Comments on: Apocalypse soon? http://www.greaterfool.ca/2008/03/09/apocalypse-soon/ Book and Weblog - Authored by Garth Turner Thu, 29 Jul 2010 15:16:45 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Denis Perdue http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-56 Denis Perdue Sun, 16 Mar 2008 17:24:05 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-56 Hi Garth, I’m starting this as if I know you I hope you don’t mind. I read your blog every day or two and although I don’t agree with everything you say I find it of interest. I have just bought your book “Greater Fool” and agree with a lot of what you say because I was a real estate agent in Toronto through a previous turn down. However the one think you don’t understand was that there was no mention in the book on the policy of the Federal Government on immigration(I go to Toronto one a year to Sunnybrook Cancer Clinic and see the changes on the subway there). It seems to me that our immigration policy is so much more open then the U.S.A. ; would this not have an effect on house prices? Yours Sincerely Denis Perdue Hi Garth,
I’m starting this as if I know you I hope you don’t mind.
I read your blog every day or two and although I don’t agree with everything you say I find it of interest.
I have just bought your book “Greater Fool” and agree with a lot of what you say because I was a real estate agent in Toronto through a previous turn down. However the one think you don’t understand was that there was no mention in the book on the policy of the Federal Government on immigration(I go to Toronto one a year to Sunnybrook Cancer Clinic and see the changes on the subway there). It seems to me that our immigration policy is so much more open then the U.S.A. ; would this not have an effect on house prices?
Yours Sincerely
Denis Perdue

]]> By: Daytona Beach Florida Real Estate http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-38 Daytona Beach Florida Real Estate Tue, 11 Mar 2008 17:08:49 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-38 It is amazing to see how our troubles here in the US have spread to other countries and to Canada to our North. Things are starting to pick up and in hardest hit areas Florida, California, Nevada, Arizonia it may just take longer. I don't see it as all doom and gloom. The goverment here has lowered interest rates and raised loans amounts to entice people to buy. People are leary buy curious and some are taking advantage of what might very well turn out to be the bigest profits on a long term investment every seen in US. I hope our baby boomers with take advantage of the market and buy that retirement home or vacation rental home. I do have concerns about the price of homes that went up so quickly affecting the market. With allowing loan limits to go higher aren't we just allowing this to continue. I would rather see a decline and people invest in homes with a long term investment not a ATM mentality. So as we look to the Canadians to see how they handle our economic struggle one can only wonder how it will look one year from now. It is amazing to see how our troubles here in the US have spread to other countries and to Canada to our North. Things are starting to pick up and in hardest hit areas Florida, California, Nevada, Arizonia it may just take longer. I don’t see it as all doom and gloom. The goverment here has lowered interest rates and raised loans amounts to entice people to buy. People are leary buy curious and some are taking advantage of what might very well turn out to be the bigest profits on a long term investment every seen in US. I hope our baby boomers with take advantage of the market and buy that retirement home or vacation rental home. I do have concerns about the price of homes that went up so quickly affecting the market. With allowing loan limits to go higher aren’t we just allowing this to continue. I would rather see a decline and people invest in homes with a long term investment not a ATM mentality.

So as we look to the Canadians to see how they handle our economic struggle one can only wonder how it will look one year from now.

]]> By: John Jung http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-33 John Jung Mon, 10 Mar 2008 23:14:02 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-33 Hi again... Wanting very much to get your book, I just checked amazon.ca and they say it's a 1 to 4 month for your book to ship! Chapters/Indigo isn't much better at 3 to 4 weeks... And neither chain in the GTA appears to have it in stock... :( John: <em>It is being shipped at this moment, and shoould be in all Chapters stores within a week. Thanks for your patience. BTW, I just got books myself today. -- Garth</em> Hi again…

Wanting very much to get your book, I just checked amazon.ca and they say it’s a 1 to 4 month for your book to ship! Chapters/Indigo isn’t much better at 3 to 4 weeks…

And neither chain in the GTA appears to have it in stock… :(

John:

