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Why Canadians are Richer than Americans
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Kuros



Joined: 27 Apr 2004

PostPosted: Sun Jan 27, 2013 5:17 pm    Post subject: Reply with quote

12ax7 wrote:
Kuros wrote:
Canadian Housing Prices are 175% of Rents

Its a housing bubble.



I wish...You'd be floored if I showed you a picture of my childhood home and then told you how little we got when we sold it last year (and it was more than we had asked for, too). The stonework on the outside walls was done by a master mason from Brittany. Strangers would knock at our door and ask if they could visit when it was first built. It's that nice. And it's not as if it's in the sticks either. It's in the suburbs, 5 minutes from largest hospital in the region.

Long story short, Canada is a big country. We don't all live in Vancouver or Toronto, you know.


I don't pretend to know too much about Canada, and I'm certainly not familiar with too many individual experiences. I don't know where you're from but its probable the housing bubble doesn't impact that particular region. I'm open to data which counters the link I posted. But I'm not sure how I'm supposed to interpret your individual anecdote.
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Underwaterbob



Joined: 08 Jan 2005
Location: In Cognito

PostPosted: Sun Jan 27, 2013 7:49 pm    Post subject: Reply with quote

I don't know if we're richer, but I'm still seeing currency exchange rates from the nineties when American money was actually worth more offered up just about everywhere. Just take a look at the back of a new release paperback. When is that going to change?
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12ax7



Joined: 07 Nov 2009

PostPosted: Sun Jan 27, 2013 11:17 pm    Post subject: Reply with quote

Underwaterbob wrote:
I don't know if we're richer, but I'm still seeing currency exchange rates from the nineties when American money was actually worth more offered up just about everywhere. Just take a look at the back of a new release paperback. When is that going to change?


They'll find some BS excuse not to change it.

PS. If the Canadian dollar really is like Monopoly money like so many Americans have claimed on this website over the years, what does that say about the American dollar now that it's worth less? Wink
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Mon Jan 28, 2013 2:00 am    Post subject: Reply with quote

What is it with this obsession that Canadians have with the U.S.??

China keeps their currency devalued which means that lowers the price of goods made in China. This is one of the main reasons for unemployment in the U.S. and Europe. so to counter this the U.S keeps the dollar low.

Remember it is all relative.

i am amazed that some one that lives overseas doe not understand currency.

The Canadian dollar being strong hurts Canadian manufacturing.
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12ax7



Joined: 07 Nov 2009

PostPosted: Mon Jan 28, 2013 3:03 am    Post subject: Reply with quote

rollo wrote:
What is it with this obsession that Canadians have with the U.S.??


You clearly lack a sense of irony.


And right...The US dollar has devalued by about 25% in the last few years because that's exactly what your government wants. Rolling Eyes

You don't get that a devalued US dollar makes all those imports from Canada and China a lot more expensive.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Mon Jan 28, 2013 6:35 am    Post subject: Reply with quote

Yes that is the point to make imports more expensive so people will buy domestically. Now you are getting it.

U.S manufactured goods are cheaper to buy so people buy more of them!!

This creates jobs.
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12ax7



Joined: 07 Nov 2009

PostPosted: Mon Jan 28, 2013 7:19 am    Post subject: Reply with quote

rollo wrote:
Yes that is the point to make imports more expensive so people will buy domestically. Now you are getting it.

U.S manufactured goods are cheaper to buy so people buy more of them!!

This creates jobs.


Oh, so that's why the US dollar took a dive. So that the cheap crap sold at Walmart can be made in the US. Laughing
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Mon Jan 28, 2013 8:15 am    Post subject: Reply with quote

Yeah sort of. it does not really change oil revenue for Canada since oil is priced in U.S. dollars. But the devaluatin of the dollar has helped revitalize the American economy ro some extent. It makes I-phone the top selling phone in China for instance.
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12ax7



Joined: 07 Nov 2009

PostPosted: Mon Jan 28, 2013 6:35 pm    Post subject: Reply with quote

rollo wrote:
Yeah sort of. it does not really change oil revenue for Canada since oil is priced in U.S. dollars. But the devaluatin of the dollar has helped revitalize the American economy ro some extent. It makes I-phone the top selling phone in China for instance.


