The circus between the banks and Flaherty which I have been reading about is totally nauseating.
Here we have CEOs paid many millions a year saying...regulate us!
Like a obese glutton unable to control his appetite. Some on th blogosphere even have an excuse for the banks. They have to be easy or lose business. That is the same bs that chuck prince at Citi said before the US collapse. 'while the music plays we have to keep dancing'
BS !! - the result was huge tax-payer bail-outs. Not all banks did this. Not New York Bank of Mellon. This is the junkie's excuse. Would we excuse a barman from giving more and more drinks to a drunk until he died!
Of course not. Why can't the stupid banks self-regulate???
Then there is Flaherty who wants to shun responsibility too. It's not my market- he says!
Duh.... It is bozo. What about the CMHC.?
No CMHC, no bubble.
Nobody wants to take responsibility for what is going to happen, not the over-paid debt pushers, nor the windbag politician.
E are in a bind.
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2 days ago
Flaherty has conveniently forgotten that he increased the CMHC coverage by $250 billion with a B
ReplyDeleteAt even 300k a shot that is nearly one million transactions.
I had a Facebook conversation with a mortgage broker about this today. The broker couldn't comprehend how irrational it was for Flaherty to say what he said. And he was trying to tell ME how important the CMHC is to the housing market. God help us all!
ReplyDeleteIt's ironic how Canada looks like it is heading into the tank just as the U.S. appears to be rebounding.
ReplyDeleteThe game is over; it's finger pointing time.
hey fishy
ReplyDeleteCan you post Surrey numbers please
Still out of town.
ReplyDeleteWill do so on my return
thanks buddy
ReplyDeleteI am holding my breath hoping the Russian billionaires don't take a plane from London to Vancouver to goose SFHs and apartments over 2M into the stratosphere now that the UK government has shut down the roulette table in the London real estate market. I think I'll end up keeled over before any regulator in Canada cuts off foreign exploitation of Canada's lax laws and micro RE markets. It sucks to be living in one of them and to see the government do nothing month after month, budget after budget.
ReplyDeleteone governor of Jiangsu Agricultural Bnk of China has just landed here with a suitcase packed with >C$200M.
ReplyDeletehttp://tinyurl.com/7p6cd29
"No CMHC, no bubble."
ReplyDeleteWe have no guarantee of this. Certainly no easy money equals no bubble and the CMHC is the biggest tap. But there are many non-traditional lenders in Canada, and banks and credit unions are deep into loaning people "down payments", a concept that doesn't even make sense. I think we're betting more on the OSFI to enforce prudent lending standards. If it is a bubble then such a change will get the ball rolling. If we are all horribly mistaken, then tight lending standards will have minimal impact.
Flaherty´s attitude is so sad and shows how stupid this guy actually is. We are all witnesses of absolute lack of control of the government. No regulation, just the usual bullshitting and talking about market... Vancouver is the worst case by far, but even if you check the situation in Calgary and Toronto, the sales are not lowering at all. I can´t imagine who are those speculators still pouring money to this real estate market.
ReplyDelete