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Canada’s Housing Bubble Could Spell Disaster for Trudeau

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According to experienced strategists, Canada’s housing market is in danger of collapsing since it has one of the greatest housing bubbles in history. The degree of debt that Canadians have taken on in contrast to their earnings has left many in a perilous situation if mortgage rates continue to climb, which is likely, according to Phillip Colmar, partner at MRB Partners, in an interview on Tuesday.

“Canada is probably sitting on the largest housing bubble of all time,” he said.

Colmar suggested that inflated housing prices in Canada are a result of the Bank of Canada’s monetary policy providing easy money for two decades for a variety of reasons. Currently, he sees risk in mortgage rates rising as Canadian bond yields rise, especially at a time when debt-to-income ratios are sky high.

“The worst part for a housing bubble is when you have [a] credit bubble underneath it,” Colmar cautioned. The amount of Canadian indebtedness in the system against income is tremendous — and debt servicing has increased dramatically.”

While Canadian banks are doing their lot to keep the property market from collapsing, Colmar predicts it will.

There is clearly a risk that if mortgage rates rise, unemployment rises, or we enter the next recession, this thing will wind up in a deleveraging cycle, he added.

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Trudeau Hasn’t Helped in Canada’s Soaring Housing Cost

The rising cost of housing in Canada has become a key electoral issue for Prime Minister Justin Trudeau, as his main opponent focuses on generational frustrations over affordability.

This summer, Trudeau has played defence on the problem, naming a new housing minister and diverting some of the burden to other levels of government. However, with Trudeau’s party already slipping in recent surveys, housing has become a serious vulnerability for him.

“Failure to appear to be doing enough on housing could be politically disastrous for the Liberals,” David Coletto, CEO of polling firm Abacus Data told Bloomberg.

The issue is especially crucial for Canadians under 40, a critical group that Trudeau’s party could not have won the last two elections without, according to Coletto. His firm’s most recent survey showed Pierre Poilievre’s Conservatives leading the Liberals by ten points.

The average price of a home in Canada has more than quadrupled in the last decade, reaching $760,600 (US$572,470) in June. Trudeau’s government, which took office in 2015, has also steadily increased yearly immigration targets, with more than one million people coming last year, putting a strain on an already scarce housing supply.

Poilievre has pounded Trudeau on the issue, concentrating on young people’s rage. He told reporters outside the Parliament building in Ottawa on Tuesday that Canada’s home affordability is among the worst in the world.

“Rent has more than doubled,” he remarked. “Mortgage payments have doubled.” Down payments were required and doubled. All of this comes after eight years of Justin Trudeau.”

To be fair, rising housing costs have many causes outside of Trudeau’s control. Provinces and cities, which are in charge of land-use planning, zoning, and permitting, are to fault, as are real estate investors, overseas buyers, years of low loan rates, and other issues.

 

canada housing trudeau

Nonetheless, Canada’s aggressive immigration ambitions have outpaced housing construction, exacerbating the demand-supply imbalance. In the year to March, 4 to 5 international migrants landed in Canada for every new unit of housing construction that began. That is the highest ratio of new Canadians to new residences in statistics dating back to 1977.

Poilievre, on the other hand, dodged reporters’ inquiries on whether he will lower immigration targets on Tuesday.

Former Liberal member Adam Vaughan, who assisted in the development of Trudeau’s $82 billion national housing policy, said that the country is better off now than it would have been without his party’s policies. He claims that if the government had done nothing, federal spending on social housing would have been merely $1 billion this year.

More needs to be done, he says, and time would be better spent concentrating on solutions across levels of government rather than laying blame. Trudeau’s remark on Monday that housing is not a fundamental federal priority was “problematic,” according to Vaughan.

“It is a responsibility of the federal government, if not literally, then politically, and I would argue that it is morally,” said Vaughan, who now works at public relations firm Navigator.

