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Finance minister talks reining in housing market

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Real Estate Professional | 15 Dec 2014, 09:33 AM Agree 0
Canada’s finance minister is in talks with provincial finance heads to discuss the country’s overvalued housing market.
  • Duh? | 15 Dec 2014, 01:14 PM Agree 0
    If they don't know what they will do for a problem that probably won't happen because they don't expect a rapid rise in rates or rising unemployment - what is the point of this article?
    I this what you call "filler" in the modern world of useless information?
  • | 15 Dec 2014, 01:21 PM Agree 0
    I was just thinking the same thoughts! Let's just scare the heck out of everybody right now! LOL
  • Dan S | 15 Dec 2014, 01:34 PM Agree 0
    In Ontario, only The GTA and surrounding area has over-inflated Real Estate caused from the Government's immigration policies. The people in the rest of Ontario have a different sentiment. It would be more fair, if provincial and federal politicians would quit making political and economic policies, based on what is going on in that area. This current Liberal government should be referred to as "The GTA Gang!!!
  • David | 15 Dec 2014, 01:35 PM Agree 0
    Maybe it is, because of this fiscal prudence, that Canada won't get in trouble like the US was. One should be concerned with the price of housing in all our major markets and be thankful the govenment is looking at it.
  • Adrian | 15 Dec 2014, 01:55 PM Agree 0
    Why doesn't he rein in the Stock Markets?
  • Judy | 15 Dec 2014, 01:56 PM Agree 0
    Don't you think that the drop in oil prices will take care of some of the problem over this next year? There will be a drop in commuting costs, home heating prices, etc. giving the public a little more room in their budgets to pay down debts. The housing markets in Calgary, Edmonton etc. will cool tremendously and so will some of the ancilliary markets that receive income from the oil industry.
  • oil | 15 Dec 2014, 04:38 PM Agree 0
    Provinces like Alberta & Saskatchewan Northern B.C. could likely see unemployment factoring into more mortgage foreclosures, due to lowering oil values...
  • Joyce | 15 Dec 2014, 04:54 PM Agree 0
    Can't believe that Ontario gave the Liberal another mandate this time a majority when the reason we are in such bad shape with the financial and budget that the Liberal has messed up. It is not their money, but boy did they ever screw us, Orange, the move of the gas plants, and so much money throw in the garbage and now we have to be taxed, I am sure. Liberals are known for their spending. Of course the leader of the Conservative Party was an idiot which they should have boosted out anyway. Wow is us. Don't know what is going to happen to us. We are so overtaxed, the Hydro is going up now, that was another mistake the Liberals made. It never stops.
    Well, let us hope next year will be a better year than 2014.
  • JACKIE LAURIN | 15 Dec 2014, 06:04 PM Agree 0
    Ridiculous! I've been an active realtor for 41 years, I have lived the various market changes & continue to be active in the industry..
    What information are these experts? basing their predictions and assumptions on what??
    These people (doomsayers) are not in the industry nor working the industry . What do they know about over-valued properties? The properties which I follow regularly in most provinces have no over-heated exaggerated house pricings. Ottawa the capital for instance has a reasonable priced residential market place and many other cities, such as London are still priced extremely well as is Mississauga and other bedroom communities.

    These doom media predictions are the cause of a slow down. The markets are balanced. If you continue printing this shameful objective governmental predictions, surely, you will create an unnecessary fall of the marketplace. Save the taxpayer monies and create jobs instead of creating havoc and fear in the housing industry. I speak for a large majority of realtors at least in this town.
  • E . Harold | 16 Dec 2014, 09:27 AM Agree 0
    are they trying to start a situation so they have a work project to prevent a loss that doesn't exist ?? - run the business they have - if there's not enough to do lay some slackers off ??
  • Maxy | 18 Dec 2014, 01:21 AM Agree 0
    Whatever meaning anyone will prefer to read into both Finance Minister's tongue in cheek comment and that of BoC, remember the age old British adage "there is no smoke without fire". It is funny that some of us are quick to blame immigration policy for over heated housing market. The whiners enjoy the growth that come with immigration and when something is perceived not go their way the whiners are in a hurry to blame migrants. Who said you can eat your cake and have it at the same time.
  • Klaus Hoffmeier, Edmonton | 22 Dec 2014, 11:15 AM Agree 0
    I read this article, with interest, waiting for something of interest and substance to reveal itself. Maybe thay part was accidentally edited out. I guess I'll have to wait for the follow up article.
  • | 29 Dec 2014, 12:34 PM Agree 0
    “Our longer-term objective is to reduce the government’s exposure to the mortgage market and we keep that objective in mind going forward,” he told CP. These are the words of Joe Oliver, and I understand and agree with what he has said. His actions, whatever they are going to be, will be a 'business decision' of the Government of Canada. I have always believed in 25% down payment of un-borrowed cash to be put down on a house thereby avoiding an insurance fee, and really believe, it should be increased to 1/3. In my opinion, anything less, leaves the Buyer, and the insurers, CMHC and others, exposed to too much risk. If Joe Oliver was to raise the down payment requirement by 1 - 1.25% per annum for the next number of years, it would reduce risk, hardly anyone would feel it, and life as we know it, would go on. 33.3% of un-borrowed capital is a reasonable amount to put down, and in that way, no one would be seriously exposed to hiccups in the economy or marketplace too seriously, and there would be strength. Simply put, some folks should not be Owners, but should be Renters. Let's not let self-serving thinking get in the way of sound business judgment.

    Jeffrey Joseph, Broker,
    Harvey Kalles Real Estate Ltd., Brokerage,
    Toronto, Ontario.
  • calvinturner | 09 Jan 2015, 01:45 AM Agree 0
    Buying a new house is not that easy if you are not financially stable. You should have a lot of savings in order to purchase a new house. The country is plagued by home loans that are underwater, where the owners owe more than the property is worth. It's estimated that up to one-third of homes are. However, a California mortgage business has the novel idea of using eminent domain to “condemn” the home loans and force a refinance.
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