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Imagine the Bank of Canada Governor saying that if it wasn't for high immigration, rental prices would be falling, even in a high interest rate environment.  It's almost like I've said this 100 times but "some" people don't want to listen.  Rent prices are "directly" linked to inventory levels, not interest rates.  If you increase the supply of rental homes, rents would fall regardless of interest rates...

 

FIRST READING: Rents would be tapering off if not for high immigration, hints BoC governor (msn.com)

 

FIRST READING: Rents would be tapering off if not for high immigration, hints BoC governor

 

Canadian rents would probably be going down right now if it wasn’t for sky-high immigration rates, Bank of Canada Governor Tiff Macklem hinted in a recent speech to the Canadian Club.

 

“Canada’s housing supply has not kept up with growth in our population, and higher rates of immigration are widening the gap,” Macklem said in a Dec. 15 address at Toronto’s Royal York Hotel.

 

The speech was a routine economic update to Canadian business leaders, and Macklem was mostly there to deliver the bleak news that 2024 will be “difficult for many.”

 

“Consumers will continue to hold back spending, businesses will see weak demand (and) the unemployment rate will likely increase further,” he said.

 

While a sluggish economy is at least having the effect of tamping down inflation, Macklem singled out the meteoric rise in “shelter costs” as being out of step with what would normally be expected in a time of decline.

 

“Why is shelter price inflation rising even as the economy slows?” he said.

 

Rising mortgage costs are obviously a factor — something for which Bank of Canada interest rate hikes are directly responsible. But Macklem noted that rent and even maintenance costs are surging to historic highs with no immediate end in sight.

 

“Rent was up 8.2 per cent in October,” said Macklem. It’s the highest spike in rents in more than 40 years. And with average rents already higher than $2,000 per month, that’s akin to an extra $160 in a single month.

 

It’s why shelter costs were highlighted as the one glaring piece of bad news when it came to inflation. Macklem noted that Canada’s overall inflation rate has already calmed down significantly from its immediate post-pandemic highs. As of the most recent Statistics Canada figures, inflation stood at 3.1 per cent — way down from the 8.1 per cent it hit in June 2022.

 

But inflation still remains at generational highs in food and “non-durable goods”; a category that includes consumables such as soap and clothing. Grocery price inflation is at 5.4 per cent, rising as high as 8.3 per cent for categories such as “sugar and confectionery.”

 

“It’s no wonder that people are still feeling the pressure of higher prices,” he said.

 

But Macklem said that price surges in both food and non-durables were soon set to taper off. On groceries, prices should stabilize once farmer and global transportation networks get back into their pre-pandemic groove.

 

And for the “non-durable goods,” the expected slowdown in consumer spending would probably be enough to curb demand and temper price hikes.

 

Not so for shelter costs; which remained set to continue rising for the foreseeable future. As Macklem explained, it’s all due to a “structural lack of supply in housing.”

 

“We do expect shelter price inflation to moderate overtime, but I’ll admit; predicting the timing is difficult,” he said.

 

Coming out of the COVID-19 pandemic, Canada already had the most acute housing shortage in the G7. According to a CMHC report from that time, it would take an extra 3.5 million homes just to get the Canadian real estate market back to a semblance of affordability.

 

But that housing gap has only gotten wider amid an unprecedented increase in Canadian immigration numbers.

 

On Tuesday, Statistics Canada confirmed that the Canadian population has swelled by 430,635 in just three months. Population growth hasn’t been this high since a brief period in 1956 when Canada took in several thousand refugees fleeing the Hungarian Revolution.

 

Even then, the population rise was due in part to elevated post-war birthrates. The 430,635, by contrast, is driven almost entirely by immigration.

 

This level of newcomers is utterly swamping Canada’s ability to create new homes. In all of 2022, Canada saw just 219,942 housing completions — and amid a slowdown in the construction industry that number is set to be even lower for 2023.

Edited by Elias Pettersson
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3 hours ago, Elias Pettersson said:

Imagine the Bank of Canada Governor saying that if it wasn't for high immigration, rental prices would be falling, even in a high interest rate environment.  It's almost like I've said this 100 times but "some" people don't want to listen.  Rent prices are "directly" linked to inventory levels, not interest rates.  If you increase the supply of rental homes, rents would fall regardless of interest rates...

 

FIRST READING: Rents would be tapering off if not for high immigration, hints BoC governor (msn.com)

 

FIRST READING: Rents would be tapering off if not for high immigration, hints BoC governor

 

Canadian rents would probably be going down right now if it wasn’t for sky-high immigration rates, Bank of Canada Governor Tiff Macklem hinted in a recent speech to the Canadian Club.

 

“Canada’s housing supply has not kept up with growth in our population, and higher rates of immigration are widening the gap,” Macklem said in a Dec. 15 address at Toronto’s Royal York Hotel.

