The Great Reset = The Great Collapse

[West]

So now RBC is predicting a historic housing correction. 

https://financialpost.com/executive/executive-summary/posthaste-canadas-housing-market-headed-for-historic-correction-says-rbc

Trudeau et al need to be jailed

[Aristides]

1 hour ago, West said:

So now RBC is predicting a historic housing correction. 

https://financialpost.com/executive/executive-summary/posthaste-canadas-housing-market-headed-for-historic-correction-says-rbc

Trudeau et al need to be jailed

How di Trudeau drive up home prices? BC has been nuts for over 15 years.

[Army Guy]

4 minutes ago, Aristides said:

How di Trudeau drive up home prices? BC has been nuts for over 15 years.

So what did drive up home prices across the country? And if not caused by Justin could he have prevented any of it. 

[Aristides]

5 minutes ago, Army Guy said:

So what did drive up home prices across the country? And if not caused by Justin could he have prevented any of it. 

Lack of supply and low interest rates. Building permits take forever and cost a bunch in Vancouver. Lots of reasons going back long before Trudeau.

What do you think he should have done to prevent it?

Edited July 25, 2022 by Aristides

[Army Guy]

1 hour ago, Aristides said:

Lack of supply and low interest rates. Building permits take forever and cost a bunch in Vancouver. Lots of reasons going back long before Trudeau.

What do you think he should have done to prevent it?

You could add a few more items to that list, like washing money in the real-estate sector, and major companies taking advantage of the quick dollars to be made. lumber companies have taken advantage of a fake lack of supply and gouging consumers.

Could the governments fed and provincial done anything, I think so they had already passed a few bills to limit the impact of housing and rental property prices.  And while I'm no expert I'm sure they could have gone much farther, like a major crackdown on criminals washing money for a start. 

[Aristides]

Money laundering in BC was more the fault of the provincial government with poor oversight of its own lottery corporation which governs casinos. They basically ignored the duffle bags full of bills that were being laundered through its casinos.  I guess the feds could ban foreign ownership of residential property but the provincial government is also raking in money from the property transfer tax and speculation and vacancy tax.

[West]

2 hours ago, Aristides said:

Lack of supply and low interest rates. Building permits take forever and cost a bunch in Vancouver. Lots of reasons going back long before Trudeau.

What do you think he should have done to prevent it?

What about not allowing our housing to be used for foreign money laundering? 

Created a very volatile situation

[herbie]

Your discussing housing crisis with people who think Trudeau personally decides what you can have for breakfast? Don't waste your time pointing out facts.

They all seem to have slept through Social Studies 10 and have no idea how Parliamentary democracy works or what a PM can and can't and does do. So long as they can post some meaningless Trudeau hate comment on the Internet you can think of it like Stephen Harper did, let his lunatic fringe blow off steam with unconstitutional daily Crime Bills while he got on with running the government.

[herbie]

A great reset might be a good thing.

Somebody should shut the Earth's power switch to OFF. count to 10 and flip it ON again. It works for most other things.

[Zeitgeist]

10 hours ago, herbie said:

A great reset might be a good thing.

Somebody should shut the Earth's power switch to OFF. count to 10 and flip it ON again. It works for most other things.

It will be the airhead radical loafer left that take the brunt of a scarcity crisis economy.  They’re the ones least able to take care of themselves without the handouts that will no longer exist.  If we get a universal basic income in exchange for slavery, their activism will be their demise.  Society will only tolerate them under prosperous conditions.  

[ExFlyer]

23 hours ago, West said:

So now RBC is predicting a historic housing correction. 

https://financialpost.com/executive/executive-summary/posthaste-canadas-housing-market-headed-for-historic-correction-says-rbc

Trudeau et al need to be jailed

Well, I lived and had a house during the decline 40 years ago.

In Edmonton when people that bought houses for $130,000 and the market went down to $75,000 for those houses.. People just walked away.

On top of that interest rates were as high as 18%.

But, everyone survived and moved forward.  As they will now.

So, what went around, comes around.

Change the dates of this article to todays dates and you will see the situation has happened before.

https://archive.macleans.ca/article/1988/8/15/fighting-back-in-calgary

[cougar]

22 hours ago, Army Guy said:

So what did drive up home prices across the country? And if not caused by Justin could he have prevented any of it. 

Two things:  immigration and allowing people to own more than 2 properties / units.

 

[cougar]

12 minutes ago, ExFlyer said:

In Edmonton when people that bought houses for $130,000 and the market went down to $75,000 for those houses.. People just walked away.

And lost $55,000? 

If you have a mortgage and owe money to the bank how do you walk away?

I imagine if they had paid only 5-10% down, it may be indeed more beneficial to lose this money and pay the penalty, than lose more along the way.  But if they had put 50% down they would be screwed.

[sharkman]

I believe when they had to renew their mortgage at 18%, they couldn’t afford the payments and defaulted (many lost their job as well) or declared bankruptcy.

[herbie]

1 hour ago, cougar said:

If you have a mortgage and owe money to the bank how do you walk away?

