• Moderators, please send me a PM if you are unable to access mod permissions. Thanks, Habsy.

Around The League - 2024-25 Regular Season

That talk is mostly scapegoating.

The historically low mortgage rate for 10 years is the fundamental driver behind the run up in housing prices. I would include a labour shortage in construction and supply chain issues for materials as other factors.
 
lecoqsportif said:
To stop foreign money inflows that are being blamed for the real estate cost explosions in Toronto and Vancouver.

A decade + of rock bottom mortgage rates is the real culprit. The number of foreign buyers is way too small and choppy to sustain such persistent increases.

Of course, they’ll declare victory when the increase in rates has its desired effect.
Click to expand...
The housing shit show /debt bomb was getting out of control

A decade of free money , dirty foreign money , creative financial engineered mortgages , corrupt realtors fucked this all up

This pain was inevitable as debt was piling up at an unsustainable rate

Hopefully the powers to be keep rates in the 4% range and a sizeable down payment needed

There was no skin it from the buyers , the scheme was catered to risk takers and speculators
 
Habsy said:
What's the "logic" behind that move? Seems extreme.
Click to expand...
It's aimed primarily at Chinese millionaires who buy up property and artificially inflate the market, pricing local buyers out. Realtors and developers hate it, so it is therefore the absolute right thing to do.
 
GGpX said:
Count & those who live in BC can talk about it much more than I can because it's a long lasting problem from British Columbia, but from what I've seen & read (which is very little, I grant you), there's a major problem with multi-millionaire foreigners who will buy up tons of land and/or residences without living in them or using the land for anything. The houses/land get bought up, which drives the prices up artificially for regular people who want to buy a house/land because there's too much demand for not much supply.

Then, many years later, those same foreigners who bought the houses/land will then put it on the market and sell it at a considerably higher price than they had bought it due to make large profits.

This was a problem that started in Vancouver over a decade ago and has since gone throughout the country. When I was working in Kelowna, I had heard about it from people who were in town. I had heard that in Quebec, there's a large amount of real estate being bought up by Chinese & Arab money.
Click to expand...
Both Vancouver and Toronto Instituted foreign buyers taxes so the foreign buyers just moved on to Montreal and started the same fuckery in that housing market.
 
lecoqsportif said:
That talk is mostly scapegoating.

The historically low mortgage rate for 10 years is the fundamental driver behind the run up in housing prices. I would include a labour shortage in construction and supply chain issues for materials as other factors.
Click to expand...
It was happening here too until they raised the rates above 7. That stabilized it and now they're slowly dropping it again.
 
GrandWazoo said:
That being said I went on a rabbit hole yesterday of looking at 1st overall picks successes and it's surprisingly not that great. Besides a outlying stretch from 2003 to 2008 where all 1st picks won the Cup (although Johnson was with Colorado), also the era of cap circumventing deals, the only others that won the Cup with the teams that drafted them are:

McKinnon
Lecavalier
Modano
Lemieux
Potvin
Lafleur
Houle
Click to expand...

Trade Slaf now.
 
Habsy said:
It was happening here too until they raised the rates above 7. That stabilized it and now they're slowly dropping it again.
Click to expand...

If we had a bomb, you guys had a nuke. It took 10 years for the US housing market to right itself after the 08-09 meltdown.
 
worm said:
Stopping foreign investment properties which drive up the price. Mostly a Vancouver and Toronto problem
Click to expand...

They are a big driver of the luxury market that is out of reach for most

I get that part where only the upper 1% with athletes and CEO types can afford

They are in their own cocoon world and only they can move that market

But they fucked up the general market , buying up entire streets for their families at stupid prices
 
GEEMAN said:
They are a big driver of the luxury market that is out of reach for most

I get that part where only the upper 1% with athletes and CEO types can afford

They are in their own cocoon world and only they can move that market

But they fucked up the general market , buying up entire streets for their families at stupid prices
Click to expand...
My late uncle, a high-falootin' VP for one of the major banks, had an $8 million house in West Vancouver. He put it on the market right after the foreign buyers tax was implemented. As soon as rich Chinese oligarchs and Arab oil sheiks were no longer in play, the house just sat there. At one point he was paying 2 mortgages. He eventually sold it for around $4 million, which is probably what the property was actually worth. If he had listed it 5 minutes before the tax was implemented he probably would have got $10 million, but the buyer would have been without question from overseas.
 
WeHaveMoreCupsThanYou said:
My late uncle, a high-falootin' VP for one of the major banks, had an $8 million house in West Vancouver. He put it on the market right after the foreign buyers tax was implemented. As soon as rich Chinese oligarchs and Arab oil sheiks were no longer in play, the house just sat there. At one point he was paying 2 mortgages. He eventually sold it for around $4 million, which is probably what the property was actually worth. If he had listed it 5 minutes before the tax was implemented he probably would have got $10 million, but the buyer would have been without question from overseas.
Click to expand...
Yup the market is fucked
 
You must log in or register to reply here.
Back
Top