Could Canada be heading for the worst economic asset collapse in the world? This market analyst believes we are. He bases his prediction on the similarities between the U.S. housing bubble and the current state of the Canadian real estate market. In 2008, there was a brief drop in housing prices which convinced many American investors that the storm had passed, when in reality it was just getting started.
“In 2006 through 2008 there was a time when housing prices were coming down….20 to 30% in some areas after a sort of mania occurred. Now doesn’t that sound familiar because that is exactly what is happening over the course of 2022 and a lot of people….saw that as a signal to buy because they think that asset prices and debt markets are like a supermarket…So they think they are getting a deal but they are actually sticking their hand out and trying to catch a falling knife.”
I’ve noticed the number of seniors over 70 working at retail outlets has doubled, Justine’s policies have destroyed the middle class and our seniors but he keeps giving the welfare class more free stuff. I think we are headed for a five year depression that will rival the dirty 30s.
And it is exactly the same in the US. The average age of Walmart staff in my community is rapidly approaching the traditional age for retirement.
There’s also the unknown effects of the jabs and what the fallout is going to be with all that. We could have anything from lawsuits leading to companies collapsing to the hunting of our elites. This won’t be a normal market crash, recession, depression, depopulation event or whatever.
My elderly mother’s friend has a son who is a retired cop in Ontario. 2 years. They called him and a bunch of other retired cops back…paying them enough for it to be worth their while. That was interesting. Are existing cops leaving or jab injured?
In this economic environment, I’d think they wouldn’t find it too difficult to find high paid government employees….
Un-jabbed cops were fired. Also police forces must now be woke – quotas for LGBTQ+++, races, sexes etc. That will discourage a lot of potential recruits.
Freedom 95!
We can all see where this train wreck is heading in slow mo.
It is frustrating that nothing can be done about it , legally.
Illegally my mind is in hyper overdrive, one can dream.
Guns/ammo , grub , booze and precious metals bitchez !
Rose
I’m 75, and my rent is higher than my “pension” . So I need to work, but then my heart Dr. thinks that’s good, as it keeps me in shape. No one who I meet, that doesn’t know me personally, thinks I’m that old .
I’m 75 too. My house is paid for, I have lots of money in the bank and some investments. We live on Canada pension and old age supplement. Our bank accounts are growing.
But…
This inflation is eating away at the value of out bank accounts and the downturn has changed the direction of our investments – they’re losing money, We were in real good shape, but that could change very quickly. Inflation and recession/depression could send us into poverty.
I’ve worked construction, and my family for generations. What I e noticed more and more is that for working stuffs that will never own, welfare/disability is a better gig. You are just as broke,just as unmoored, but don’t have to work, work.
You don’t have to get up in the dark, home in the dark, keep a high taxes crappy car on the road,deal with other non winners, stressed bosses, customers and have just as little money as if you are on some scam
.
It pays to find a welfare/disability/or lay about gov job.
It doesn’t pay to work for the bottom 1/3 rd.
… It’s Done…
https://www.asiamarkets.com/did-liz-truss-text-antony-blinken-after-nord-stream/
Canada is a shitty little country full of shitty little socialist midgets.
Correction. Canada is a large shitty country full of shitty little socialist midgets.
I remember when it wasn’t anything like that. Socialism and its supporters are responsible for the state Canada is in.
Yep … the FREE SHIT brigades have taken over Canada and the USA … although Canada is way past the point of no return … much like my State of CA. There will eventually be neverending weeping and gnashing of teeth … followed by mountains of skulls. Probably frozen skulls … neatly preserved in the permafrost
TOL
Interesting link, and may explain why she quit so soon, her “job” was done!
Don’t panic according to P/M JT the Depression/recession will balance it self.
Maybe JT is right after all. The economy does grow from the heart out.
The problem is he has no heart.
I keep repeating myself, but yes, It’s all part of the plan. Ruining the economy is part of the agenda for the globalists to “come to the rescue” to solve the problems that they have created.
