Canadian housing/macro/credit...occasionally tweets about fishing. Founder of North Cove Advisors and
@EdgeREAnalytics
. DMs open. Equal opportunity blocker.
Canada's population grew by 1.2 MILLION people in the past year as of Q2.
All for thoughtful immigration, but this is an absurd, crazy, irresponsible number.
Sri Lanka moves to organic fertilizers, collapses domestic agricultural production.
Trudeau, listening to the same woke environmentalists who collapsed Sri Lanka, moves to reduce fertilizer use by 30%.
To quote
@DoombergT
, we are governed by dangerously unserious people
Whoa! 🇨🇦 population up 865,000 y/y and 360,000 last quarter alone.
Let's drop all the political correctness and have a real discussion about this. I have no idea what the "right" number is, but this is a massive amount of growth that probably sets up for a future housing crisis
This is insane, but hear me out, protesters. There's still a loophole. Crowd-fund $ to buy property, then transfer ownership to numbered company whose beneficial owner is the convoy organizers. Done! It's perfect since the feds WONT FUCKING AUDIT money laundering in real estate.
Oh my fucking goodness: Canada's Deputy Prime Minister says that, as part of the Emergencies Act, they are broadening Canada's "Terrorist Financing" rules so that they cover crowdfunding platforms and cryptocurrencies to the Canadian Freedom Convoy
Attorney General says final cost of ArriveCan app impossible to know due to poor project management.
Can't track the number of people coming into the country.
Can't track expenses on a basic project.
Can we please get someone in Ottawa who can run a basic spreadsheet?
It is truly wild that a company can be hired by the government to administer a grant program AND select recipients while simultaneously “helping” to write grant applications and take a cut of any grant received
This is fked up
Imagine growing the non-permanent resident cohort, almost all of whom are renters, by 730,000 in 1 year and then being surprised when we have a rental crisis.
If you're a renter in this country, you are actively being screwed.
cc
@JustinTrudeau
@HonAhmedHussen
@SeanFraserMP
Snippets from recent report to Toronto council. City planning department can't find and retain staff.....13% job vacancy rate. One main reason: High cost of housing. Can't make it up.
A Nova Scotia lawyer who previously served as immigration minister where he oversaw a massive population boom in Canada is now being given the housing file and tasked with improving the acute shortage issues in southern Ontario and BC. The arsonist is now the fire marshal.
Imagine having these thoughts AFTER ramping population growth to 1.2 million in one year, driving apartment vacancies to 20-yr lows and rental growth to 30-year highs.
This govt is a menace
🇨🇦 beer and wine sales down 3.3% in Nov and down 7.5% y/y. No, it's not people switching to weed. Cannabis sales were down 6.2% m/m and down 11.8% over the past 3 months.
What's going on out there?
#BREAKING
The Conservative handouts will continue.
Justin Trudeau will keep Pierre Poilievre's $60 billion in taxpayer handouts to corporations.
Thanks to Pierre and Justin, it's a good day for Greedy Galen Weston and a bad day for you.
We have 2 colleges in Ontario that, per govt data, have international students as 80% of their total enrollment. EITGHY!
Another 7 have more than 50%
Those colleges get to charge much higher tuition but have no responsibility to provide housing
This is wrong. Plain and simple
Cry me a goddam river
@CollegesOntario
You cannot enrich yourselves by blowing out local rental markets, causing significant damage to the financial wellbeing of low income Canadians and not expect the feds to come to their senses eventually. Provide accommodations or shut up
Check out this Toronto Star article by
@nkeung
and
@krushowy
on the impact of the federal announcement this week on international student study permits, with quotes from our statement:
#cdnpse
#onpoli
Canada's population has grown by 1.25 MILLION in the past yr...800,000 of which have been non-permanent residents (NPRs). I testified before the Standing Committee on Finance back in '21 and warned that NPR growth was major concern back then when it was under 200,000. Deaf ears!
Latest 🇨🇦 population data is absolutely bonkers.
I suspect the silent majority of Canadians are both in favor of strong immigration but very concerned with negative externalities associated with THIS level of growth.
Is too much of a good thing still a good thing?
This is one heck of a tone change after years of playing the xenophobia card on anyone questioning immigration policy.
