there is no bubble guys. stephen poloz doesnt see a bubble. nothing to see here, move along now.
@toddfromwork8931
Жыл бұрын
It's all good I'll just be here paying $2923746/mo for rent at my minimum wage job. I'm pretty sure I'll be able to scrape together a down payment sometime after Alpha Centauri goes supernova, can I have more immigrants now please?
@parkerbohnn
Жыл бұрын
@@toddfromwork8931 Poloz stole millions of dollars in interest on my money off of me. Hundreds times more than it cost you. Maybe you can get a down payment around the time World War 5,764 hits. The words lowlife, wad of weasel shit and that ilk come to mind when I think of Poloz.
@alessandroc47
Жыл бұрын
Poloz is the last person besides JT and Tiff who will acknowledge the catastrophic effects their policies have had on Canadian housing and the subsequent pain that is to come during this hiking cycle.
@BetterDwelling
Жыл бұрын
Statistics Canada measures inflation, and they maintain they have no influence on the BOC. It’s quite comical. @StephenPunwasi has a discussion on his Twitter on the CPI consultation.
@parkerbohnn
Жыл бұрын
Poloz should be behind bars for running interest rates so low and stealing millions of dollars in interest off of me.
@ow5229
Жыл бұрын
Older Canadians just assume that the young talent would keep taking the bullshit policies and lack of affordability. I am actively looking to migrate. I have great work experience with an MBA and I will be leaving Canada soon. Emigration is your next threat
@rahzelwashington6847
Жыл бұрын
Who cares if you emigrate. There is a line up of foreigners waiting to immigrate. The plan is to grow through immigration
@parkerbohnn
Жыл бұрын
I'm moving to Monte Carlo with my relatives after my niece finishes university.😁Like I said I've had it with these subbasement interest rates. I'm trying to leave a lot of money to my heirs and I can't get s*it in the way of interest on my money thanks to guys like Poloz, Greenspan and Bernanke. All three should be doing lengthy prison sentences for stealing trillions of dollars in interest off of everyone like me. The biggest case of grand larceny the world has ever known.
@somejohndoe3004
Жыл бұрын
Well said
@pouetpouet941
Жыл бұрын
Word salad from the previous BOC governor. He got lucky the grenade went off in Macklem's hands.
@dillyp9267
Жыл бұрын
it was not a bubble in 2019 because a 600k house would cashflow at 2500/month rent which was normal. cashflows went negative in 2021 when prices went up 50% due to lower rates and in 2022 and now that rates spiked the cashflows are extremely negative. Macklem dropped rates so low that blew the bubble then Macklem popped it by spiking rates way to late.
@parkerbohnn
Жыл бұрын
It's a fact interest rates in Canada were higher than the interest rates in Amrica for 200 years straight running until that sad sack ofshit poloz showed up. Facts are facts. Check the interest rate charts.
@GH-pi8xc
Жыл бұрын
A lot of privilege at display. There seems to be an inability to relate to young Canadian families trying to put a roof over their heads. The observation of growing inequity is stated more as an interesting statistic, rather than with any empathy for the majority of people experiencing a reduced quality of life in Canada.
@fjversace
Жыл бұрын
This ⬆️
@rahzelwashington6847
Жыл бұрын
Reduced quality of life for SOME.. for others it's a massive wealth windfall... so it evens out from a population perspective. Wealth gaps are awesome if you are on the winning side. Your quality of life increases
@GH-pi8xc
Жыл бұрын
@@rahzelwashington6847 Good point, I had younger generations in mind when I wrote that.
@tmellencamp
Жыл бұрын
Stephen Poloz is associated with Key, a Toronto-based real-estate technology firm, that has been offering a co-ownership model for Canadians in need of equity support, and of course this would mean that Key is long real estate, thereby giving Mr. Poloz a heavy bent toward a positive outlook for Canadian residential real estate, which would potentially be supporting a very biased view.
@BetterDwelling
Жыл бұрын
He also said as interest rates rise the value of home prices would adjust lower, which directly conflicts with your statement.
