Financial crisis is over?

[taylor192]

Originally Posted by azndude69

I don't think the housing crisis will hit Canada. Our banks have better guidelines than the US and a lot of the low equity deals are CMHC insured.

50% (more likely 80%) of new buyers require 35 yr amortizations and historical low interest rates just to beable to get into the market. What do you think will happen when the rates go up and kick those 50% out of the market? Lots of current buyers couldn't buy when mortgages were 25yrs and 5% fixed, requiring 35yrs and 4% to get into the market. How many more of those buyers do you think there are?

I don't think housing will crash like in the US, yet its certainly not going up in inflated markets like Vancouver for a long time - and since Vancouverites are terrible savers (we're all house poor, high mortgages or high rents), so its not like we're going to beable to save more to purchase more.

Originally Posted by azndude69

BUt yea, as long as our Resources industries don't go down the tank, then we'll be fine. But it's not looking good for Canada though. I'm very skeptical since the unemployment rate is soo high. People need jobs.

We need to stop buying stuff made overseas. This city is a perfect example, most of the cars/clothes are made elsewhere, few people drive domestics (I know domestics suck, yet they add jobs here), and everyone shops at malls selling imported crap.

[q0192837465]

Originally Posted by taylor192

We need to stop buying stuff made overseas. This city is a perfect example, most of the cars/clothes are made elsewhere, few people drive domestics (I know domestics suck, yet they add jobs here), and everyone shops at malls selling imported crap.

How is that even possible? What ISN'T made overseas nowadays. And besides, local stuff isnt attractive and generally more expensive.

[fsy82]

wait till 2010 is over..its gonna get alot worse before it gets better

[q0192837465]

Originally Posted by fsy82

wait till 2010 is over..its gonna get alot worse before it gets better

How about some seasoning with HST.......yum

[orange7]

Originally Posted by taylor192

We need to stop buying stuff made overseas. This city is a perfect example, most of the cars/clothes are made elsewhere, few people drive domestics (I know domestics suck, yet they add jobs here), and everyone shops at malls selling imported crap.

Corollas and Civics are made in Canada. I also know of some ppl who work for Toyota in Vancouver, so if we stop buying cars from Toyota then would they loss their jobs? The last time I checked, those so-called domestic car companies were started in the States. I know the US is like right next to Canada, but USA != Canada. However, I suppose you could argue that we now hold a portion of the shares to those companies.

Ahh.. wtf do I know? Please ignore this misleading reply.