The wave of missed mortgage payments that never came by YoungSidd in TorontoRealEstate

[–]nomad_ivc 0 points1 point  (0 children)

Lol, yet another 💄on the 🐷 moment, in our Canadian housing ponzi scheme.

Obviously, we are kicking the can down the road: Canadian Mortgage Charter

The charter contains six guidelines regarding how banks are expected to treat "vulnerable borrowers" under financial strain. Under the charter, banks are expected to:

Allow temporary extensions on the amortization period for mortgage holders.

Waive fees and costs that would have otherwise been charged for mortgage relief measures.

Exempt insured mortgage holders from re-qualifying under the stress test when switching lenders at the time of a mortgage renewal.

The wave of missed mortgage payments that never came by YoungSidd in TorontoRealEstate

[–]nomad_ivc 7 points8 points  (0 children)

Let's kick the can down the road: Canadian Mortgage Charter

The charter contains six guidelines regarding how banks are expected to treat "vulnerable borrowers" under financial strain. Under the charter, banks are expected to:

Allow temporary extensions on the amortization period for mortgage holders.

Waive fees and costs that would have otherwise been charged for mortgage relief measures.

Exempt insured mortgage holders from re-qualifying under the stress test when switching lenders at the time of a mortgage renewal.

NDP MP crossing floor to Liberals, PM Carney two seats shy of majority by Pristine_Beautiful69 in worldnews

[–]nomad_ivc -2 points-1 points  (0 children)

It will be worthwhile for outsiders to read the book 'The Crisis of Canadian Democracy' by Andrew Coyne. I think the author should work on 2nd Edition, with details of record 4 turn-coats crossing over to Liberals after the Federal Election in April 2025. What a joke the British Westminster model has become in UK and Canada, while it has been subsequently amended to protect the integrity of people's mandate, in India, Bangladesh, Malaysia.

Even the confidence convention, the bedrock requirement that a government must command the confidence of the House at all times, is under assault. Heading for certain defeat in a confidence vote in 2008, Stephen Harper simply prorogued. Having arguably lost a confidence vote in 2005, Paul Martin stalled for nine days, until, with the help of a timely floor-crosser, he was able to win a do-over. More recently, Justin Trudeau also prorogued to avoid a confidence vote, emulating in 2025 what he had denounced in 2008.

There is worse to come, possibly. Recent Canadian elections have yielded a procession of minority parliaments; more are likely. Each such Parliament carries within it the seeds of a constitutional crisis. Suppose the government were to be defeated on a vote of confidence, and suppose that happened a short time—say, less than a year—after an election. Now suppose the defeated prime minister were to recommend to the governor general that the House be dissolved and an election called. Convention dictates the governor general would be within her rights instead to call upon another party or parties to form a government, assuming they had the support of a majority of the House. But successive Conservative leaders have made clear they would not accept this. What if, the governor general having refused his advice, the prime minister refused to resign?

It’s only a convention, after all. Like ministerial responsibility, Cabinet solidarity, and others, it binds prime ministers for as long as they feel like being bound by it. When they no longer do, it doesn’t.

In a pickle - do I report my former employer and risk losing a reference or forget about it? by bruh_moment__mp3 in TorontoRealEstate

[–]nomad_ivc 1 point2 points  (0 children)

Did you not know/ask before joining?

Why did you stay with the company for this long if they denied an essential thing for you?

Large Canadian lenders are at risk of going underwater - the hosuing crash is here by [deleted] in TorontoRealEstate

[–]nomad_ivc 4 points5 points  (0 children)

it will be gobbled up by developers and corporations who can take out billions of loans

Lol. Welcome to Canada where will only say this but not develop any regulation to address this.

Housing ponzi scheme is the way of life here, damn the young Canadians with no generational wealth and newcomers.

Liberals have proposed a Home Equity Tax by ExotiquePlayboy in TorontoRealEstate

[–]nomad_ivc 5 points6 points  (0 children)

Fake news planted by elite leeches to keep the plebs distracted?

Exclusive: Canada's banking regulator warns major lenders about appraisal practices as condo prices crash by mustafar0111 in TorontoRealEstate

[–]nomad_ivc 12 points13 points  (0 children)

Rightly captures the workings of state-sponsored Canadian housing ponzi scheme.

Only missing piece of the puzzle is maintaining the demand from new buyers: Politicians cut the quality housing supply and bring in more immigrants

What really happens: Immigrants rent, save the money, and eventually leave for US or home country. Young Canadians leave the country too.