@GH-pi8xc
Жыл бұрын
@@BetterDwelling Noted, although the overall view was one of support of the housing market remaining strong. 'There was a little bit of froth' with regards to questions around real estate being in a bubble. The fundamentals supporting the housing market were strong. There would be barely any defaults, based on what happened in the 70's, and prices adjusting lower would be transitory until rates started going down again sometime in the near future?
@tmellencamp
Жыл бұрын
@@BetterDwelling I believe G H has captured the gist of Poloz's comments, well said
@parkerbohnn
Жыл бұрын
@@BetterDwelling Poloz, Greenspan and Bernanke all three should be imprisoned for destroying the entire world with their negative interest rates. Bernanke was the kingpin with his Fed put, the 100 percent rigging of the U.S. stock market since 2012 with his backstopping any loses and interest rates suppression. If anyone belongs at the end of a noose its Bernanke. Iceland knew what to do although the bankers got off too easy there with their prison sentences they should have all been executed.
@jmcg5838
Жыл бұрын
Syndication is exactly what the GoC did with buying massive tranches of mortgage backed securities. The US government owns 60% of mortgage debt. Poloz is wrong.
@91hiace
Жыл бұрын
I am old enough to remember that when inflation got too high the order came down that zero down to buy a car was no longer acceptable, it required say 25% down. That slowed down the economy. Things gradually relaxed etc.etc. My take on that is that the old model had to be scrapped to enable the bankers to suck more out of the pockets of the poor working people. Remembering that the wealthy are never negatively affected by interest variances. This man is about as un interesting as it gets
@fjversace
Жыл бұрын
Fourth Revolution comments. Technological improvements always increase size of the wealth pie. Life styles improve with higher incomes and wealth distribution gets better. In this case we have government’s in bed with corporations to keep the extra wealth and distribute it to their executives or larger share holders via dividends or share price growth, rather than also increasing income to workers or savings to consumers, or ensuring small share holders benefit are protected. That’s not being mentioned or perhaps he as not considered this possibility.
@Lisa-vk2jw
Жыл бұрын
I remember Poloz saying Canadians need to buy smaller houses. We were getting in too much debt…ignoring why we have so much debt, now its worse
@tombrodzinski157
Жыл бұрын
Your guest has zero credibility.
@oscarfernandez8969
Жыл бұрын
Dan foch has ZERO credibility either... he never actually lived through a recession
@serendipity5366
Жыл бұрын
Poloz thinks newcomers (untold numbers who have committed mortgage fraud, and who have at least dual passports) will have the same commitment to paying their mortgage as Canadians, rather than jumping on a flight back home? 😂
@toffee9113
Жыл бұрын
Shows yur intelligence. No one just leaves and moves to another country. You sound like a frog in a well.
@serendipity5366
Жыл бұрын
@@toffee9113 No one moves to another country? Frog in a well? Lol. You make no sense.
@rchakravarthy
Жыл бұрын
Comes down to affordability. A lot of mortgage frauds is by folks with cash income so they can actually afford monthly payments but chose shortcut to mortgage qualification as banks go by documented income
@serendipity5366
Жыл бұрын
@@rchakravarthy cash income. So tax evaders and mortgage fraudsters too. Slime.
@parkerbohnn
Жыл бұрын
I remember the era around 1989 all the Pakistan's and Punjabs all went back home.
@mt8474
Жыл бұрын
I guess if he thinks immigrants are going to by all the homes, when they only buy 35% on average, he must be expecting a lot of Oligarchs fleeing from other Countries and coming to Canada to pick up that slack. This dude has been with the BOC since the 1980s, made a fortune, and thinks this is all a mystery. This confirms having these selected officials and chosen politicians we are given to elect that this is a terrible system that only benefit the top 1%. Our 1.2 trillion in Federal debt did not just disappear.
@onemrandrew
Жыл бұрын
All I hear is "no one has ever questioned a firefighter on the amount of water they use to put out a fire".
@BetterDwelling
Жыл бұрын
😂 felt like he questioned them a few times in this interview.
@johnsnow34lll
Жыл бұрын
Definitely NOT buying this guys book.
