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Why Canadians are Richer than Americans
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12ax7



Joined: 07 Nov 2009

PostPosted: Tue Jan 29, 2013 5:20 pm    Post subject: Reply with quote

rollo wrote:
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 .


A larger than usual number of Canadians are going to move south to the US where the economy has been moribund since 2008?
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Wed Jan 30, 2013 5:38 am    Post subject: Reply with quote

No all the things that are being said by the people who think immigration will save Canada's housing market ffrom crashing were the exact things said in the U.S. before the crash.

Actually the U.S. economy gas been growing since 2009 and will grow a little more than Canada's this year. Also consumer debt has dropped in the U.S. and increased in Canada. That is why everyone is so worried about Canadian banks.

Certain policies worked in Canada for a number of years. The rise of China boosted oil income and touched off this housing boom, the government kept interest rates low to encourage borrowing. it has worked for a number of years and there has been a boom but things have changed.
Those policies are now damaging the Candian economy. Immigration? Yes some big money rolled in at first but now that prices have risen that money goes south. the immigrants Canada gets now are those who are enticed by the social services available in Canada.
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12ax7



Joined: 07 Nov 2009

PostPosted: Wed Jan 30, 2013 9:08 pm    Post subject: Reply with quote

rollo wrote:
the immigrants Canada gets now are those who are enticed by the social services available in Canada.


One does not need to be a billionaire to be a productive member of society.

Besides, Canada doesn't allow just anyone to immigrate.

I think you need to look into the point system.

http://www.cic.gc.ca/english/immigrate/skilled/assess/index.asp
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Thu Jan 31, 2013 12:22 am    Post subject: Reply with quote

Thanks , that is good information. I knew a little about it but this really helps.

I still think Canada should be more careful about "selling" citizen ship but that has nothing to do with this thread.
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TheUrbanMyth



Joined: 28 Jan 2003
Location: China

PostPosted: Sun Feb 03, 2013 6:14 pm    Post subject: Reply with quote

Fox wrote:
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.




There may well be a bubble. I'm just saying it's not a consensus among those who would know...as opposed to the speculation on this thread.

From the link above.


Quote:
Sonya Gulati, a senior economist with Toronto-Dominion Bank, says we could see a slow 10% decline in house prices in Toronto, Vancouver and Montreal by the end of 2014. We think those cities are the ones most overvalued. As of September, year-over-year housing prices were already down 3.8% in the Greater Vancouver Area, according to Gulati. Toronto is now starting the same downward trajectory, she says, despite roughly an 8% increase in sales over the same period. Montreal is following the same pattern, too.

But first-time buyers shouldnt be overly optimistic, especially outside Canadas three largest cities. Sylvia Lewis-Havard and her husband are still renting, hoping the changing market might enable them to purchase a home in Ottawa. I dont expect a complete crash we can take advantage of, says Lewis-Havard, but she hopes to find something for 15% less than the current average of $354,000. Gulati says thats not likely to happenin fact, she doesnt expect real estate prices outside Toronto, Vancouver and Montreal to decline much at all. Her opinion is in line with a recent report by RBC Economics predicting both resale activity and home prices in Canada to be flat or slightly negative in 2013.


The economist cited here says we could expect a slow modest decline (in the 3 biggest cities) and not much at all outside them which is not akin to a bubble popping and the report from RBC Economics seems to back up this view.

Let's be clear here...I'm not saying there isn't a bubble, but providing another side to look at. I think it's quite possible Ms. Galati and RBC could be completely wrong.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Thu Oct 08, 2015 6:44 am    Post subject: RE: Why Canadians are Richer than Americans Reply with quote

With the Loonie now hitting the deck against USD, perhaps an update is needed to remind again how Canadians are richer than Americans.
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Plain Meaning



Joined: 18 Oct 2014

PostPosted: Sun Oct 18, 2015 10:37 pm    Post subject: Reply with quote

http://www.theatlantic.com/business/archive/2015/10/forget-denmark-emulate-canada/410947/

Quote:
I interviewed dozens of unemployed American and Canadian autoworkers on either side of the Detroit River—in Michigan and Ontario. They used to work in the same kinds of plants for the same kinds of companies, and they had similar incomes and levels of education. As much as I could, I also tried to find pairs of individuals from each country who resembled one another in terms of their personal histories and present difficulties. Of course, the comparisons weren’t perfect, but by interviewing all these people—71 workers in all—I got a good sense of how much specific policies in each country helped (or did not help) as these individuals slipped into months and even years of unemployment.

Take two of the unemployed workers I got to know—one from Highland Park, Michigan, and the other from Windsor, Ontario. (As is standard in sociology, my interviewees were promised confidentiality.) After they lost their jobs, their spouses left them, taking their children. They ended up moving in with other family members—the Canadian with his parents, and the American with his sister. “It takes a lot for me to actually ask somebody for help, because I feel embarrassed,” said the Canadian, who has two young daughters.

Being unemployed turns you into “a different man,” said the American, who also is a father of two. “When I was working, I may have walked around with my head way up in the air, and now it’s kind of like looking down. It brings you down to a sense of reality.”

As disheartening as their situations were, both of these men tried their best to do the right thing. They looked diligently for new jobs, lived frugally off their unemployment checks, and continued to pay off the mortgages on the homes their kids lived in.

Unfortunately, both wound up in the emergency room. The Canadian got in a car crash and was rushed to the hospital in an ambulance. The American developed an excruciating pain in his back and side and was forced to head to the ER. “I finally just had to go and see what it was,” he said. “They ran a bunch of tests and everything on me, ultrasound and all this other stuff, and couldn’t necessarily really pin it down. They just called it inflammation.”

The Canadian paid nothing for his care. But the American had lost his insurance when he lost his job. He hadn’t extended his plan afterward because he couldn’t afford it. He ended up with a $1,000 hospital bill.

A health-care system where the government foots the bills—the single-payer system that Sanders wants—helps ensure that a random health emergency does not spiral into something worse. The man from Michigan was already in debt and already struggling to pay the bills—“I’m taking care of two households … so it can get rough at times,” he pointed out—and now he was getting pushed deeper into poverty.

Without a stronger safety net, it also becomes harder to pick oneself up from a psychologically devastating predicament like long-term unemployment. One of the American workers I studied was severely depressed and dealing with suicidal thoughts. After bouncing around government agencies and not getting any help, he turned to the Salvation Army for charitable donations of antidepressants and other prescription medications. He went to a local church for group therapy. The problem was, the only sessions available were for Narcotics Anonymous. He didn’t have a drug problem, but he started attending anyways. “They’ll talk to anybody,” he said. “They’ll let anybody in.”

I met a Canadian worker with a very similar background: unemployed, separated from his wife, in the process of losing his home, deeply depressed and anxious about the future. At times this man would walk around with his head swimming in rage, frustrated with other people and with himself. In his case, though, he was able to see a psychiatrist. “That’s not something that we’re supposed to do in my family,” he said. His friends would probably have sniggered if he told them. But the treatment was free, and he knew he needed help.

It’s important not to overstate the generosity of the Canadian model . . .


What's the Canadian equivalent of Walter White? Its a man patiently undergoing his taxpayer-subsidized cancer treatment.
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