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Unequivocally Good? Canadian Wholesale Trade Sales Crash By Most Since Jan 2009
No US data today but we thought this worth sharing from 'up north'. As BoC comes to grips with non-economic tar sands, Canada's Wholesale Trade Sales collapsed 3.1% MoM in January - the biggest drop since January 2009 (and second biggest in a decade). Low oil prices are unequivocally good though remember...
Charts:Bloomberg
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No I won't say it this time..
Come on. Fuck it. Say it.
No no no.....
Ah fuck it..
BLAME CANADA!! BLAME CANADA!!
https://www.youtube.com/watch?v=bOR38552MJA
Oh I feel so dirty now..
They are cutting mortgage rates here by another 0.2%. The hugely overvalued RE bubble clearly isn't puffed up enough.
But Molson's still isn't cheaper than oil......
And idiots all convinced me in 2013 to lock in a 5 year mortgage because rates were suppose to be going up due to this amazing recovery. Last time I go against my gut.
Two middle-aged couples I know who live east of Toronto are losing their houses, due to them losing their jobs, and the high cost of housing in Ontario (which really got rolling in the late-90's).
I just can't fathom how modest, newer homes up there and outside the bigger metros were fetching north of $600K CDN, until recently.
Since the weather people in our area blame Canada for sending down the cold weather in Winter... I think you may be right...
Regardless of oil prices....Western Canada, with a plethora of natural resources and only 12.5 million citizens...is the safest quadrant on our planet?
Define safe. I live smack in the middle of it and I feel like it's pretty safe but I'm not a fan of complacency. I have a few acres in the rockies where I could hunker down if needed but safety depends largely on how educated and awake your neighbours are. I see quite a bit of the same mistakes people joke about in the US happening here. Lots of ignorance and assumptions that nothing bad could happen here.
Like frogs saying, "Come on in, the water's fine!"
Unfortunately for Canada, it is attached to the US in many ways (not just geographicly). I feel sorry that the worst group of people in the US is literaly at your border (Yankees--east of North Dakota, and including Washington State. Montana, Idaho and North Dakota are better), and should any reason arise that they'd want to stream across your border, you'll quickly be inundated with millions of self-righteous, entitled, arrogant douche-nozzles of the most dubious parentage imaginable.
yeah? the local govts. receive banana republic royalties for resource extraction. Yes people get jobs but at the other end the country probably loses money giving it's oil away what with subsidies and other external costs born by the taxpayer. Norway puts a billion dollars away in savings from it's oil each week, sharing in something like $180,000 a piece for every Norwegian, while Canadians owe a growing debt on a per capita basis with the Bank of Canada having a worse balance situation than the Federal Reserve. Canada is owned by the globalists don't you know.
SAY IT!!!!!
Say it MuthaFugga
say it - eh?
Or as they say in NYC: "Eh, say it."
Most since Lehman?
Fuck Yellen. I am watching Oil.
The massive Canadian housing bubble is liable to burst any day. That will cause the loonie to crash as never before.
Canada can then go back to selling visas to rich Chinese.
Meanwhile, Canada keeps supplying the Nazis in Kiev:
13:41 Mar. 17, 2015
Ukrainian army receives night vision devices worth USD 226,000 from Canadahttp://uatoday.tv/politics/ukrainian-army-receives-night-vision-devices-...
Maybe just maybe the erection index will herald in this epic collapse.
First look: New Yonge and Bloor tower would be Toronto’s tallestALEX BOZIKOVIC
The Globe and Mail
Published Wednesday, Mar. 11 2015, 7:01 PM EDT
http://www.theglobeandmail.com/news/toronto/first-look-new-one-bloor-tow...
A friend of mine is a crane operator who often times works on buildings in downtown Toronto. I told him a while back he should be preparing for the worst.
The Tuna Press is open for business.
No Coke, Pepsi.
Bag of chips?
I live here and Canada is fucked; hardly any of the sheeple here believe it but the shit storm is starting.
