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Great Canadian real estate crash of 2013

 
AxE
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User ID: 1392246
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01/11/2013 08:59 AM
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Great Canadian real estate crash of 2013
Source: [link to www2.macleans.ca]

The housing bubble has burst, and few will emerge unscathed
Canucks thought they were safe... Think again, here we go.
Anonymous Coward
User ID: 31736128
Canada
01/11/2013 09:04 AM
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Re: Great Canadian real estate crash of 2013
Timber!
It's gonna get real ugly here soon.
AxE (OP)

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01/11/2013 09:06 AM
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Re: Great Canadian real estate crash of 2013
Booya, and for all the tards that laughed as the American people suffered when they got hit...

Well, it'S our turn!
Cocorito90

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01/11/2013 09:08 AM
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Re: Great Canadian real estate crash of 2013
could this be the spark?
Anonymous Coward
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01/11/2013 09:08 AM
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Re: Great Canadian real estate crash of 2013
She's gonna fall faster than a turd from a tall cows ass
Anonymous Coward
User ID: 628775
Canada
01/11/2013 09:14 AM
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Re: Great Canadian real estate crash of 2013
In Van and TO maybe.

Currently it is forecast that were I live, we will escape the rath of the crash.
We have always been a steady as she goes place, no super highs or lows.
All will be okay.

Whoohoo.
Anonymous Coward
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Canada
01/11/2013 09:17 AM
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Re: Great Canadian real estate crash of 2013
Source: [link to www2.macleans.ca]

The housing bubble has burst, and few will emerge unscathed
Canucks thought they were safe... Think again, here we go.
 Quoting: AxE


I'm quite safe... paid off all my debts a few years ago and have been stocking money away for when this happened. When the dust clears, I should have quite a bit of real-estate.
Apocalypse Troll
Trollicus Apocalyptus

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01/11/2013 09:17 AM

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Re: Great Canadian real estate crash of 2013
Welcome to the party...
attxflag
"Honor the Texas flag; I pledge allegiance to thee, Texas, one state under God, one and indivisible."

[link to www.statutes.legis.state.tx.us]
Anonymous Coward
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01/11/2013 09:19 AM
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Re: Great Canadian real estate crash of 2013
Shouldn't take long. Canada has the population of Cleveland.
chumpisme

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01/11/2013 09:21 AM
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Re: Great Canadian real estate crash of 2013
Read article you post....
Sherry Cooper, the soon-to-be-retired chief economist at Bank of Montreal, likened the Canadian housing market to a balloon—not a bubble—that will deflate slowly and naturally in the absence of a “pin.”
AxE (OP)

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01/11/2013 09:28 AM
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Re: Great Canadian real estate crash of 2013
Read article you post....
Sherry Cooper, the soon-to-be-retired chief economist at Bank of Montreal, likened the Canadian housing market to a balloon—not a bubble—that will deflate slowly and naturally in the absence of a “pin.”
 Quoting: chumpisme


Derp! Balloon, bubble... Pick the term you want. Won't change a thing.
Anonymous Coward
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01/11/2013 09:33 AM
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Re: Great Canadian real estate crash of 2013
Vancouver has been ridiculous for a long time now. Toronto too, but at least I can kind of understand why Toronto's prices were so high, it's the biggest city in Canada, population, big economy, etc., Vancouver being so expensive seems to be due solely to foreign speculator investors. It's a pretty place, but Vancouver doesn't have an economy and size to justify it's high cost.
Anonymous Coward
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01/11/2013 09:35 AM
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Re: Great Canadian real estate crash of 2013
Kewl man..kewl!
Anonymous Coward
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01/11/2013 09:41 AM
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Re: Great Canadian real estate crash of 2013
Vancouver has been ridiculous for a long time now. Toronto too, but at least I can kind of understand why Toronto's prices were so high, it's the biggest city in Canada, population, big economy, etc., Vancouver being so expensive seems to be due solely to foreign speculator investors. It's a pretty place, but Vancouver doesn't have an economy and size to justify it's high cost.
 Quoting: Anonymous Coward 26512571


Asians. period.
Vic-chick13

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01/11/2013 09:44 AM

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Re: Great Canadian real estate crash of 2013
Read article you post....
Sherry Cooper, the soon-to-be-retired chief economist at Bank of Montreal, likened the Canadian housing market to a balloon—not a bubble—that will deflate slowly and naturally in the absence of a “pin.”
 Quoting: chumpisme


“the key pillar of strength is our booming resource sector,”
Aren't the natives threatening to go ballistic over just this?
Sounds like a 'pin' to me.
Blitz the storm-striker

User ID: 28683948
Canada
01/11/2013 09:48 AM
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Re: Great Canadian real estate crash of 2013
Booya, and for all the tards that laughed as the American people suffered when they got hit...