 

The speech was a routine economic update to Canadian business leaders, and Macklem was mostly there to deliver the bleak news that 2024 will be “difficult for many.”

 

“Consumers will continue to hold back spending, businesses will see weak demand (and) the unemployment rate will likely increase further,” he said.

 

While a sluggish economy is at least having the effect of tamping down inflation, Macklem singled out the meteoric rise in “shelter costs” as being out of step with what would normally be expected in a time of decline.

 

“Why is shelter price inflation rising even as the economy slows?” he said.

 

Rising mortgage costs are obviously a factor — something for which Bank of Canada interest rate hikes are directly responsible. But Macklem noted that rent and even maintenance costs are surging to historic highs with no immediate end in sight.

 

“Rent was up 8.2 per cent in October,” said Macklem. It’s the highest spike in rents in more than 40 years. And with average rents already higher than $2,000 per month, that’s akin to an extra $160 in a single month.

 

It’s why shelter costs were highlighted as the one glaring piece of bad news when it came to inflation. Macklem noted that Canada’s overall inflation rate has already calmed down significantly from its immediate post-pandemic highs. As of the most recent Statistics Canada figures, inflation stood at 3.1 per cent — way down from the 8.1 per cent it hit in June 2022.

 

But inflation still remains at generational highs in food and “non-durable goods”; a category that includes consumables such as soap and clothing. Grocery price inflation is at 5.4 per cent, rising as high as 8.3 per cent for categories such as “sugar and confectionery.”

 

“It’s no wonder that people are still feeling the pressure of higher prices,” he said.

 

But Macklem said that price surges in both food and non-durables were soon set to taper off. On groceries, prices should stabilize once farmer and global transportation networks get back into their pre-pandemic groove.

 

And for the “non-durable goods,” the expected slowdown in consumer spending would probably be enough to curb demand and temper price hikes.

 

Not so for shelter costs; which remained set to continue rising for the foreseeable future. As Macklem explained, it’s all due to a “structural lack of supply in housing.”

 

“We do expect shelter price inflation to moderate overtime, but I’ll admit; predicting the timing is difficult,” he said.

 

Coming out of the COVID-19 pandemic, Canada already had the most acute housing shortage in the G7. According to a CMHC report from that time, it would take an extra 3.5 million homes just to get the Canadian real estate market back to a semblance of affordability.

 

But that housing gap has only gotten wider amid an unprecedented increase in Canadian immigration numbers.

 

On Tuesday, Statistics Canada confirmed that the Canadian population has swelled by 430,635 in just three months. Population growth hasn’t been this high since a brief period in 1956 when Canada took in several thousand refugees fleeing the Hungarian Revolution.

 

Even then, the population rise was due in part to elevated post-war birthrates. The 430,635, by contrast, is driven almost entirely by immigration.

 

This level of newcomers is utterly swamping Canada’s ability to create new homes. In all of 2022, Canada saw just 219,942 housing completions — and amid a slowdown in the construction industry that number is set to be even lower for 2023.

 

He's not actually focusing on immigration solely the way you are suggesting, it's a factor among many others.

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14 hours ago, Bob Long said:

 

just pointing out how PP uses simplified arguments and doesn't provide any ideas. Yes I know its not election time, but if he has any ideas he owes it to Canadians to bring them forward. We have paid his salary for 20+ years. 

Perhaps you could ask the same of the current government. After all they have been running things for the past 8 years. Yes, I want a clearer read on PP. That said his positions are available with a little research. 

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11 minutes ago, Boudrias said:

Perhaps you could ask the same of the current government. After all they have been running things for the past 8 years. Yes, I want a clearer read on PP. That said his positions are available with a little research. 

 

I do look at what our current government does and am often critical of them. It's also important to give credit where it's due as well.

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2 hours ago, Bob Long said:

 

Because he's got some serious issues and needs help. Just listen to him, if he wasn't a famous person you'd back away slowly.

https://ottawacitizen.com/news/national/defence-watch/chrystia-freelands-granddad-was-indeed-a-nazi-collaborator-so-much-for-russian-disinformation

 

 

Maybe this is why

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11 minutes ago, Bob Long said:

 

How stupid. 

 

Hey just for fun what were your grandpas ideas?

The concern is not stupid. The idea that children are not influenced by their parents and grandparents is not stupid. Suggesting otherwise is a cheap effort to degrade the point. How about the idea that there is no evidence that Freeland was influenced by her grandfather? I have not seen any. How about the idea that Freeland's grandfather was doing no less than the Ukrainian fellow who was applauded in the House during the Zelensky address. Ukrainians had to make hard choices of how they would defend their country from well established abuse by the Russians prior to WW2, during and after. Were these two mean patriots who joined the Germans because they had no other options? Or were they evil nazis at heart? We will likely never know the true story. What people faced during WW2 is far beyond anything we can comprehend. 

