5833 replies to this topic

[Mike K.]

Just to add to that, the biggest impact on rates will be the energy sector. If Ottawa can finally settle the pipeline drama the economy will see a boost, and rates will rise.

[VIResident]

Just to add to that, the biggest impact on rates will be the energy sector. If Ottawa can finally settle the pipeline drama the economy will see a boost, and rates will rise.

I work with Alberta trades day-in-day-out, yesterday electricians from 15 different companies - what is happening in Alberta should have everyone in Canada sitting up, taking notice and being scared.  People will soon be handing their keys to the banks and walking away from mortgages - soon meaning mere months.  A repeat of the past however in the past it was known that in the future - there was one.  Without a pipe there is zero future.  Alberta, the ghost province filled with ghost towns.  Have a look at Cochrane real estate, the shear number of homes for sale, the low prices about to go lower (some have already dropped 20 & 30K), new homes too - builders about to go under.  Economic disaster. 

[VIResident]

PS.  Alberta is moving to BC.  All sectors should be prepared for double, triple the competition it had before and double triple lower quotes because of that increased competition.   Make sure you've got all your ducks in a row, all of them, the stampede has started. 

[Mike K.]

I work with Alberta trades day-in-day-out, yesterday electricians from 15 different companies - what is happening in Alberta should have everyone in Canada sitting up, taking notice and being scared.  People will soon be handing their keys to the banks and walking away from mortgages - soon meaning mere months.  A repeat of the past however in the past it was known that in the future - there was one.  Without a pipe there is zero future.  Alberta, the ghost province filled with ghost towns.  Have a look at Cochrane real estate, the shear number of homes for sale, the low prices about to go lower (some have already dropped 20 & 30K), new homes too - builders about to go under.  Economic disaster. 

 

Alberta is angry.

 

I wonder if Trudeau will follow in Chretien's footsteps and not even campaign in the province.

[LeoVictoria]

I work with Alberta trades day-in-day-out, yesterday electricians from 15 different companies - what is happening in Alberta should have everyone in Canada sitting up, taking notice and being scared. People will soon be handing their keys to the banks and walking away from mortgages - soon meaning mere months. A repeat of the past however in the past it was known that in the future - there was one. Without a pipe there is zero future. Alberta, the ghost province filled with ghost towns. Have a look at Cochrane real estate, the shear number of homes for sale, the low prices about to go lower (some have already dropped 20 & 30K), new homes too - builders about to go under. Economic disaster.

Unemployment is actually down significantly from the recent high in 2015/16. Current rate of just under 6% is not great but much better than the 7-8% of a couple years back.
Alberta is not a one trick pony on oil.

[Mike K.]

When thousands of jobs disappear and people seek any employment they can get that'll lower the unemployment stats, for sure.

[Victoria Watcher]

[rjag]

Unemployment is actually down significantly from the recent high in 2015/16. Current rate of just under 6% is not great but much better than the 7-8% of a couple years back.
Alberta is not a one trick pony on oil.

 

Good friend was a senior exec at Shaw. he was laid off over a year ago and has not found a job since. He has an excellent CV but most of his neighbours are also competing for the sparse senior management jobs out there. Its a ghost town. He has taken a 6 month contract in Winnipeg and flies there 4 days a week. He is financially ok but is held hostage because of what he could get for his house ...if...he could sell.

 

Heres one of his neighbours properties https://www.realtor....-valley-estates asking $1.45m will probably sell for $1.3 or less

 

or another one https://www.realtor....-valley-estates asking $914, can probably get this for $850

 

He knows both these guys, young senior execs in O&G with families...both looking to relocate to Texas where they've been offered jobs.

 

Alberta is in the toilet

 

Imagine what the list price for either of those homes would be in Victoria?

[tjv]

If interest rates dont keep pace with the US then expect a lowering dollar....1.60 here we come

And dont forget everything you buy from fruit to cars is all bought on the wholesale market with US dollars

Meanwhile another request for mortgage money came this week...at 28%

[RFS]

Good friend was a senior exec at Shaw. he was laid off over a year ago and has not found a job since. He has an excellent CV but most of his neighbours are also competing for the sparse senior management jobs out there. Its a ghost town. He has taken a 6 month contract in Winnipeg and flies there 4 days a week. He is financially ok but is held hostage because of what he could get for his house ...if...he could sell.

Heres one of his neighbours properties https://www.realtor....-valley-estates asking $1.45m will probably sell for $1.3 or less

or another one https://www.realtor....-valley-estates asking $914, can probably get this for $850

He knows both these guys, young senior execs in O&G with families...both looking to relocate to Texas where they've been offered jobs.