It is being shipped at this moment, and shoould be in all Chapters stores within a week. Thanks for your patience. BTW, I just got books myself today. — Garth

]]> By: Dale http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-32 Dale Mon, 10 Mar 2008 12:06:40 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-32 Hey Garth I just purchased your book and am SUPER pumped to read it. What took you so long? :) I have been waiting for something like this for a long time. Living in Canmore, no body believed me when I said the US was about to collapse, and they have a tough time with the Canadian market (it can be a tough time for people to see information they don't want to) Anyways, I am sure you book will be awesome and I wanted to give a quick thanks for writing it. I wish it much success. Create a great day Dale Hey Garth

I just purchased your book and am SUPER pumped to read it. What took you so long? :) I have been waiting for something like this for a long time. Living in Canmore, no body believed me when I said the US was about to collapse, and they have a tough time with the Canadian market (it can be a tough time for people to see information they don’t want to)

Anyways, I am sure you book will be awesome and I wanted to give a quick thanks for writing it. I wish it much success.

Create a great day
Dale

]]> By: real estate Toronto http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-31 real estate Toronto Mon, 10 Mar 2008 11:22:54 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-31 As it was said, all good cycles come to end once. On the other hand, all bad cycles come to end once too! That's what enables best realtors to survive. We in neighbourhoods in Toronto are in business for more than 15 years, so I am optimist. Realtors have some power to influence the market and when prepared, I believe no bich shock could hit us. Of course, if the bank system will survive all possible mortgage problems.... As it was said, all good cycles come to end once. On the other hand, all bad cycles come to end once too! That’s what enables best realtors to survive. We in neighbourhoods in Toronto are in business for more than 15 years, so I am optimist. Realtors have some power to influence the market and when prepared, I believe no bich shock could hit us. Of course, if the bank system will survive all possible mortgage problems….

]]> By: patriotz http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-30 patriotz Mon, 10 Mar 2008 05:47:40 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-30 "where might I be better off investing the money I’ve been patiently saving for a down payment?" High interest savings account (ING etc), GIC's, CSB's. Don't take any chances. If RE tanks the stock market is likely to tank too. “where might I be better off investing the money I’ve been patiently saving for a down payment?”

High interest savings account (ING etc), GIC’s, CSB’s. Don’t take any chances. If RE tanks the stock market is likely to tank too.

]]> By: Keith in Calgary http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-29 Keith in Calgary Mon, 10 Mar 2008 00:33:10 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-29 Hello Garth....... Having been a former banker here in Calgary back during the crash of 1982, all I can say it that I saw this one coming. The wife and I made a concious decision to sit out the market back in 2004 when IMHO homes here were already overpriced. I was wrong though, as they spiked dramatically in 2005-2007......however.....being a renter has allowed us to continue saving the equivalent of the difference between rent and mortgage debt every month for the last 4 years. We now have as much in the bank ($240K) as we would have had in equity, had we bought. But, I don't have to pay a property pimp 7% to make a withdrawl "after" taking a 10% hit on my list price to do so. We are going to watch from sidelines as the "great depression" of the 21st century occurs. It is going to be a financial and human bloodbath of an unimagineable scale. The central banks of the world are toast as they cannot stop what is coming. Nor can governments. I want to touch on Brian's comments about RE advertising.......Friday's Calgary Herald had 151 pages. 43 pages were strictly devoted to propping up the "Real Estate Industrial Complex".....almost 1/3 of the entire paper is advertising and outright shilling for the RE industry. There is the New Homes section.....New Condos.....Lifestyle Homes......and finally Real Estate Investment and Vacation Homes...... No wonder you'll never see the Calgary Herald print anything like what you can read here or on other RE blogs. At $10K per page.....that's roughly $25 Million per annum in revenue. Hello Garth…….

