Oh, Canada...

tribune.ie/business/internat … s-fears-o/

Cautious Canada to the rescue:

google.com/hostednews/canadi … 4qBmAtAOng

Again, Canada proving that being conservative is the right way

theglobeandmail.com/report-o … le1407223/

I think the bubble is growing faster where I live now. Houses in my neighborhood stay on the market less than a week now.

cbc.ca/fp/story/2010/01/15/2447336.html

What on earth are those bank economists in Canada doing? Talking down the economy an’ all…

Further expalnations Banks in Canada are a bit stodgy

montrealgazette.com/business … story.html

Agghhhh!!

theglobeandmail.com/report-o … le1460610/

nytimes.com/2010/03/20/busin … f=business

In my remote town (take the remotest corner of Ireland and cube it) population has been static at around ten thousand for decades, we have no new major employers, our hinterland is ageing rapidly and ITS industry (fishing) has all but disappeared - and yet we too have a building boom. Ten years ago the most expensive house in town was 270,000; now that gets you an entry level new bungalow. The town councillors boast of our new ‘industry’ and pocket all the new municipal taxes and the handful of big builders make a killing. Nobody except me seems worried yet.

That sounds very familiar.

yourhome.ca/homes/moneyshopp … gage-rates

Big banks hike residential mortgage rates

Dollar parity keeps Canadian buyers in U.S. real estate → marketwatch.com/story/dollar … =afterbell

I know it gets real cold in Canada for much of the year, but, would cheap money fuelling bubbles have anything to do with this?

Housing boom shows no signs of slowing → yourhome.ca/homes/newsfeatur … of-slowing

Home prices in Vancouver hit million-dollar landmark → news.sympatico.ctv.ca/Home/Conte … &date=True

[*‘CrackShack or Mansion?’ * (https://www.crackshackormansion.com/) - So you think you know the Vancouver property market?

Excellent!

+1

Just wait until someone this side of the water thinks it’s a good idea to start ‘certifying’ crackshacks here, and those who can’t make a living out of certifying BER ratings feel the need to diversify. FAS will be offering courses and Gormley will be offering grants to owners and NAMA or some newly formed quango wil take them over to have them razed with the other shite.

I can see it all, and the long queue of NE FTBs lining up during night to be first on the list.

Superb that.

Just a few comments about Vancouver. I’ve been to the city first back in 1988 and later then many times during the early parts of the 2000’s.

This city is very abnormal in a few ways from the rest of Canada. The city is effectively the US mirror of Hong Kong. By this I mean that it is heavily populated by Chinese, and also Indian, persons. Furthermore, it is bounded by a mountain range that tends to squeeze the easily developable land to a few limited regions.

This is no way explains what is going on but does in some way outline where some of the money is coming from (the East!). I remeber being there in 2002 and just how few people who I met who were of European origin.

Canada, like Australia and Saudi Arabia is an economy based on the supply of certain commodities such as timber, oil, gas, and wheat, this does not make them immune from booms and busts, but it does provide a cushion in the event of one sector of the economy failing.

Canada’s Housing Bubble: It’s Not Different This Time → network.nationalpost.com/NP/blog … -work.aspx

I reckon once the China bubble pops, that the Canadian and Australian housing bubbles will follow in quick succession.

More accurately to be fair, the Vancouver & Toronto bubbles