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4 minutes ago, Boudrias said:

The concern is not stupid. The idea that children are not influenced by their parents and grandparents is not stupid. Suggesting otherwise is a cheap effort to degrade the point. How about the idea that there is no evidence that Freeland was influenced by her grandfather? I have not seen any. How about the idea that Freeland's grandfather was doing no less than the Ukrainian fellow who was applauded in the House during the Zelensky address. Ukrainians had to make hard choices of how they would defend their country from well established abuse by the Russians prior to WW2, during and after. Were these two mean patriots who joined the Germans because they had no other options? Or were they evil nazis at heart? We will likely never know the true story. What people faced during WW2 is far beyond anything we can comprehend. 

I'd say there is nothing of concern here at all.  

 

I see your point about how (some) grandparents influence (some) grandchildren.   As well as your point about how some Ukrainians where fighting Russia more than siding with Germans.

 

But can't you see that this is really quite the stretch?  Hate Freeland all you want but I think to bring her grandfather into it is just a bit silly.

 

BTW - I played in a band with a guy whose dad was in the Luftwaffe and was tasked with shooting down allied bombers.   My dad was a Lancaster pilot.  My bandmate was one of the nicest guys I ever met and we marveled at the fact our dads could have easily killed each other.

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14 minutes ago, Boudrias said:

The concern is not stupid. The idea that children are not influenced by their parents and grandparents is not stupid. Suggesting otherwise is a cheap effort to degrade the point. How about the idea that there is no evidence that Freeland was influenced by her grandfather? I have not seen any. How about the idea that Freeland's grandfather was doing no less than the Ukrainian fellow who was applauded in the House during the Zelensky address. Ukrainians had to make hard choices of how they would defend their country from well established abuse by the Russians prior to WW2, during and after. Were these two mean patriots who joined the Germans because they had no other options? Or were they evil nazis at heart? We will likely never know the true story. What people faced during WW2 is far beyond anything we can comprehend. 

*Asks why Theo called her a nazi

 

Grandpa is nazi collaborator

Standing ovation for nazi in HOC

This picture

 

 

Jimmy's reply.   "You're stupid"ukraine-pogrom-freeland-16461160704x3.thumb.jpg.dd3cb06f0557ae2bad87a138a0f9e85c.jpg

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1 minute ago, Spring Salmon said:

*Asks why Theo called her a nazi

 

Grandpa is nazi collaborator

Standing ovation for nazi in HOC

This picture

 

 

Jimmy's reply.   "You're stupid"ukraine-pogrom-freeland-16461160704x3.thumb.jpg.dd3cb06f0557ae2bad87a138a0f9e85c.jpg

questions:

 

Why should we really care what somebody's grandfather did?  

 

What did Freeland have to do with the Nazi in HOC?   He was invited by one guy who screwed up royally, and tbh really pissed me off, and resigned in disgrace.

 

What does the text in that image translate to?

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33 minutes ago, Bob Long said:

 

How stupid. 

 

Hey just for fun what were your grandpas ideas?

https://www.bbc.com/news/magazine-18120890

 

Collective punishment for a family's crimes is something they do in North Korea, not Canada. Here we have Goering's relatives voluntarily sterilizing themselves to end the line.   (I am wondering if they are Albert's descendants; Goering's brother kept using his name to save Jews from the Nazis).

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2 minutes ago, Satchmo said:

I'd say there is nothing of concern here at all.  

 

I see your point about how (some) grandparents influence (some) grandchildren.   As well as your point about how some Ukrainians where fighting Russia more than siding with Germans.

?  Hate Freeland all you want but I think to bring her grandfather into it is just a bit silly.

 

BTW - I played in a band with a guy whose dad was in the Luftwaffe and was tasked with shooting down allied bombers.   My dad was a Lancaster pilot.  My bandmate was one of the nicest guys I ever met and we marveled at the fact our dads could have easily killed each other.

 

2 minutes ago, Satchmo said:

I'd say there is nothing of concern here at all.  

 

I see your point about how (some) grandparents influence (some) grandchildren.   As well as your point about how some Ukrainians where fighting Russia more than siding with Germans.

 

But can't you see that this is really quite the stretch?  Hate Freeland all you want but I think to bring her grandfather into it is just a bit silly.

 

BTW - I played in a band with a guy whose dad was in the Luftwaffe and was tasked with shooting down allied bombers.   My dad was a Lancaster pilot.  My bandmate was one of the nicest guys I ever met and we marveled at the fact our dads could have easily killed each other.

No I don't think it is a stretch. To my point it is likely unfounded. The home environment can influence children's attitudes. We only have to look at Palestinian children in class rooms being counselled to kill Jews to understand that. Exploring what influences the politicians that chart courses for our lives is fair game and comes with the territory. I have no doubt that Freeland can defend her position. I hold another belief that people mature in their attitudes and actions and what is said 20 years ago likely does not necessarily apply today. So, no, the mere assertion that Freeland's grandfather worked for the nazis does not IMO make her a advocate for nazi beliefs. 

