Housing bubble denial in Canada keeps getting louder and louder, as prices become more and more absurd.
Terry from Canada writesHi Mish,
I am beginning to believe that Canada's housing bubble is making the US housing bubble look bush league in comparison. The worst part is Canadians are so delusional they still believe that "It is different here". 50,000 dollars can now buy you a pretty decent house in some parts of the US, do you want to see what $1,050,000 buys you in Vancouver? A house that is described as "livable".
The debate begins at 4 p.m. EST.
VANCOUVER — Federal Liberals get their first chance today to directly compare and contrast the nine candidates promising to lead their once-mighty party out of the political wilderness.
The markets moved higher yesterday because frankly Tuesday is the day for upside moves: thus far in 2013, we’ve had 13 straight Tuesday gains. This, combined with the very short-term oversold basis of several markets, mainly Gold and commodities, gave the “risk on” trade a bump. From a technical perspective, the S&P 500 is in danger of breaking several critical trendlines:
Economic and financial market bubbles are scary things. Last spring, we reviewed a list of asset classes that experts considered to be in bubbles. Did any burst? We asked some of our favorite economists and analysts for their assessments of the world of bubbles. Most agreed that the fear bubble in Europe finally burst.
At the end of Wednesday night’s Maple Leafs game, the general manager of the Air Canada Centre was chasing a Boston Bruins fan.
Thousands of supporters converged on Maple Leaf Square on Wednesday to watch Toronto lose 4-1 to the Bruins on a 30- by 50-ft. screen projected onto the facade of the ACC.
Mayor Rob Ford gave the soundbite of the week when he railed against revelations of fraud in the civil service. “We can’t have employees getting paid to sit there and watch porn,” he told reporters after touring the Toronto Sportsmen’s Show. The chief magistrate was reacting to a new report from Auditor General Jeffrey Griffiths that uncovered instances of fraud by employees or those dealing with the city. It’s the latest in a string of alleged or confirmed misused tax dollars.
The Australia housing market did not bust when it should of and the delay is going to be painful. The bigger the bubble, the bigger the crash, and the Australia bubble is bigger than we saw in the US.
On a timeline basis, Australia is about where the US was in 2006, essentially a state of denial.
Developers are offering massive incentives such as cars, furniture, and vacations to move homes while chanting the ever-popular "now is a great time to buy a house" mantra.
People have been calling a bubble in treasuries for at least a decade. The shocking result, especially to hyperinflationists, has been a stair-step decline in yields for 30 years. That's quite a long time.
Here is a chart going back 20 years from Steen Jakobsen at Saxo bank in Denmark.
Click on Any Chart in this Post for Sharper Image
$TYX 30-Year Long Bond