Alberta is in the toilet

Imagine what the list price for either of those homes would be in Victoria?

Yeah im afraid no one is going to feel sorry for unemployed senior executives with houses like that

[rjag]

Yeah im afraid no one is going to feel sorry for unemployed senior executives with houses like that

 

Yup, its a high stakes career choice, feast or famine. Like pretty well anything in the oilpatch. I honestly dont think they are looking for sympathy, these guys just want to work and arent in the entitlement game

[RFS]

Yup, its a high stakes career choice, feast or famine. Like pretty well anything in the oilpatch. I honestly dont think they are looking for sympathy, these guys just want to work and arent in the entitlement game

I understand and trust me I have family out there and do feel for Albertans, but it is funny when you see stuff on Facebook about them not being able to make payments on their ATVs and fully loaded pick ups, etc. I mean. No one cares

[MarkoJ]

Imagine what the list price for either of those homes would be in Victoria?

 

Does houses really aren't dirt cheap. They wouldn't be too much more on Bear Mountain.

[Love the rock]

Municipal, Provincial and Fed. policies around homeownership were not stress tested before deployment and the consequences are coming home to roost - and they said they want people to be housed yet make it as difficult as possible to buy one.   In the past 2 years:
 
Rental, including vacation home restrictions, secondary home tax, stress test, removal of 30 year mortgages, higher efficiency building requirements - increasing cost, municipal spending out-of-control thereby increasing property taxes.
 
I'm certain I'm missing a few more.

Yes they all seem to need more money period .We keep borrowing against future generations in many levels of government. When do we just bite the bullet ,buckle down ,trim the fat and pay some bills .Try that as a campaign promise you’d have my vote. Im tired of this “where’s mine,what can the government do for me “,mind set .
Free , isn’t free ever eventually we will see a revolt in Canada too .

[LeoVictoria]

Yup, its a high stakes career choice, feast or famine. Like pretty well anything in the oilpatch. I honestly dont think they are looking for sympathy, these guys just want to work and arent in the entitlement game

if they weren’t scaling up their consumption to match their income they would be completely fine if laid off. Everyone makes their own choices.

[rjag]

Does houses really aren't dirt cheap. They wouldn't be too much more on Bear Mountain.

 

Maybe a topic for another thread, I would be interested to see you find the same as that $1.45m 1/3 acre property on BM or equivalent for 'not much more' 

[LeoVictoria]

Yes they all seem to need more money period .We keep borrowing against future generations in many levels of government. When do we just bite the bullet ,buckle down ,trim the fat and pay some bills .Try that as a campaign promise you’d have my vote. Im tired of this “where’s mine,what can the government do for me “,mind set .
Free , isn’t free ever eventually we will see a revolt in Canada too .

There are actually many very good arguments against austerity. As long as your economy is growing faster than your debt you are better off than if you try to pay it down. Canada is doing well on that front, the US is not, with spiraling debt to GDP

[rjag]

if they weren’t scaling up their consumption to match their income they would be completely fine if laid off. Everyone makes their own choices.

 

 

They are fine, all 3 examples noted are smart money people, still vacation etc... they want to work, there is no work. Hence the 25-30% vacancy rate in Calgary....numbers like that are depression era numbers...meanwhile Nenshi is taking fiddle lessons. 

 

I guess in our leftist climate in BC its anathema to 'show the profits' and have a nice home these days...funny how theres no mention of the loss of tax revenues to pay for all the social programs these guys provided for....and really is a $1.45 million home excessive for Vancouver or Victoria for a professional (Dr, Lawyer, Engineer etc)? 

[Mike K.]

Albertans are [insert positive descriptor] when they’re dishing out billions in transfer payments to the rest of the country.

They’re [insert negative descriptor] when they’re not.

[LeoVictoria]

They are fine, all 3 examples noted are smart money people, still vacation etc... they want to work, there is no work. Hence the 25-30% vacancy rate in Calgary....numbers like that are depression era numbers...meanwhile Nenshi is taking fiddle lessons. 

 

I guess in our leftist climate in BC its anathema to 'show the profits' and have a nice home these days...funny how theres no mention of the loss of tax revenues to pay for all the social programs these guys provided for....and really is a $1.45 million home excessive for Vancouver or Victoria for a professional (Dr, Lawyer, Engineer etc)? 

 

What you do with your money is your own business.  Just pointing out that it's easy to set yourself up for life on a senior exec salary in a very few years.  Most people don't but then it also doesn't concern me if the gravy train ends for them.  Personal responsibility right?  Like you said, it's a feast or famine business, and as any successful animal knows, during feast times you prepare for famine times.

Edited by LeoVictoria, 08 February 2019 - 09:12 AM.