I have clients in Canada and the arrogance and lack of knowledge regarding their situation is mindboggling. They truely are just like Americans.
Don't mistake not giving a shit for arrogance. The Canadians have been eating government turds for decades now. Their politics are skewed by the fact that 80% of the country live in five metropolitan zones. "Ordinary" Canadians are fodder.
... They truely are just like Americans.
They are actually worse, because they missed the RE bust (that happened South of their border), and still believe that it cannot happen to them... ever !
Right there with ya. I watch my kids' friends buy real estate, at 21 years old with minimum wage jobs, and my finkster just puckers.
Serf's up, and it is us.
I love how Canadian housing starts and economic activity drop is blamed on low oil, but in the US it was the harsh winter....
And in other news... Swedens repo rate just went NIRPier...
10% + inflation is killing canadian families.
Hilarious!
Were Vlad to win yet another faux "election" in Moscow, every third ZH story would be announcing that fact, but when Netanyahu wins in Israel, all we get is...
...crickets.
Member for 6 weeks, spamming about Israel.
Way to out yourself.
Bob, you need an argument that isn't an ad hominem attack.
Google the definition for hilarious.
Looks like you may have wandered into the wrong article. This is about Canada self-destructing, not Israel.
Simple fix...Make it up on volume!
This is another snapshot of what a global unwind of epic proportions looks like, slow-motion, train-wreck style.
We are one snowflake closer to avalanche.
Ask LIESman if it snowed in Canada too?
nope all wrong...
what is going on in Canada is breaking spine of rock solid banking industry.
never ever before top 5 banks in Canada where allowed to have more than 27%
of sub prime mortgages,! Nobody knows what that number is now but its way
over 37%.
in Canada there is also CHMC with is government insurer of all mortgages
backed by Genworth and few other insurers.
what CMHC is actually tool to leverage all bank loses to all Canadians.
so when collapse comes better get out of Canada completely or you will be paying
taxes to cross the street.
other big problem is Unions who are running the show.
in Ontario Canadian power-house province, 47% of taxes goes to salaries and pensions
or unionized workers.
i have no clue how is mathematically possible! beats me
not sure why Asians are attracted to 9 months of winter and only aprox 8 weekends of summer...
I beleive 5 yr mortgage rates will slip under 2% later this year. Property taxes will be higher than mortgage payments. The gov't is getting the populace ready for hyper inflation by substituting real money (silver and gold) for fiat. 20 for 20, 50 for 50 etc. programs. Basis of the program is 80.00oz silver and 2400.00 gold. No taxes involved and legislation enacted to accept coin at all banks. The program has been massively advertised and the Mint is going direct to consumers. The coins are also available thru the post office and a few of the banks have begun sellingg as well.
The BoC will soon revert back to its pre 1974 mandate. The real money program is a prelude to the demise of Freely printed fiat.
IMHO
"The gov't is getting the populace ready for hyper inflation by substituting real money (silver and gold) for fiat. 20 for 20, 50 for 50 etc. programs."
What are you smoking?
I have purchased some of these coins from the mint. The silver ones are only 8 grams (0.3 oz) for $20. They are nothing more than a novelty. Furthermore they are not legal tender it is "optional" for a bank or business to accept them.
Wait until all the Canadians who bought second homes in the SW figure out they need to sell and cash out at a huge profit due to the Loonie crashing 25%+ since they bought over the last few years. The real estate crash in Palm Springs, Phoenix, LV will be epic.
Until this drop becomes a trend as in 2008, it doesn't mean anything, as the chart makes obvious.
Look at the graph. It drops EVERY January.
In Canada, this effect is referred to as "Winter."
The first question is what is the marginal effect in January 2015 caused by the drop in oil prices?
The second question will be answered in May/June...is there a longer trend forming, such as in 2008-2009, or is this an annual behavior, albeit a little bigger this year thanks to oil prices?