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12ax7
Joined: 07 Nov 2009
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 Posted: Tue Jan 29, 2013 5:20 pm Post subject: |
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| 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
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| Posted: Wed Jan 30, 2013 5:38 am Post subject: |
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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
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| Posted: Wed Jan 30, 2013 9:08 pm Post subject: |
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| 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
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| Posted: Thu Jan 31, 2013 12:22 am Post subject: |
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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: It's not a superiority complex when you really are superior
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| Posted: Sun Feb 03, 2013 6:14 pm Post subject: |
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| 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.
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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 shouldn’t be overly optimistic, especially outside Canada’s 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 don’t 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 that’s not likely to happen—in fact, she doesn’t 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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