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According to Mike Moffatt, senior policy and innovation director at the Smart Prosperity Institute, the federal government has a number of instruments at its disposal to address the housing shortfall without increasing its debt.

These approaches include focusing immigration policy on construction workers, electricians, and others who could help increase housing supply, as well as postponing international student visa approvals until provinces order universities to provide additional accommodation for them.

If the government does act, “they had better act quickly because time isn’t on their side, and there’s a chance that one of the opposition parties could really start to own this issue,” Moffatt said.

Former Trudeau policy director Marci Surkes believes the government is working on a housing strategy as a core component of its fall budget update.

“This is ground that the Liberal Party should be occupying and owning,” said Surkes, who currently works as an adviser for the Compass Rose Group. “At this point, they should have been making more tangible progress.” And yet, given the economic circumstances, whatever progress has been made to date does not feel sufficient.”

The New Democratic Party’s Jagmeet Singh, whose party has agreed to support the Liberal minority government in Parliament, said on Tuesday that Trudeau’s “finger-pointing” will not fix the housing crisis, despite the fact that all levels of government bear some responsibility.

“We can’t ignore the significant levers that the federal government has,” he remarked. “The levers are so significant that I would say the federal government has incredible powers to actually solve this problem if they choose to do so.”

 

 

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Video Appears To Show Sean ‘Diddy’ Combs Beating Singer Cassie In Hotel Hallway In 2016

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Los Angeles — CNN’s security footage purports to show Sean “Diddy” Combs assaulting singer Cassie in a Los Angeles hotel corridor in 2016, the latest in a months-long sequence of public allegations and discoveries of physical and sexual abuse by the hip-hop entrepreneur.

The footage, which debuted on Friday, shows Combs striking and kicking the R&B singer, his protege and long-term girlfriend. The video also shows Combs pushing and dragging Cassie and hurling a vase at her.

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Video Appears To Show Sean ‘Diddy’ Combs Beating Singer Cassie In Hotel Hallway In 2016

The security camera video, dated March 5, 2016, closely resembles the description of an incident at an InterContinental Hotel in Los Angeles’ Century City neighborhood described in a November lawsuit filed by Cassie, whose legal name is Cassandra Ventura, who claimed years of sexual abuse and other violence from Combs.

The lawsuit claims Combs paid the hotel $50,000 for the security footage. CNN could not specify how it received the video but did state that it validated the location by comparing it to publicly available photographs of the InterContinental Hotel.

Cassie’s complaint was resolved the day it was filed, but it prompted intensive scrutiny of Combs, with numerous additional claims filed in the months that followed, as well as a federal criminal sex-trafficking probe that led investigators to raid Combs’ residences in Los Angeles and Miami.

Representatives for Combs did not immediately respond to the video, but he has previously rejected the allegations in the lawsuits, and his lawyers have stated that he rejects all wrongdoing and would fight to prove his innocence.

“The gut-wrenching video has only further confirmed Mr. Combs’ disturbing and predatory behavior,” said Douglas Wigdor, Cassie’s attorney, who has filed earlier complaints against him. “Words cannot express the courage and fortitude that Ms. Ventura has shown in coming forward to bring this to light.”

The Associated Press normally does not identify persons who claim to have been sexually abused unless they come forward publicly, as Ventura has.

According to the lawsuit, Combs became “extremely intoxicated” earlier that evening and hit Ventura, resulting in a black eye. According to the lawsuit, she attempted to depart after he fell asleep. This appears to be the beginning of the video. Ventura can be seen walking towards a bank of elevators with a packed backpack.

The suit claims Combs awoke and began screaming at her, following her down the corridor.

In the video, he forcibly grabs her and yanks her to the ground before kicking her and throwing vases at her.

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Video Appears To Show Sean ‘Diddy’ Combs Beating Singer Cassie In Hotel Hallway In 2016

According to the lawsuit, she managed to flee but later returned for fear of further violence. The suit claims that hotel workers pushed her to return to her apartment when she returned. She would run and seek refuge with a friend in Florida.