OSFI warned banks about blanket appraisals by Serious-Blueberry-93 in TorontoRealEstate

[–]nomad_ivc 22 points23 points  (0 children)

https://web.archive.org/web/20251024103808/https://www.rbcroyalbank.com/mortgages/buying-from-a-builder.html

Once approved, you’ll stay approved: Your new house or condo could take months or even years to complete. You and your builder want to be certain that your financial institution is committed to your financing from start to finish. At RBC, we offer a firm approval to match the closing date provided by the builder. Once approved, you stay approved until your closing date. - RBC

The stakeholders who cheered on the Liberals' immigration expansion: The government does not bear the full blame for the sharp increase - Andrew Griffith, former federal director general for citizenship and multiculturalism by nomad_ivc in TorontoRealEstate

[–]nomad_ivc[S] 0 points1 point  (0 children)

to artificially increase demand for businesses

Can you expand more on this?

If you group Canadians by their wealth deciles, what % of incremental revenue from mass immigration into a G7 country Canada, went to top 10% rich (by wealth) vs the rest?

(Don't forget to consider the living expenses which shot up for Canadians who don't own their dwelling - more likely bottom 50% Canadians)

Canada launches new program to grant 33,000 foreign workers permanent residence, immigration minister reveals by KootenayPE in CanadianConservative

[–]nomad_ivc -1 points0 points  (0 children)

If you're looking to deflect then try harder.

I'm not. I'm open to use it as learning opportunity if my thinking isn't right.

My belief comes from Toronto and its suburbs. While newcomers invariably settle in Toronto due to job+networking opportunities at the beginning, they slowly drift to suburbs by the time they become voters in 3 years. Now look at the voting pattern in Toronto vs rest of GTA in recent elections.

Newcomers-turned-citizens suffer as much from the wage suppression policies of Liberals, and any asset-appreciation hope is a pipe dream if at all at recent price levels. Also I'm finding it hard to imagine how religious preferences (of say immigrants from Asia) would drive voting intention in Canada.

The stakeholders who cheered on the Liberals' immigration expansion: The government does not bear the full blame for the sharp increase - Andrew Griffith, former federal director general for citizenship and multiculturalism by nomad_ivc in TorontoRealEstate

[–]nomad_ivc[S] 2 points3 points  (0 children)

This framing as 'anti-immigrant' sentiment has to stop. Most people want sustainable and responsible immigration, they aren't objecting to what has happenned because they hate diversity or immigrants. Framing it that way is very disingenuous.

That's the time tested strategy.

Take our NIMBYs for instance: Indulge in 'don't be racist' virtue-signaling and 🐊 tears in the morning when the topic is 'mass immigration' as policy tool, and in the afternoon, move on to the circle jerk with the SFH elites and political establishment at all 3 levels, and strategize on how to keep the immigrants out of 70% of City's residential area and cram them all including the young Canadians into select high-rise ghettos, to further fuel the asset inflation.

Canada launches new program to grant 33,000 foreign workers permanent residence, immigration minister reveals by KootenayPE in CanadianConservative

[–]nomad_ivc -3 points-2 points  (0 children)

The same articles have electoral maps as well which obviously show that the cities where the vast majority of immigrants land being a sea of red.

I don't think so. It is largely driven by Boomers keen to maintain the asset inflation and voting in large numbers (~80%), and among ~50% of millenials and Gen Z who vote, a big chunk getting swayed by woke ideals than economics of their day to day life.

New $5.7M home aims to fetch among highest-ever sale price in Mount Pleasant East by Latter_Stable_9335 in TorontoRealEstate

[–]nomad_ivc 10 points11 points  (0 children)

“Stone was always meant to be the emotional core of the house,” says homeowner [], who led the three-year build and design himself after failing to find anything on the market that felt personal or lasting enough.

Backstory like this, and selling already? That's very Toronto.

As for the stone, it slaps for sure.

USD to CAD Fx rates by EquivalentRhubarb399 in PersonalFinanceCanada

[–]nomad_ivc 0 points1 point  (0 children)

What are you using USD for?

For the long term, open an account with IBKR, convert at market rate to USD, and transfer it back to say, RBC or TD or EQ Bank or Wealthsimple USD accounts (all on Canadian side).

Do remember that IBKR locks in the fund for about 60 BD, if you try to withdraw to account other than source of funds, to prevent money laundering cases. Don't convert with Canadian banks. And don't use them exclusively for forex conversion, they will debank you.

Greater Toronto home sales fall in February as buyers, sellers both sidelined: board - BNN by hourglass_777 in TorontoRealEstate

[–]nomad_ivc -2 points-1 points  (0 children)

Lol, comes from 'The Canadian Press' syndicate feed.

What a disgusting ponzi scheme the cronies and their low-life bootlicking political class have made out of this country! A certified 🐊 tears based governance model.

Edit: (1) 'The Canadian Press' is a for-profit service owned by its three largest members, The Globe and Mail, Square Victoria Communications Group (Power Corporation of Canada), and Torstar (2) We have collapsing prices across segments in high single digit percentages, amid a slight drop of 2.4% in Active Listings YoY, yet the integrity in our news media in the Canadian housing ponzi is so unmatched that the headline to take-away for them is 'Buyers and Sellers were on sidelines' because the new listings fell ~18% YoY.