Good luck with that…
Eh, maybe, but the US bust itself happened because there were so many weird financial instruments built on that housing debt. There’s been more and more realization recently that there wasn’t much of an actual housing bubble and that it wasn’t the problem.
I for one would be delighted by a collapse in housing prices. Would get capital into productive sectors of the economy and housing into new hands and boomers out of retirement. WORK
This boomer is off to work…at a marginally higher hrly figure than what Wally Mart pays.
Ft Hills SUNCOR Site: QA Maimtenance
Contract basis. Probably most of it being tailings lines repairs. Works Fer me..!!
1 yr – Mortgage Free baby.!
Every time some crying socialist demands Pierre Poilievre should be supporting $10 daycare and free dental I ask them where is the money coming from? CRICKETS. It must be wonderful to live in a fantasy world where someone else pays your bills.
Unlikey to happen. Why? because P.M. Shit-for-Brains is bringing in over 400,000 immigrants annually – about 200,000 headed for Ontario. I recall reading on the weekend that Ontario hopes to build 100,000 homes annually (good luck with that) and there is already a large deficit in housing.
Thirty years ago Ontario was going through another real estate bubble when the Bank of Canada sharply increased the interest rate leading to a collapse. At that time housing prices in the Toronto area dropped by about 25% and very slowly recovered. This was a significant drop but nowhere compared to the bubble that burst in the U.S. around 2009. BTW – I worked in commercial real estate appraisal at the time and the business did well appraising power of sale properties listed by the various banks. I think it will take much higher interest rates than expected to relive the early 1990’s.
I think you will see interest rates from the late 70’s , early 80’s.
That would be great for savers not so much for borowers.
True but the Bank of Canada seems determined to head that off. Then again, never underestimate Trudeau’s ability to screw things up. That idiot is a special piece of work (determined to outdo his father).
Trick question.
Which father ?
The commie who liked motorcycle riding around Montreal with a German WW1 helmet on OR the tyrant from a warm island that begat him.
No 20% GIC for cheating.
Sorry folks, 2008 has nothing on 1979. Factories all over the US Mid-West and Ontario shutting down, the Big Three and their “feeder” factories laying-off workers “permanently” (just before some of them closed their doors forever), double-digit mortgage rates, people losing their homes (I remember seeing every other house on my street up for sale in the summer of ’79). But at least back then, the people (American and Canadian) believed their federal governments were trying to save jobs and put their countries in better economic shape. Back then Main Street was still considered more important than Wall Street/Bay Street.
Yeah favill, “back then” we all foolishly thought our governments were working for us, not against us. “back then” we were gullible, nowadays not so much. But it’s still happening, so not much has really changed!
Right now I’m wondering about all those condo built in the last 2 years, if they are accurately valued based on current conditions, how many of them are completely underwater versus ending up as high risk requiring insurance from CHMC?
A 30 percent drop eh? Big friggen deal. I bought my house 17 years ago for 190k. It is now “worth” 800K. A 30% drop would bring it down to 660K. A 30 percent drop would mean it has “only” gone up 350 percent in a time when my income went up less than 50 percent. This still makes housing out of reach for anyone not in the top couple of percent of income earners.
You must live in the boonies. -Average- price in Southern Ontario is a million bucks, even in the sticks. Still is. The big news always focuses on sales numbers, not price. The deal right now is that there are no sales, but the price hasn’t really moved. Nobody will list at a lower price, and nobody is willing to risk their cash in this market. Also, the banks are not writing mortgages. Raising interest rates so far has not moved the needle.
If the price gets cut in -half- it’ll still be $500K and still out of reach of normal humans. And $500K only takes you back to about 2016/17 prices. That’s how much the value of your money eroded since 2016.
This is all starting to sound like one of those times that South Korea’s money crashed. 1962 for example, everybody in the country woke up one morning and their money was worthless. The government had to issue new money. That has happened to them three times since WWII.
That could very well happen here. Probably good to own property when something like that happens, right? Well, unless the government just seizes everything, that sort of thing has happened before as well. They’re trying that in Holland right now.