The lawsuit claims Combs paid the hotel $50,000 for the security footage.

It is doubtful that Combs will face criminal charges for the attack. In California, the statute of limitations for assault or battery ranges from one to three years, depending on whether the offense is charged as a misdemeanor or felony.

The tape was released just as Combs and his legal team began responding to the claims coming in steadily since November. They recently filed motions to dismiss portions of a complaint alleging he sexually attacked a woman in 1991, as well as the entire lawsuit alleging he and two other men raped a 17-year-old girl in 2003. According to the court pleadings, both sets of allegations are baseless.

On March 25, Homeland Security Investigations executed search warrants on Combs’ houses in Los Angeles and Miami as part of a sex trafficking investigation. His lawyer described it as “a gross use of military-level force.” The investigation is continuing. Combs hasn’t been charged.

Combs, a three-time Grammy winner and the founder of Bad Boy Records, is one of hip-hop’s most prominent producers and executives during the last three decades. He parlayed his hip-hop fame into a larger economic empire encompassing private-label spirits, clothes, and a television network. Since the charges surfaced, he has had to stand down from several of his corporate positions.

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Video Appears To Show Sean ‘Diddy’ Combs Beating Singer Cassie In Hotel Hallway In 2016

He and Ventura started dating in 2007, dating intermittently for over ten years.

She became well-known for her hit single “Me & U,” which peaked at number one on the Billboard Hot R&B/Hip-Hop Songs chart 2006. The song was the main single from her self-titled and only studio album.

She has acted in numerous television episodes and films, including Fox’s “Empire,” “Step Up 2: The Streets,” and “Spenser Confidential.”

SOURCE – (AP)

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Dabney Coleman, Actor Who Specialized In Curmudgeons, Dies At 92

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NEW YORK — Dabney Coleman, the mustachioed character actor who played smarmy villains like the chauvinist boss in “9 to 5” and the cruel TV director in “Tootsie,” has died. He was 92.

Coleman died Thursday at his Santa Monica home, according to his daughter, Quincy Coleman, who spoke with The Associated Press. She stated that he “took his last earthly breath peacefully and exquisitely.”

“The great Dabney Coleman developed, or defined, in a unique way, an archetype as a character actor. “He was so good at what he did that it’s difficult to imagine movies and television in the last 40 years without him,” Ben Stiller wrote on X.

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Dabney Coleman, Actor Who Specialized In Curmudgeons, Dies At 92

Coleman worked as a talented but underappreciated actor in films and television shows for two decades. That changed dramatically in 1976 when he was cast as the incorrigibly corrupt mayor of Fernwood’s Hamlet in “Mary Hartman, Mary Hartman,” a satire soap opera so outrageous that no network would air it.

Producer Norman Lear was ultimately able to syndicate the show, which starred Louise Lasser in the titular character. It rapidly became a cult favorite. Coleman’s role, Mayor Merle Jeeter, was particularly popular, and film and television executives noted his brilliant, humorous deadpan delivery.

Coleman, a six-footer with an enormous black mustache, went on to make his mark in other blockbuster films, including roles as a stressed-out computer scientist in “War Games,” Tom Hanks’ father in “You’ve Got Mail,” and a firefighting official in “The Towering Inferno.

He received a Golden Globe for “The Slap Maxwell Story” and an Emmy Award for best supporting actor in Peter Levin’s 1987 small-screen legal thriller “Sworn to Silence.” Some of his most recent credits include “Ray Donovan” and a regular part in “Boardwalk Empire,” for which he received two Screen Actors Guild Awards

In the revolutionary 1980 smash “9 to 5,” he played the “sexist, egotistical, lying, hypocritical bigot” employer who harassed his underappreciated female subordinates — Jane Fonda, Lily Tomlin, and Dolly Parton — until they turned the tables on him.