Well, it'S our turn!
 Quoting: AxE


here is a post i copied a month ago here on glp.

"
anada - The "Unseen Crisis" will trigger collapse...

The Schedule of the "UNSEEN" Crisis.

4 September 2012 - Separatist PQ win the PQ election and form a Government (Now Near Certainty).

Talk abounds of new referendum about staying in Canada.
Massive capital flight occurs form Quebec.

6th September 2012 - Quebec stocks fall causing growing concern over Quebec companies including property companies.

Massive flight to sell Quebec real estate begins.

Banks seize up loaning to buyers in grossly over-inflated real estate across Canada.

Massive "offers" made by overleveraged property companies to shift unfilled over-priced condos drives prices down super-fast.

Condo-occupiers take the hint and dump their condos are on the market adding to melt down

First big collapses take place amongst property redevelopers in Quebec begins to spread across Canada.

"The party's over" spirit begins to spread across Canada.

Stock Indexes begins to fall sharply in Toronto.

Problems begin to spread across Canada as all real estate financing grinds to a halt in fear.

Hyper-fast collapse in grossly overleveraged Canadian real estate market

Bad figures come out for big Canadian companies.

People talk about housing crisis and end of the recovery.

anic from Canada and slumping INdexes in the "one stable country" begins to spread to US markets

Stock indexes slumps turn into panic.

Obama spouts off stuff about "more stimulus"

Disaster on US Bond Market

Dollar collapse.

TOTAL MARKET MELTDOWN.
"

the dates are off but still the rest seem accurate.

Pauline Marois is indead going for spliting qc from canada.
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Madame X

User ID: 628775
Canada
01/11/2013 09:50 AM
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Re: Great Canadian real estate crash of 2013
My homes value is expected to rise this year, bucking the trend.

If things level out across the country then maybe I could afford to live in my home province of BC instead of freezing my ass off in Manitoba.
"The wise man's home is the universe." ~ Democrites

Catch the blue train...somewhere down that crazy river.
spencer

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01/11/2013 09:58 AM

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Re: Great Canadian real estate crash of 2013
Great news!!! it's impossible to find an affordable home in Toronto for first time buyers especially with the new mortgage rules imposed. I mean a bungalow here is close to half a million and a 2 bedroom condo is close to a million but no significant increase in salary as prices began to rise up. Serves these greedy fuckers right, gonna be alot of cranes sitting un-opertated in my city and big vacant condo buildings :D.
Canuck
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01/11/2013 09:59 AM
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Re: Great Canadian real estate crash of 2013
In Van and TO maybe.

Currently it is forecast that were I live, we will escape the rath of the crash.
We have always been a steady as she goes place, no super highs or lows.
All will be okay.

Whoohoo.
 Quoting: Anonymous Coward 628775


Nice try. This will his every part of Canada to a varying degree. I assume you are from Alberta as I am. It's not as "different here" as you think. In 2007 people in Vegas said "its different here, we're Vegas baby!" Same thing in Florida, Arizona, California... Even oil rich texas was hit. We may not see a 40% drop like Vancouver but prepare for at least 20%.

Also, Sherry Cooper is an idiot. Don't trust economists who work for mortgage lenders or realtor associations. They are essentially sales people.
Canuck
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Canada
01/11/2013 10:05 AM
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Re: Great Canadian real estate crash of 2013
Also... Anyone wanting to learn what's REALLY going on with Canadian real estate, read Garth Turners daily blog:

www.greaterfool.ca

dynamite
chumpisme

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01/11/2013 10:09 AM
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Re: Great Canadian real estate crash of 2013
Even with the market slowing, many experts believe Canada is unlikely to experience a “U.S.-style” housing crash. The riskiest mortgages are guaranteed by taxpayers through the CMHC, thereby insulating the financial sector from the sort of meltdown endured by Wall Street in 2008.
Anonymous Coward
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United States
01/11/2013 10:20 AM
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Re: Great Canadian real estate crash of 2013
frozen land.Its winter 8 month of the year there.Yikes!
Madame X

User ID: 628775
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01/11/2013 10:20 AM
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Re: Great Canadian real estate crash of 2013
Even with the market slowing, many experts believe Canada is unlikely to experience a “U.S.-style” housing crash. The riskiest mortgages are guaranteed by taxpayers through the CMHC, thereby insulating the financial sector from the sort of meltdown endured by Wall Street in 2008.
 Quoting: chumpisme


^This^

The removal of the 30yr mortgage has curtailed many 1st time buyers that really should not be buying anyway.

