A recent parade of of articles discuss the prospects of a pending Canadian housing bust. For example, The Globe and Mail reports Bank CEOs ‘should be worried’ about real estate. Ed Clark, Toronto-Dominion Bank’s outspoken chief executive officer, is playing the contrarian card one more time, publicly arguing that he and his fellow bank CEOs should be cautious about the country’s heated real estate market.
In what is becoming a regular occurrence on the streets of Metro Vancouver, an unmarked van packed to the gunwales with black market gasoline burst into flames soon after a minor collision on Sunday.
The surprise inferno came slightly more than one month after a similar black market gas van exploded in a residential area of Vancouver, badly burning the van’s 19 and 25-year-old occupants.
Deutsche Bank's chief international economist Torsten Sløk has circulated a chart deck looking at global housing markets, and Canada stands out as having quite a few problems. Sløk dedicated seven charts to the country. Simply put, debt levels are very high, and with sky-high home prices cooling off, we could see pressure on the Canadian financial system and the labor markets.
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".
Yves here. On the one hand, I’m leery of using single indicators to assess complex phenomena, like using blood pressure or cholesterol levels as the sole basis for judging health. On the other hand, as long as one understands their limits, key data points or developments can shed light on bigger issues.
The Toronto Zoo is apologizing after mistakenly including an apparently meaningless word as the Inuit translation of “beautiful” as part of a polar bear naming contest.
The contest allowed voters in a “name our cub contest” to pick from six names for the baby bear: Humphrey, Orson, James, Lorek, Searik and Stirling.
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.
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.