In 1981, he played Fonda’s kind, well-mannered lover, who asked her father (played by her real-life father, Henry Fonda) whether he could sleep with her during a visit to her parents’ holiday house in “On Golden Pond.”

In Tootsie, opposite Dustin Hoffman, Coleman played the unpleasant director of a daytime soap opera that Hoffman’s character joins by pretending to be female. Coleman’s other films included North Dallas Forty, Cloak and Dagger, Dragnet, Meet the Applegates, Inspector Gadget, and Stuart Little. He reconnected with Hoffman as a land developer in Brad Silberling’s Moonlight Mile, starring Jake Gyllenhaal.

Coleman’s arrogant roles didn’t transition so well to television, where he appeared in a few network comedies. Although some became cult favorites, just one lasted more than two seasons, and some critics questioned if a show with a lead character with no redeeming characteristics could appeal to a large audience.

“Buffalo Bill” (1983-84) was an excellent example. Coleman played “Buffalo Bill” Bittinger, the smarmy, arrogant, dimwitted daytime talk show presenter who, dissatisfied with his relegation to the small-time market of Buffalo, New York, takes it out on everyone else. Despite being cleverly written and containing a strong ensemble cast, it only lasted two seasons.

Another was 1987’s “The Slap Maxwell Story,” in which Coleman played an unsuccessful small-town columnist attempting to repair his marriage while also wooing a gorgeous young reporter.

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AP – VOR News Image

Dabney Coleman, Actor Who Specialized In Curmudgeons, Dies At 92

Other failed attempts to get a large TV audience were “Apple Pie,” “Drexell’s Class” (in which he portrayed an inside trader), and “Madman of the People,” a newspaper show in which he clashed with his younger employer, who was also his daughter.

He performed better in a co-starring role in The Guardian (2001-2004), when he played the father of a corrupt lawyer. He also liked his part as Principal Prickly in the Disney cartoon series Recess from 1997 to 2003.

Underneath all the bravado was a quiet individual. Coleman stated he was quite shy. “I’ve been shy my whole life. Perhaps it derives from being the last of four gorgeous children, including a sibling who resembled Tyrone Power. “Maybe it’s because my father died when I was four,” he told the Associated Press in 1984. “I was incredibly little, a little man there, the youngster who never caused trouble. I was drawn to fantasy; therefore, I made games for myself.”

As he grew older, he began to leave his stamp on pompous authority figures, most notably in 1998’s “My Date With the President’s Daughter,” in which he played not only an egotistical, self-absorbed president of the United States but also a dumb father to a teenage girl.

Dabney Coleman—his real name—was born in 1932 in Austin, Texas. After two years at the Virginia Military Academy, two at the University of Texas, and two in the Army, he was a 26-year-old law student when he met Zachry Scott, an Austin resident who appeared in “Mildred Pierce” and other films.

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AP – VOR News Image

Dabney Coleman, Actor Who Specialized In Curmudgeons, Dies At 92

“He was the most vibrant guy I had ever met. He convinced me to become an actress, and I went to study in New York the next day. “He didn’t think that was very wise, but I made my decision,” Coleman told The Associated Press in 1984

Early credits include television shows like Ben Casey, Dr Kildare, The Outer Limits, Bonanza, The Mod Squad, and The Towering Inferno. He made his Broadway debut in 1961 with the play A Call on Kuprin. He played Kevin Costner’s father in the film Yellowstone.

The four children Coleman had—Meghan, Kelly, Randy, and Quincy—as well as his grandchildren Hale and Gabe Torrance, Luie Freundl, and Kai and Coleman Biancaniello—survived him. Coleman had two divorces.

“My father crafted his time here on earth with a curious mind, a generous heart, and a soul on fire with passion, desire and humor that tickled the funny bone of humanity,” Quincy Coleman wrote in his memory.

SOURCE – (AP)

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China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

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China launched a slew of new steps Friday to revitalize its struggling real estate business, as the latest data revealed that house prices had fallen over 10% since the beginning of the year.