The RE/MAX Housing Market Outlook 2013
[link to www.remax-western.ca]

I'm lucky to live in a market that very seldom experiences radical jumps or dives in housing prices. The housing stock is very low, which keeps the market moving as well. None of the realtors I work with are concerned at all, they are still as busy as ever.

We have nothing to complain about.
Mortgage rates are super low, jobs are still available and winter is more than half over.

I survived the early '80s when mortgage rates soared to 20%, this bump will barely make a blip on our radar.

Last Edited by Madame X on 01/11/2013 10:24 AM
"The wise man's home is the universe." ~ Democrites

Catch the blue train...somewhere down that crazy river.
Madame X

User ID: 628775
Canada
01/11/2013 10:23 AM
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Re: Great Canadian real estate crash of 2013
frozen land.Its winter 8 month of the year there.Yikes!
 Quoting: Anonymous Coward 31962863


Hey it's only 6 months of the years that we are frozen like popsicles.

tounge

Snowmagedon is happening today. This weekend there will be very few houses sold in the city. Probably very little of anything if the blizzard shows as predicted.
"The wise man's home is the universe." ~ Democrites

Catch the blue train...somewhere down that crazy river.
ArcanoExAngelos

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01/11/2013 10:30 AM
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Re: Great Canadian real estate crash of 2013
Source: [link to www2.macleans.ca]

The housing bubble has burst, and few will emerge unscathed
Canucks thought they were safe... Think again, here we go.
 Quoting: AxE


I suggested a pin but I have to say this is karma for Canadians laughing at what happened to us here with our housing bubble. As if your banks are any less corrupt than ours. Foolish one!
Anonymous Coward
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01/11/2013 10:32 AM
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Re: Great Canadian real estate crash of 2013
don't worry there are most likely a few million well off habibs who can see the writing on the wall and will snap up an escape too home as things unravel
ArcanoExAngelos

User ID: 21559870
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01/11/2013 10:34 AM
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Re: Great Canadian real estate crash of 2013
Great news!!! it's impossible to find an affordable home in Toronto for first time buyers especially with the new mortgage rules imposed. I mean a bungalow here is close to half a million and a 2 bedroom condo is close to a million but no significant increase in salary as prices began to rise up. Serves these greedy fuckers right, gonna be alot of cranes sitting un-opertated in my city and big vacant condo buildings :D.
 Quoting: spencer


These prices sound familiar. We saw this in Florida in 2005 then boom! Within 3 years of buying my property in 2005, my property value plummeted 80%.
Anonymous Coward
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01/11/2013 10:41 AM
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Re: Great Canadian real estate crash of 2013
I can only wish that this will happen.. I've been out of the buying market for the last 15 Years, due to the exponential increases, and as the prices rise, they get further from being attainable... Crossing my fingers.
Madame X

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01/11/2013 10:51 AM
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Re: Great Canadian real estate crash of 2013
Source: [link to www2.macleans.ca]

The housing bubble has burst, and few will emerge unscathed
Canucks thought they were safe... Think again, here we go.
 Quoting: AxE


I suggested a pin but I have to say this is karma for Canadians laughing at what happened to us here with our housing bubble. As if your banks are any less corrupt than ours. Foolish one!
 Quoting: ArcanoExAngelos


Um, yea they are less corrupt.

Many of us have mortgages with our credit unions and between them and the banks, our banking and mortgage rules are much more stringent than yours.

We learned after the last time and tightened up the regulations on mortgages.
The housing market will take a slight beating but won't come anywhere close to what happened to you guys.

No one was laughing at you by the way, but it did make us wonder who writes the regulations for the banks that subprime mortgages could even exist.
"The wise man's home is the universe." ~ Democrites

Catch the blue train...somewhere down that crazy river.
.9999 Silver

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01/11/2013 11:16 AM
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Re: Great Canadian real estate crash of 2013
Can't wait for the pain of 0 down 40 year mortgages to hit...

Canadians deserve a crash...

Vancouver is going to get slaughtered...

Well deserved...

Silver
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Anonymous Coward
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01/11/2013 11:23 AM
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Re: Great Canadian real estate crash of 2013
The adjustment is needed. People are spending waaaay too much for housing. Vancouvers dumping billions of dollars into the infrastructure and the rest of British Columbia is paying for it. The spending spree started when they were awarded the winter olympics. What a joke.

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