Housing crisis was obvious for years. Only now that the polls have turned against them are they open to this.
Time to go!
1/
This uptick in 🇨🇦 business insolvencies is remarkable. Almost unbelievable. Highest # of filings since 2006 in Jan. Here's the question: With CERB payments due in January, how much of this is due to fake firms that were set up to collect pandemic benefits and are now folding?
.
@scoopercooper
doing his thing. Wild stuff here
"Since 2015, the whistleblower concluded, more than 10 Toronto-area HSBC branches issued at least $500M in loans to diaspora buyers claiming exaggerated incomes or non-existent jobs"
= great subscription
We've got fraudsters and money launderers running amok in Canada, and
@CanRevAgency
is busy focusing on auditing and disallowing medical travel claims for folks likes my mother in law who they argue should have gotten cancer treatment at a SLIGHTLY closer hospital. Bullshit!
Live: We’re announcing an agreement to build more homes in Guelph, Ontario – and to build them faster. Tune in here to find out more about the work we’re doing:
I can't believe the Star is giving a platform to these chuckleheads. Markets go up and down. If you don't want that risk, buy resale. Had prices surged (as I'm sure they expected), there would be no talk of returning those gains to the developer. 6/
Just saw a home in the GTA that sold, was scheduled to close in April. Buyer couldnt close. It was relisted and sold again this month for 18% BELOW prior sale price.
Banger op-ed in The Bureau this morning.
Standing Committee on Finance just officially recommended implementing direct income verification with CRA. If this govt wants to look serious on this file, they would get this implemented immediately
I’ve got kids. I’m concerned about climate change. I want a cleaner, better future for them. But I also worry about short-sighted, unrealistic policies that risk food and energy security. Thoughtful policies and less pandering to environmental extremists pls. Cc
@JustinTrudeau
Mayor Olivia Chow is standing by a plan to rename Dundas Street, even as one councillor who voted in favour of the project claims there’s no money for it.
Canadians have become conditioned to believe that:
i) Any rate hike is temporary and rates will drop soon
ii) Long-term trajectory of rates is always down
iii) Housing downturns are always short and shallow
The BoC's reaction function has absolutely conditioned people here.
"...as we always have, we're doing it responsibly and at a pace that our cities, municipalities and rural regions can absorb"
Of all the BS statements this man has made, this may the most patently absurd.
When asked about reducing immigration numbers to soften demand on housing, 🇨🇦 PM Justin Trudeau claims his government has always been doing immigration responsibly and at a pace that our cities can absorb. 👇🏽
Really surprised that none of the big Cdn media outlets have done any investigative pieces on mortgage fraud in Canada. An undercover piece would not be difficult. A bigger issue than ppl think, and not hard to show it. DM me, I'll lay it out.
@cbcmarketplace
@CTVW5
Now is the time for solutions, not political theatre.
While Pierre Poilievre & the Conservatives are focused on cuts & far-right rhetoric,we are focused on one thing: bringing everyone to the table to get the affordable homes Canadians need, built now.
Housing Minister Sean Fraser says he supports the idea of tying the number of immigrants to Canada with the number of homes built; something Conservative Leader Pierre Poilievre is also proposing.
READ MORE:
In the Greater Toronto Area, a metro region of nearly 6 MILLION people, there were a total of 45 *NEW* single-family homes sold by developers last month. In case you're wondering the state of that industry at present...
THREAD: According to new data from the
@bankofcanada
, a major source of incremental housing demand in Canada has come from "investors"....loosely defined by the BoC as buyers who already own at least one other property. 1/
Just finished some great meetings with RE contacts in Toronto. I swear to god you can’t swing a dead cat in this city without hitting a couple people with crazy mortgage fraud stories. This is a much bigger issue than most realize. Just wait.
Money laundering in 🇨🇦 is a five alarm fire right now and we have all of 545 ppl at FINTRAC. The agency is toothless
2x as many work @ Library/Archives Canada and more in Atlantic Opportunities Agency than at FINTRAC.
No offense to Atlantic Canada, but you know...
#Priorities
Residential investment in Canada is nearly 3x as large as investment in machinery, equipment, and all R&D expenditures combined.