Among other measures, the central bank said it will lower the minimum down payment for mortgages and eliminate the floor on interest rates for first and second homes.

China’s housing market has plummeted following a crackdown on excessive borrowing by property developers many years ago. This has dragged down a wide range of other sectors, including home furnishings, appliances, and construction, and delayed growth in the world’s second-largest economy.

Dozens of developers, whose armies of high-rise apartments have changed China’s metropolitan landscapes, still need to pay their obligations. Many initiatives have just stagnated, incomplete.

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China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

He Lifeng, a deputy premier, stated that officials would implement laws tailored to each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.”

“We will solidly advance key tasks such as guaranteed housing delivery and absorption of existing commercial housing,” He said during a top-level property policy teleconference, according to the official Xinhua News Agency.

The drive to entice more families to buy homes has gathered traction after previous moves, such as interest rate cuts and government-backed financing, failed to attract buyers when developers struggled to produce housing that had already been promised and paid for.

Housing is a mainstay of Chinese investment due to the cheap interest rates paid by banks, and many potential purchasers may be waiting for the market to bottom out before making fresh purchases. Furthermore, layoffs and other economic disruptions caused by the pandemic have made many individuals wary of spending.

The People’s Bank of China said that beginning Saturday, the interest rate for first-time housing provident fund loans for less than five years will be reduced by 0.25 percentage points to 2.35%. The loan rate for loans for more than five years has decreased by 0.25 percentage points to 2.85%.

According to the report, the minimum down payment for first-time homebuyer loans will be 15% of the total purchase price. The tax on second residences will be 25%.

According to Chen Wenjing of China Index Holdings, a Nasdaq-listed company that specializes in information about China’s real estate market, the latest efforts, which have reduced down payment levels and mortgage interest rates to historic lows, demonstrate Chinese leaders’ determination to stabilize the real estate market.

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China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

“Reducing the down payment threshold and home purchase costs for residents will likely boost their willingness to buy homes,” Chen stated. He said that if large cities follow through with such initiatives, market sentiment would likely rise even further.

Dong Jianguo, vice minister of Housing and Urban-Rural Development, stated that officials should focus on ensuring that property buyers receive what they paid for, and if that is not possible, the courts may have to intervene.

“In judicial proceedings, protecting the legitimate rights and interests of homebuyers should also be a top priority,” Dong said at a news conference in Beijing.

Earlier Friday, officials from the National Bureau of Statistics acknowledged that domestic demand — spending by consumers and businesses — remained “insufficient” and said the government was considering additional ways to revitalize the property industry after housing prices fell 9.8% in January-April compared to the previous year.

“The complexity, harshness, and uncertainty of the external environment are rapidly growing. “There is insufficient effective domestic demand, high business pressure, and numerous risks and hidden dangers,” said Liu Aihua, a bureau spokesperson.

“The foundation for recovery needs to be strengthened,” Liu stated.

One of the primary measures being implemented is for local governments to buy units that have gone unsold owing to low demand and rent them out as cheap housing in pilot schemes that are national policy.

As part of the newest policy easing, the central bank announced the establishment of a 300 billion yuan ($42 billion) fund to finance the purchase of vacant homes by state-owned enterprises and local governments for use as affordable housing.

China’s economy expanded at a healthy 5.3% rate in the first quarter of this year, but this is rather slow for a developing country, and signals of fragility remain.

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China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

On Friday, the National Bureau of Statistics said that manufacturing output increased by 6.7% in April compared to the previous year, while investment in fixed assets such as factory equipment increased by 4.2%.

However, housing starts plummeted nearly 25% yearly, while sales by floor area fell 20%. Financing for property projects declined by 25%.

Retail sales increased only 2.3% in April.

Officials predicted demand would revive as the government implemented initiatives encouraging people to sell their old cars and appliances and acquire new ones.

SOURCE – (AP)

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