Oil isn't the only natural resource that the US imports.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Tue Jan 29, 2013 12:32 am    Post subject: Reply with quote

Sure there are small amounts of others but not enough to really tip the scales. Oil is the big one. that is changing as the U.S. becomes an exporter of oil

Perhaps a better question might be why Canada allowed its dollar to gain so much in comparison to other currencies, this hurt the manufcturing base in Canada tremendously. Now it would make imported goods cheaper and I guess that is the payoff. But it would seem to hurt Canada's other mineral exports sales.

There was a headline in the National Post about a year ago" Strong Currency, proud currency" I could only think stupid writer, inane column".
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TheUrbanMyth



Joined: 28 Jan 2003
Location: It's not a superiority complex when you really are superior

PostPosted: Tue Jan 29, 2013 3:07 am    Post subject: Reply with quote

Kuros wrote:
12ax7 wrote:
Kuros wrote:
Canadian Housing Prices are 175% of Rents

Its a housing bubble.



I wish...You'd be floored if I showed you a picture of my childhood home and then told you how little we got when we sold it last year (and it was more than we had asked for, too). The stonework on the outside walls was done by a master mason from Brittany. Strangers would knock at our door and ask if they could visit when it was first built. It's that nice. And it's not as if it's in the sticks either. It's in the suburbs, 5 minutes from largest hospital in the region.

Long story short, Canada is a big country. We don't all live in Vancouver or Toronto, you know.


I don't pretend to know too much about Canada, and I'm certainly not familiar with too many individual experiences. I don't know where you're from but its probable the housing bubble doesn't impact that particular region. I'm open to data which counters the link I posted. But I'm not sure how I'm supposed to interpret your individual anecdote.



http://www.moneysense.ca/2013/01/02/no-bubble-no-trouble/

Quote:
Let’s be clear: despite what some in the media would have you believe, Canada’s housing market is not at the edge of a cliff, ready to plunge into free fall. “There are articles saying we’re going to have the same kind of crash we had in the United States, but that’s not going to happen,” says Jane Londerville, a real estate and housing adviser at the University of Guelph.

James McKellar, academic director of the Real Property Program at York University’s Schulich School of Business, is even more blunt. “First of all, there never was a housing bubble. So it hasn’t burst, because it never existed.”
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Tue Jan 29, 2013 6:17 am    Post subject: Reply with quote

Yes people who sell houses would say that.

Moody's lowered Canadian banks ratings this morning, mostly because of housing.

Canada does not have the same scenario as the U.s. the giving of sub prime mortages to those who had little chance of paying them off. So probably nothing as severe as happened in the U.S. But it will be rough for awhile.
Good news for savers they can get bargains.
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12ax7



Joined: 07 Nov 2009

PostPosted: Tue Jan 29, 2013 10:48 am    Post subject: Reply with quote

rollo wrote:
Yes people who sell houses would say that.

Moody's lowered Canadian banks ratings this morning, mostly because of housing.

Canada does not have the same scenario as the U.s. the giving of sub prime mortages to those who had little chance of paying them off. So probably nothing as severe as happened in the U.S. But it will be rough for awhile.
Good news for savers they can get bargains.


You need to understand that prices are high and will continue to be high in major urban centres as long as they attract most immigrants to Canada. Unlike in the US, the majority of immigrants to Canada have considerable assets. Given the low mortgage rates, for them overpaying for a home is nothing as they see it as a status symbol and a longterm investment. As long as Canada continues to attract people who are educated and have an enterpreneurial spirit, people who quickly join the ranks of the middle and upper-middle class, the bubble will continue to grow...if it is indeed a bubble.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Tue Jan 29, 2013 3:33 pm    Post subject: Reply with quote

You have to understand immigrants to "MIami" have to have considerable assets because housing prices are high"



Same thing was said in South florida right before the crash. The upper middle class and wealthyh of Venezuela were pouring into miami, the new wealthy of Brazil were buying up everything in sight and the party woulod never end. But guess what happened.

No i am sorry immigration of wealthy people is not going to save the Cnadian economy. sorry.
Just not enough of them. Canadian taxes and weather send many to the South.

But the 'Strong" currency is what has really done the damage. Just basically erased Ontarios manufacturing .
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Fox



Joined: 04 Mar 2009

PostPosted: Tue Jan 29, 2013 3:47 pm    Post subject: Reply with quote

TUM's "There's no bubble! Really! Trust us! Even if prices fall, it's just a short term adjustment! You don't understand the housing market!" article leaves me feeling there is a bubble.
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