Building and selling progressively more expensive housing to each other is the new perpetual energy machine.
Surprised no one in the media reached out over this.
To be clear, Canadian banks are giving mortgages for new condos at +100% LTV which r going on the books at sub-80% LTV and somehow
@OSFICanada
is okay with the practice. I have the proof. This isn't hard to suss out.
Hit me up
1/ Maybe
@OSFICanada
can comment on the emerging practice of "blanket appraisals" by big banks on new condos. I've heard this from many in the industry and verified it myself via land registry data on some new builds.
@SteveSaretsky
discusses it here
As the
@globeandmail
picked up on, this is the most important Canadian macro/housing chart at the moment. Something has to give...either rates or prices.
Levered $250k off HELOC to put deposits on 3 preconstruction condos at $600k each. Half ownership in 2 of them. Probably legally on the hook for the full $1.8M, but let's call it $1.2M. Also has a mortgage on principal residence.
$70k income 😳
cc
@MarkinMetaForm
@ScrinkoCa
Canadians hate the idea of privatizing gains and socializing losses except when it's their own ass on the line and they're upside down on a preconstruction investment
WOW. From numbers this morning it looks like Ontario processed over 7,000 (!!!) COVID19 tests overnight. That is unreal! Share of positive tests was just 2.8%. Backlog of tests has fallen sharply over past few days.
This housing plan from the current government is full of excellent ideas that could actually move the needle.
Unfortunate that it comes 8 years too late and only after the public has lost trust in their ability or willingness to actually follow through.
This may blow ur mind, but there's no such thing as "privacy" in real estate. If you own a home in 🇨🇦, ownership details r public info, fully searchable on land registry database...your name, sale price, prior price, and your mortgage details...amount, lender, interest rate, etc
Young Canadians put a lot of their hard-earned money towards rent every month. We think that should count for a lot more – like towards your credit score.
🇨🇦 employment continues to surprise to the upside but gains are still being driven by the public sector which grew by 48k in January, offsetting a 10k decline in private sector and self-employed
Record 183k non-permanent resident admissions into Canada in April.
This cohort is not included in fed government's permanent immigration targeting. No limits/targets in spite of significant impact on local rental markets.
Yes, strong population growth
Yes, low resale inventory
Yes, strong economy
I get all that
But when the monthly mortgage payment to buy the typical home in Canada jumps $700 in 6 months, the rest doesn't matter. Housing is in trouble if this trend continues.
Canadas housing crisis visualized. There was never any hope of building enough units to meet the needs of 1.2 million new residents. It was always a disaster in the making. Policy failure of the highest order
Great work as always from Hanif and the team at
@WOWA_Canada
🇨🇦 Population Growth vs. New Residential Units (1955-2023)
1. New construction lags behind recent population growth
2. New housing has stabilized at ~200K units/year for 50 years
3. Last 2 years saw unprecedented population growth
4. 1971's population boom was also remarkable…
Liberals break promise, vote against ban on foreign buying of Cdn residential real estate.
Actively voting against their own promise is a new one.
Lack of any meaningful progress on the housing file is one of this government’s biggest failings.
Ht
@mindingottawa
This 2014
@JustinTrudeau
oped is wild. What hypocrisy! Temp workers and those with study AND work permits have grown by 550,000 in the past year alone.
@PierrePoilievre
Justin Trudeau: How to fix the broken temporary foreign worker program
This is nonsense. There's no silver bullet, but there were common sense policy measures that could have been implemented years ago, including more thoughtful approaches to non-permanent resident growth. This is deflection.
Thought I'd look into the ownership of some of these private, for-profit colleges that partner with public colleges and primarily cater to international students. This is the first one I pulled. Two of the founders are from China. Seems kind of weird, no?
This is insane. Consumers in Ontario are nearly as pessimistic as in the early days of COVID when we had a novel pathogen locking down the world and we all thought we might die. Might be worth noting that Ontario accounts for 40% of Cdn retail sales. Data per Bloomberg/Nanos.
I remember having dinner w
@scoopercooper
years ago in Vancouver. The stuff he told me....threats to him/his family, harassment and intimidation he endured...it was wild. He paid a real price to dig up and expose this stuff, all as a public good. The guy is a hero in my books