Having been a former banker here in Calgary back during the crash of 1982, all I can say it that I saw this one coming. The wife and I made a concious decision to sit out the market back in 2004 when IMHO homes here were already overpriced. I was wrong though, as they spiked dramatically in 2005-2007……however…..being a renter has allowed us to continue saving the equivalent of the difference between rent and mortgage debt every month for the last 4 years. We now have as much in the bank ($240K) as we would have had in equity, had we bought. But, I don’t have to pay a property pimp 7% to make a withdrawl “after” taking a 10% hit on my list price to do so.

We are going to watch from sidelines as the “great depression” of the 21st century occurs. It is going to be a financial and human bloodbath of an unimagineable scale.

The central banks of the world are toast as they cannot stop what is coming. Nor can governments.

I want to touch on Brian’s comments about RE advertising…….Friday’s Calgary Herald had 151 pages.

43 pages were strictly devoted to propping up the “Real Estate Industrial Complex”…..almost 1/3 of the entire paper is advertising and outright shilling for the RE industry.

There is the New Homes section…..New Condos…..Lifestyle Homes……and finally Real Estate Investment and Vacation Homes……

No wonder you’ll never see the Calgary Herald print anything like what you can read here or on other RE blogs. At $10K per page…..that’s roughly $25 Million per annum in revenue.

]]> By: Brian http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-25 Brian Sun, 09 Mar 2008 22:12:01 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-25 Hi Garth, Thanks for your exposing the end of this real estate bubble for what it is, a media marketing machine where even local papers in my city of Victoria have been clearly under the control of the high paid advertisers calling the shots and no negative articles are allowed. Victoria and Vancouver real estate is now at the insanity level and the early signs have popped up in Victoria where there has been a 2 month decline in average prices and a rise in inventory. The "get used to it " crowd has been sickening the last 6 months especially as even family members are overvaluing their homes cause they put down some new hardwood but to bring up any debate in the reality of affordability and the "there is no subprime in Canada" discussion is not allowed when trying to present facts. I look forward to reading your book and knowing someone else out there with a brain can see the coming collapse I have seen coming the past 4 years and refused to take part in. Brian Hi Garth,

Thanks for your exposing the end of this real estate bubble for what it is, a media marketing machine where even local papers in my city of Victoria have been clearly under the control of the high paid advertisers calling the shots and no negative articles are allowed.

Victoria and Vancouver real estate is now at the insanity level and the early signs have popped up in Victoria where there has been a 2 month decline in average prices and a rise in inventory.

The “get used to it ” crowd has been sickening the last 6 months especially as even family members are overvaluing their homes cause they put down some new hardwood but to bring up any debate in the reality of affordability and the “there is no subprime in Canada” discussion is not allowed when trying to present facts.

I look forward to reading your book and knowing someone else out there with a brain can see the coming collapse I have seen coming the past 4 years and refused to take part in.

Brian

]]> By: John Jung http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-24 John Jung Sun, 09 Mar 2008 20:19:03 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-24 If Toronto real estate is too risky an investment right now, where might I be better off investing the money I've been patiently saving for a down payment? Renting (as I am doing right now) is starting to sound like the better option... <em>The best strategy is waiting. -- Garth</em> If Toronto real estate is too risky an investment right now, where might I be better off investing the money I’ve been patiently saving for a down payment?

Renting (as I am doing right now) is starting to sound like the better option…

The best strategy is waiting. — Garth

]]> By: MJH http://www.greaterfool.ca/2008/03/09/apocalypse-soon/comment-page-1/#comment-23 MJH Sun, 09 Mar 2008 19:23:58 +0000 http://www.greaterfool.ca/2008/03/09/apocalypse-soon/#comment-23 Young home buyers are very heavily mortgaged believing that their homes will continue to increase in value each year as they have over the last 10 years. Big Mistake!! Many are going to find they have no equity and will walk away. Well maybe not--the government will save them, they hope! Young home buyers are very heavily mortgaged believing that their homes will continue to increase in value each year as they have over the last 10 years. Big Mistake!! Many are going to find they have no equity and will walk away. Well maybe not–the government will save them, they hope!

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