 

BTW: I met Adolf Galand at UVic many years ago as he came to our military history class and spoke. He was Germany's top fighter pilot and after the war and was involved with NATO somehow. My father monkey wrenched the Lancasters that your father flew and Galland tried to shot down. Galland seemed a decent sort but who knows?  

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44 minutes ago, Boudrias said:

The concern is not stupid. The idea that children are not influenced by their parents and grandparents is not stupid. Suggesting otherwise is a cheap effort to degrade the point. How about the idea that there is no evidence that Freeland was influenced by her grandfather? I have not seen any. How about the idea that Freeland's grandfather was doing no less than the Ukrainian fellow who was applauded in the House during the Zelensky address. Ukrainians had to make hard choices of how they would defend their country from well established abuse by the Russians prior to WW2, during and after. Were these two mean patriots who joined the Germans because they had no other options? Or were they evil nazis at heart? We will likely never know the true story. What people faced during WW2 is far beyond anything we can comprehend. 

 

Yes it is stupid. What about her other 3 grandparents, if they had different views does that make her 1/4 nazi?

 

 

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3 minutes ago, Boudrias said:

He was Germany's top fighter pilot

Eric Hartman- more 'kills' and led  part of the German Airforce- years after the war.

per wiki

"He flew 1,404 combat missions and participated in aerial combat on 825 separate occasions.[3] He was credited with shooting down a total of 352 Allied aircraft: 345 Soviet and 7 American while serving with the Luftwaffe. During his career, Hartmann was forced to crash-land his fighter 16 times after either mechanical failure or damage received from parts of enemy aircraft he had shot down; he was never shot down by direct enemy action.[3]

 

"In 1956, Hartmann joined the newly established West German Air Force in the Bundeswehr, and became the first Geschwaderkommodore of Jagdgeschwader 71 "Richthofen". He was forced into retirement in 1970 for his opposition to the procurement of the F-104 Starfighter over safety concerns. In his later years, after his military career had ended, he became a civilian flight instructor. Hartmann died on 20 September 1993 at age 71.

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5 minutes ago, Boudrias said:

 

No I don't think it is a stretch. To my point it is likely unfounded. The home environment can influence children's attitudes. We only have to look at Palestinian children in class rooms being counselled to kill Jews to understand that. Exploring what influences the politicians that chart courses for our lives is fair game and comes with the territory. I have no doubt that Freeland can defend her position. I hold another belief that people mature in their attitudes and actions and what is said 20 years ago likely does not necessarily apply today. So, no, the mere assertion that Freeland's grandfather worked for the nazis does not IMO make her a advocate for nazi beliefs. 

 

BTW: I met Adolf Galand at UVic many years ago as he came to our military history class and spoke. He was Germany's top fighter pilot and after the war and was involved with NATO somehow. My father monkey wrenched the Lancasters that your father flew and Galland tried to shot down. Galland seemed a decent sort but who knows?  

Looks like we are not going to fully agree on this one.   I'm still convinced it's a stretch and that bringing Palestinian children into the discussion is another stretch.

 

Your other points make sense to me.

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20 minutes ago, Boudrias said:

 

No I don't think it is a stretch. To my point it is likely unfounded. The home environment can influence children's attitudes. We only have to look at Palestinian children in class rooms being counselled to kill Jews to understand that. Exploring what influences the politicians that chart courses for our lives is fair game and comes with the territory. I have no doubt that Freeland can defend her position. I hold another belief that people mature in their attitudes and actions and what is said 20 years ago likely does not necessarily apply today. So, no, the mere assertion that Freeland's grandfather worked for the nazis does not IMO make her a advocate for nazi beliefs. 

 

BTW: I met Adolf Galand at UVic many years ago as he came to our military history class and spoke. He was Germany's top fighter pilot and after the war and was involved with NATO somehow. My father monkey wrenched the Lancasters that your father flew and Galland tried to shot down. Galland seemed a decent sort but who knows?  

What years were you at Uvic?

 

I was there from 1979-1983

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2 hours ago, Spring Salmon said:

 

Wow...

 

On Wednesday the Globe and Mail reported that, “Foreign Affairs Minister Chrystia Freeland knew for more than two decades that her maternal Ukrainian grandfather was the chief editor of a Nazi newspaper.”

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2 minutes ago, Elias Pettersson said:

 

Wow...

 

On Wednesday the Globe and Mail reported that, “Foreign Affairs Minister Chrystia Freeland knew for more than two decades that her maternal Ukrainian grandfather was the chief editor of a Nazi newspaper.”

Yes, it would have been way better if she didn't know.

 

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