Leave the keys on the bankers desk and drive away out of town. That's what a couple friends did when Mackenzie collapsed in the 1980s. 3 kids and everything you could fit into or strap onto a Ford Escort and off to Vancouver.

Those 18% mortgages were a bitch. Both of us had full time union jobs and didn't have two nickels left to rub together. No furniture - people had to bring their own chairs to our first house warming party. Futon on the bedroom floor, Sally Ann kitchen table.... no one will do that these days. They want it all, right now.

[ExFlyer]

1 hour ago, cougar said:

And lost $55,000? 

If you have a mortgage and owe money to the bank how do you walk away?

I imagine if they had paid only 5-10% down, it may be indeed more beneficial to lose this money and pay the penalty, than lose more along the way.  But if they had put 50% down they would be screwed.

An interesting  thing happened.Just walk away and get foreclosed.

At the time, there was no down payments legislated or required. Banks just gave you the money. The developers  wanted to sell homes so bad they offered no down payment and 5 appliances to you for you to buy.

When it got real bad, there were People that would come up to you and say, we will buy your house for a $1. Then you would pay the new owner rent. The people that bought the house stopped making payments. The bank began foreclosure action and it would take up to 18 months and then they would let the banks take the house.

https://archive.macleans.ca/article/1983/9/12/when-homes-sell-for-1

 

Edited July 26, 2022 by ExFlyer

[ExFlyer]

46 minutes ago, sharkman said:

I believe when they had to renew their mortgage at 18%, they couldn’t afford the payments and defaulted (many lost their job as well) or declared bankruptcy.

No, walked away and let banks foreclose.

[ExFlyer]

49 minutes ago, herbie said:

Leave the keys on the bankers desk and drive away out of town. That's what a couple friends did when Mackenzie collapsed in the 1980s. 3 kids and everything you could fit into or strap onto a Ford Escort and off to Vancouver.

Those 18% mortgages were a bitch. Both of us had full time union jobs and didn't have two nickels left to rub together. No furniture - people had to bring their own chairs to our first house warming party. Futon on the bedroom floor, Sally Ann kitchen table.... no one will do that these days. They want it all, right now.

From 1978 when inflation was 8% to 1983 when it was 12% then slowly came down, it was difficult.

We only had single income.

Pretty slim living for a few years but we did it.

That is why I may be cynical about housing costs and inflation making things difficult for people. We did it and so can the folks now, if the have to or want to.

Edited July 26, 2022 by ExFlyer

[Army Guy]

5 hours ago, cougar said:

Two things:  immigration and allowing people to own more than 2 properties / units.

 

I'm sure immigration has a role to play, but I think it is much larger than all of that. the restricting of owning private property goes against the western dream and how our economy works.  If you can afford it why not have more than one of anything.

 

[cougar]

44 minutes ago, Army Guy said:

If you can afford it why not have more than one of anything.

 

Because you don't need it for yourself and are only using it as a tool to oppress others and deny them their retirement security.

Our messed up government is at the bottom of it again.    

I still cannot swallow the fact they keep my RRSPs locked, generating zero interest income for me and depreciating in value with inflation, while I am paying interest to the same bank for my mortgage.   A fucked up system working against us, not for us.

[ExFlyer]

17 minutes ago, cougar said:

Because you don't need it for yourself and are only using it as a tool to oppress others and deny them their retirement security.

Our messed up government is at the bottom of it again.    

I still cannot swallow the fact they keep my RRSPs locked, generating zero interest income for me and depreciating in value with inflation, while I am paying interest to the same bank for my mortgage.   A fucked up system working against us, not for us.

Hmmm, seems to me your RRSP's are in the wrong place:)

Mine have done OK.

[Zeitgeist]

21 minutes ago, cougar said:

Because you don't need it for yourself and are only using it as a tool to oppress others and deny them their retirement security.

Our messed up government is at the bottom of it again.    

I still cannot swallow the fact they keep my RRSPs locked, generating zero interest income for me and depreciating in value with inflation, while I am paying interest to the same bank for my mortgage.   A fucked up system working against us, not for us.

You spew communism but you could never live as a communist.  You’re a wealthy elitist.   

[cougar]

8 minutes ago, ExFlyer said:

Hmmm, seems to me your RRSP's are in the wrong place:)

Mine have done OK.

I pulled them out of mutual funds when COVID hit.    Didn't want to lose it all; now they depreciate at a rate of 10-20% a year.

[cougar]

13 minutes ago, Zeitgeist said:

You spew communism but you could never live as a communist.  You’re a wealthy elitist.   

You don't issue classifications and go to extremes because this is when the biggest mistakes happen.   Communism is not all bad just as capitalism is not all good.

You see what works best and then , if you like you can call it with another name - the next "**ism"

Edited July 26, 2022 by cougar

[Zeitgeist]

29 minutes ago, cougar said:

You don't issue classifications and go to extremes because this is when the biggest mistakes happen.   Communism is not all bad just as capitalism is not all good.

You see what works best and then , if you like you can call it with another name - the next "**ism"

Clueless