My American Cousin...

[GRG55]

It's said that the difference between a Canadian and an American is that American's don't get offended when someone mistakes them for being Canadian.

But the reality is we Canadians are always striving to emulate our richer, brasher, more confident, globally influential American cousins in every way. Looks like we are working hard to catch up on this front too (two related articles):

Century 21 Canada survey finds housing prices remain strong, stable across country

Wed Apr 30, 7:27 PM

By Eric Shackleton, The Canadian Press

TORONTO - A national survey by Century 21 Canada brokers suggests the Canadian house market has definitely cooled but hasn't suffered the big collapses that have been experienced in some parts of the United States.

In its 2008 Spring National House Price Survey released Wednesday, the real estate franchisor looked at typical homes in 198 neighbourhoods within 66 cities across Canada.

It found that prices over the past year increased in 167 neighbourhoods, remained flat in nine neighbourhoods and declined in 21 neighbourhoods.

The survey, based on multiple listings and sold and current listings data, defined a typical home as the type of home that occurs most frequently in any given neighbourhood.

The results, said Don Lawby, Century 21 president, "reflect the solid foundations of Canada's housing markets versus the boom-bust excesses of the U.S. housing market."...

http://ca.news.finance.yahoo.com/pri...es-remain.html

Now why is it that house prices haven't started falling all across Canada, even though the heartland of the country is now in recession, and the rest is being held up largely by the mineral industries in the outlying regions?

Could this be the answer?

BoC governor Carney warns about loosening mortgage standards in Canada

Wed Apr 30, 6:12 PM

Julian Beltrame, The Canadian Press

(The Canadian Press)

By Julian Beltrame, The Canadian Press

OTTAWA - Bank of Canada governor Mark Carney is concerned about the loosening standards in the Canadian mortgage system, particularly the growing popularity of mortgages amortized over a 40-year period.

Carney told a Commons committee Wednesday that the central bank is watching developments in the mortgage lending sector closely to ensure that the abuses seen in the U.S. subprime market do not occur in Canada.

"We have concerns with the increased prevalence of very long amortization and higher value mortgage products," he said.

"They add to momentum in the housing market and if everyone has a 40-year amortization mortgage, then you just have higher housing prices." ...

http://ca.news.finance.yahoo.com/pri...ds-canada.html

[Nicolasd]

Re: My American Cousin...

It's said that the difference between a Canadian and an American is that American's don't get offended when someone mistakes them for being Canadian.


GRG55, I won't surprise you if I say that some of my "Quebecois" brethren still prefer to this day being caugth dead than being labeled Canadian.

I agree with you that it is a little bit scary to withness the willingness to go down the path of our american cousins with regards to mortgages.

Here is an interesting link to the canadian real estate market situation from Scotia Bank from last february.

http://www.scotiacapital.com/English...n/retrends.pdf

[GRG55]

Re: My American Cousin...

It's said that the difference between a Canadian and an American is that American's don't get offended when someone mistakes them for being Canadian.


GRG55, I won't surprise you if I say that some of my "Quebecois" brethren still prefer to this day being caugth dead than being labeled Canadian.

I agree with you that it is a little bit scary to withness the willingness to go down the path of our american cousins with regards to mortgages.

Here is an interesting link to the canadian real estate market situation from Scotia Bank from last february.

http://www.scotiacapital.com/English...n/retrends.pdf

Thanks for the link to the Scotia report Nicolasd. I can confirm that the listings in Calgary are on a rapid upward trajectory, and the current gossip amongst the real estate agents is that the arrival of spring will jump start the market and cure all. We'll see.

On the matter of your Quebecois brethren, no surprise.

Living abroad for an extended period causes one to gain a perspective on the homeland that is often quite divergent from previously held views. In my case I am truly thankful I was born in a nation where the tribalism is largely national political sport, instead of national blood sport, as in so very many other places on earth [with the shameful exception of the October 1970 murder of Pierre Laporte by the FLQ].

Until I started living abroad after graduating from university, I hadn't realised how rare it is to have a nation where people from all over the world, from every religion, every ethnic background, every social strata, every skin colour...live in relative harmony. Similar to our cousins to the south, but different in execution.

[Finster]

Re: My American Cousin...

It's said that the difference between a Canadian and an American is that American's don't get offended when someone mistakes them for being Canadian.


GRG55, I won't surprise you if I say that some of my "Quebecois" brethren still prefer to this day being caugth dead than being labeled Canadian.

I agree with you that it is a little bit scary to withness the willingness to go down the path of our american cousins with regards to mortgages...

Yes guys, pleeeze stay Canadian!!! Do not attempt to imitate your south-of-the-border neighbors! Firstly on mortgages and debt.

And secondly, where will we visit when we need a break from brash, a respite from rude!

[Nicolasd]

Re: My American Cousin...

Living abroad for an extended period causes one to gain a perspective on the homeland that is often quite divergent from previously held views.


Very true.My dad came to Canada in 1961 (from Normandy) and never felt comfortable in Canada so after marrying locally and replicating , he moved us to France in 1973 ( pretty bad timing) and found out that social conditions and peer acceptance was worst there , in his home country , than his host country. So we moved back a few years later and he never looked back.

Too few north american born people travel enough to really appreciate north american standard of living and the imperfect ,but still exceptional , social net we enjoy.

A quick story to highligth how good we are having it here: Back in 1996 , I was on Sumatra island, Indonesia for a paper machine start-up when a local inexperienced guy got killed by machinery in the jungle trying to debark some palm trees. The company was denying the family the $250 USD life insurance ( a nigth in town for most of us) because they alledged that the accident was "off site" :mad:. All expat's passed around the hat and gave a larger amount than the "life insurance" to the poor family .

[Verrocchio]

Re: My American Cousin...

Living abroad for an extended period causes one to gain a perspective on the homeland that is often quite divergent from previously held views.

...and that is a valuable perspective, indeed. At least for some, returning home from a long period of living overseas seems to produce strikingly different perspectives on what were once familiar customs and scenes.

Oddly for others, living abroad doesn't seem to affect them in this way. I'm reminded of a Welshman who I worked with in Hong Kong for a time who had an unfortunately UK-centric view of most issues that arose there. I came to associate him with the figure of Brittanus in Shaw's Caesar and Cleopatra: Pardon him, Theodotus: he is a barbarian, and thinks that the customs of his tribe and island are the laws of nature.