Canadian Muslim Forum & the Quebec Election 2014

Lately, I've gotten the political bug back. As many of you know my education is in public policy and international relations. I think I've been more inspired lately because of the upcoming charged Quebec election. We all have responsibility to vote and voice an opinion. 

Last Sunday I spent the evening with the Canadian Muslim Forum (CMF) in Laval. The CMF hosted an excellent town hall format meeting attended by many Provincial parties (Liberal, Green, Coalition Avenir Québec and Québec Solidaire). The candidates spoke to the community and answered many questions. I'm not surprised that the PQ did not send any candidates to speak. The CMF organizers posed various predetermined questions about: future hopes for Quebec, Quebec identity and the economy.

Canadian Muslim Forum event @ Chateau Royal in Laval

Clearly the room was frustrated with the Charter and politics of division in this province. The common theme discussed was: job creation, access to education and a strong anti-charter sentiment. The best strongest reply from the night came from Rita Da Santis, current elected Liberal Member of National Assembly for Bourassa-Sauve riding, "...an uneducated person is not free," highlighting how important it is to create a neutral government that tolerates all religions and peoples.

Alex Tyrell (Leader of Green Party in Quebec) addressing the public

Second, Rita's quote also relates to creating accessible education in Quebec. Society is not created equal, she stated, however access to education is critical. Rita pointed out that this creates a society of confident citizens but also confident society that attracts investment.

One question addressed to all candidates was about job creation. I liked Alex Tyrell's, leader of the Green Party in Quebec, comments about eco-jobs. This is something that needs to be explored further in our province. A knowledge and eco-based economy may be one of the remaining areas that have not seen much political action. How does that related to mortgages? Simple. We need better quality jobs and better paying jobs in Montreal and the rest of Quebec. Job creation and job innovation feels flat in Quebec. Our Province has many untapped talents. Creating jobs in manufacturing is passe. We need innovation and job creation in knowledge and eco-based industries.

Conference Board of Canada says no to housing crash

Lately, I've focused a lot of energy the past few blog entries about real estate market prices. This month the Conference Board of Canada released a report entitled, "Housing Briefing: Bubble Fears Overblown." The Conference Board (CBOC) is an Ottawa based think thank that is comprised by the heads of the largest public and private organizations in Canada. The CBOC provides analytical services to the public and private sectors. In the report, the CBOC states that Canadian real estate market is not over-built and overvalued (apart from Toronto being overbuilt). They argue that the market the past tree years is in line with the 20 year average. 

I do agree that I don't foresee a crash either but I still do think that the average Canadian is financially stretched. Yes, I agree with the CBOC report that defaults still remain relatively low but in Canada the homeowner or real estate investors has a few options at their disposal in refinancing and transferring properties that may skew default stats. If people are stretched now then perhaps we haven't fully seen the pricing adjustment? Just a thought...

The CBOC states that Montreal is "Flirting with buyer's market conditions with sales and average prices having dropped somewhat last year." We shall see how 2014 continues to evolve especially post-Quebec election. Stay tuned folks. 

A tale of property values and Quebec politics

A question I get asked about is whether or not what's transpiring in Quebec politics is affecting the value of your home and investment properties? I think it might be too early to answer that question given the upcoming election. Stay tuned folks...

As most of you are aware, in an attempt to cool market values in Canada the Federal Government has implemented a few mortgage changes. These changes have been happening the past couple years. I agree with some changes such as amortization and limiting lines of credit however it's too soon to comment about the impact of Quebec politics. Having said that, the Federal changes are working.

I believe that what the Quebec Government has been focused on unfortunately distracts the public attention away from the real economic issues facing the Province. Market values in the Greater Montreal area have slowed or adjusted in many cities. I think this was expected as I've seen bank evaluations drop over the past three years. The banks are definitely playing it safe especially with condo values. I agree with this conservative approach. The future is still uncertain. I'm not suggesting we will have a market crash after the Quebec Provincial election however I do think market values will continue to slow. We do need job creation and economic growth in Quebec above anything else.