Mounties, Hockey, Maple Syrup, Housing Bubble, eh?

Can the Canucks engineer a soft landing? Probably not. From Reuters:

Tighter Canada mortgage rules could boost condos, hurt consumers

Dec 11 Canada’s move to tighten mortgage rules and raise some fees on lenders will likely make it more expensive for consumers to borrow, but could boost one of the most vulnerable segments of the market – Toronto’s big supply of condominiums.

Realtors, mortgage brokers and economists said the move to raise the minimum down payment on expensive properties and boost fees for mortgage insurance may have little impact on Canada’s housing market as a whole, but puts cash-strapped consumers in Toronto and Vancouver in the cross-hairs.

The new measures will require buyers who need government-insured mortgages to make down payments of up to 7.5 percent on homes worth C$500,000 ($365,000) to C$1 million, up from the current 5 percent – a price point that targets entry-level homes in Canada’s two largest housing markets.

“Cash-poor buyers will be funneled into less expensive properties which, in Toronto, means the more affordable condominium market,” said Toronto real estate agent Steve Fudge.

“This isn’t necessarily a bad thing, as it creates a larger pool of buyers to support the exponentially larger supply of condominiums in Toronto. In fact … it may help mitigate the potential oversupply of condominiums we collectively fear may be happening,” said Fudge.

But while condos in Vancouver and Toronto may become increasingly the default option for the lower end of the housing market, the higher costs are expected to push some would-be buyers out of the market altogether, economists said.

In addition to the higher minimum down payment, the Canada Mortgage and Housing Corp, a federal agency that provides insurance on mortgages, said Friday it is raising fees it charges banks and other lenders to provide guarantees under the government’s mortgage-securitization program.

“Lenders, when they incur higher costs, they typically pass them on to consumers because it’s a very tight margin business these days,” said Robert McLister, mortgage expert and founder of

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11 Responses to Mounties, Hockey, Maple Syrup, Housing Bubble, eh?

  1. Canuck housing boom go bust.

    Same as it ever was, all over the world.

    50-100 years in the wilderness. Much gnashing of teeth.

    First, mofo.

  2. Canadian stack-a-shacks. Get ’em while you can, folks…

    Haven’t we heard this before somewhere?

  3. homeboken says:

    Pumpkins holiday gamble from yesterday – May I ask for a 2 sentence explanation as to why you put any money into this company? Is Pete your Dad? Short of that, I can’t see any reason to invest in this.

    “Nate’s Foods Co., Inc., incorporated on January 12, 2000, is a ready-to-use, pre-mixed pancake and waffle batter delivered in a pressurized can. The Company’s pre-made batter makes light and airy pancakes or waffles.

    The Company sells its product through As of August 31, 2014, the Company has not generated any revenue”

  4. leftwing says:

    3. Being pumpkin and all I didn’t bother to punch up the stock until your post.


    It really is a penny stock. Literally. Its last trade was a penny.

    A no revenue retail company. Formed by reverse merger with a shell. With a going concern opinion. From a local Houston accountant. With no independent Board. Trading $4,760 worth of shares Friday. That’s actual there aren’t any zeroes missing.

    Yeah, run with that pumps.

    And the guy actually expects to be taken seriously…..

    Anyone want to make odds that when it moves to $0.02 per share pumps will be all over here, telling us how he called it and we missed this great opportunity to double our money?

  5. Comrade Nom Deplume, the anon-tidote says:

    [4] wing

    Oh, I don’t know. I could be in the market for 10,000 shares and be a major player.

    I spend more than that on sitters.

  6. Comrade Nom Deplume, the anon-tidote says:

    [5] redux

    Of course, they might not have the float.

  7. Raymond Reddington says:

    How does a company like that, totally fake, given the same rights as a citizen ?

  8. Raymond Reddington says:

    Forgive the grammar.

  9. Libturd at home says:

    Pancakes from a whip cream can? Sounds like the next NetFlix to me.

  10. Anon E. Moose says:

    Reds [7];

    How does a company like that, totally fake, given the same rights as a citizen ?

    You have read what Pumps, A-none, et al. post, right? They are real people (well, pumps might be a bot — at the very least a sock) with rights.

  11. Comrade Nom Deplume, the anon-tidote says:

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