Monday, July 16, 2012

Who's fault is it that the` volume and price of homes fell in Canada last month?

Not Flaherty's- he hadn't brought in his mortgage changes yet.

Vancouver- according to Sherry Cooper it's our fault. We brought the class average down. Sorry, I know some of you find her voice grating :

Bad little old Vancouver

But don't worry too much. This is not the US for goodness sake. They had much more lax lending than us. We only had a few Billion HELOC here and a few Hundred Billion high-risk mortgages insured there.

Oh and of course we won't worry that our per capita debt is now at their pre-bust levels.

And we know why we are having a bad time in lotusland. Not enough Chinese money washing ashore this year:

Hat tip Best place on Meth  The video shows the invasion of money slowed to a trickle,  however we do know that the Chinese Government is loosening the spigots a bit, so we may have a few more Government officials on 50K salaries buying $2M westside homes :)