@tysonmews5864
Жыл бұрын
don't buy into foch either... is he a POS
@citizenadvocate
Жыл бұрын
So nice to have a knowledgeable person discuss the subject in a nuanced way. So many people trying to blame it all on a significantly oversimplified political situation. Simple solutions from not so sophisticated understanding serves no-one.
@jmcg5838
Жыл бұрын
A 5 year example. In 2017 you bought (or your house was worth) at $500k In 2022 (Feb) it was worth $925k after the big bubble It increased by $425k = 85% = 13% compounded for 5 years. You are a genius! Refinance fast ! BUT - If that same house had increased 3% a year for 5 years it would be worth $580k after 5 years. AND NOW = If the market falls by 38% from the 2022 peak then that $925k value will become $580k. Yep. Drop of $340k from $925k is drop of 38%. What is happening in your area?
@toddfromwork8931
Жыл бұрын
Can we just have affordable houses please thanks
@temple8192
Жыл бұрын
This is exactly how I expect BoC governors to speak: lots of volume and very little content. Through the whole video, I kept asking myself, "this is the guy who was in charge?" It's no wonder we have the one of the biggest housing bubbles in the world. And, is there anything more tired than someone saying "well, it's really hard to tell if we are in a bubble". Is it, though? Is there a point where the man will admit the "fundamentals" have actually detached from reality? Apparently it's not at the record-breaking price-to-income levels we are at now, so my guess is that Poloz doesn't understand fundamentals any more than he understands the difference between asset inflation and CPI. Truly the Obi-wan to Tiff's Luke Skywalker.
@jimmybaggs5342
Жыл бұрын
Thanks for the housing bubble Stephen.
@parkerbohnn
Жыл бұрын
Poloz depleted all my bank accounts with his subbasement interest rates. Stole millions of dollars in interest on my money off of me.
@jimmybaggs5342
Жыл бұрын
@@parkerbohnn I’m honestly excited to be able to get decent, guaranteed returns now.
@Lj22
Жыл бұрын
He got no idea what normal Canadians are going through. For him housing is stiff affordable and not frothy. Amazing. He masked 200-300k yearly and has a paid off mansion. Of course life is good
@oscarfernandez8969
Жыл бұрын
Exactly... You are old enough ... he is NOT... laughable.
@tysonmews5864
Жыл бұрын
foch.. you got your license less than 5 years ago.. bud..
@mt8474
Жыл бұрын
Wish we had of used the 50 years of Baby Boomers productivity to make sure Canada was debt free, a Nation of Savers, and the ability to fund their medical needs in retirement. Thanks for all you did Stephen since you admit you've been part of the system since the 1980s and it's too bad it was all squandered away and historic debts accumulated.
@parkerbohnn
Жыл бұрын
You know something I paid cash my entire life for everything except renting hotels and rental cars. Thanks to the late Paul Volcker I made the Canadian Who's Who list. Ever since guys like Greenspan, Bernanke and Poloz have been stealing my wealth with their negative interest rates and interest rate suppression.
@canine555
Жыл бұрын
Wow
@tz7332
Жыл бұрын
Thanks Better Dwelling for the sharing interview! great questions asked... The way Mr. Poloz talks about gasoline price / food price vs. interest rates reminds us of the chicken & egg dilemma and seems to indicate it's out of their control....beg the question what are you central bankers out there supposed to do? isn't price stability what your job is? Well at least Mr. Poloz is the first (former) official who acknowledges publicly that housing is the main channel of their monetary policy and the important role immigration policy plays in our housing market (not labour market?)
@rajwinderminhas4461
Жыл бұрын
Dove stays Dove.
@sigurdsonb5015
Жыл бұрын
“I guess my long way of saying…I DON’T KNOW…”
@eliodagostini
Жыл бұрын
Great questions @danielfoch
@daniel_foch
Жыл бұрын
Thank you!!!
@oscarfernandez8969
Жыл бұрын
where?
@oscarfernandez8969
Жыл бұрын
the long and short.. nobody knows.. including foch. ...
@daniel_foch
Жыл бұрын
@@oscarfernandez8969 I only know one thing, and that is that I know nothing
@oscarfernandez8969
Жыл бұрын
@@daniel_foch admitting your shortcomings is the first step
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