avoid it's housing bubble.

I hope you're right, I own VXX on the TSE and its just not performing, waiting for a split lol

The vast mineral,oil,precious metal and uranium deposits in northern canada are being sold to the chinese. Tha is why the central provinces (Saskatchewan, Manitoba and Alberta) are, economically speaking, basking in the sun right now.
Eastern Canada has entered a recession a couple of years ago as companies owned by the US are finding it no longer profitable to operate there due to the downturn of the USD.
At one point in time with the CAD at .75 of the USD, America was treating Canada from an economic viewpoint in the same manner as they exploited Mexico.
Fortunately since the CAD is higher and will continue to gain strength against the greenback, that lucrative situation is no longer available.
The East will be financially dependent upon the central provinces to maintain their fiscal profile and BC, though still having a rich resource base is geographically compromised by Alaska.
Whatever events are forthcoming in the RealEstate Market will be simply a reflection of the woes of eastern Canada but by no means a downturn to the overall economy as long as the Chinese are buying and Canada is willing to compete with Australian resource prices.

All about resources folks, it will be interesting to see however a point in time when Canada actually has to buy back fresh water from the chinese as that will be sold too.

Ummm...tasty beaver.

Cant this global economy collapse faster ??

I am just tired of waiting knowing there is only one result possible - collapse.

I would rather face it now than wait that long.