Walls

blast

After stripping off 150 years of crap, we finally made it down to the stone walls of my bunker. More than three feet thick, inlaid with thick horizontal pine nailing boards every four feet, they were in astonishing shape. A few holes had been bashed through over the decades for pipes and wires, but nothing we couldn’t repair with stones from the fields.

Of course, the stones were black – not only from a century and a half of air flowing behind the lath and plaster, but also from the effects of a major fire which, at some point, had clearly threatened the entire structure. It added to the intrigue of this rural relic which I bought as a POS – a one-time hotel where reno discoveries have included walled-in windows and an unknown secret staircase.

So for eleven hours Friday, the entire area was shrouded in billowing clouds of fine white dust. Yellow compressor hoses snaked through the gaping holes were windows should be, as a man in an outfit that looked like a space suit from Wal-Mart, fired a screaming stream of abrasive at the rocks. When it was over, Thomas told me he had catapulted more than 1,000 pounds of a soda-sand mix at the walls, as evidenced by the ankle-deep carpet of debris which buried the new subflooring.

Thomas also told me he wasn’t always a sandblasting guy, but had spent 18 years as a stockbroker. Now he’s his own boss, restoring buildings, refurbishing heavy equipment and fabricating.

I asked him why, of course.

“Because now I can go home at night and feel I accomplished something,” he said, leaning on the hood of my tractor. “Besides, where I am now, there is no recession. I can get all the work I need just by knocking on doors. I make things last.”

I thought of him when I went back to my laptop, and read this:

Garth buddy
Okay, I have my act together.  Paid off the house in less then 8 years, made the necessary sacrifices to do so.  Lived below my means.  I am in need of help here bud.  My friends have the Mcmasions, granite countertops, marble bathroom, etc. we have a 1200 sq. foot home – ie. reality.  Problem is where should a person like me  that has not been greedy, tried to save for our retirement no pension, we drive our vehicles for 10 years – where should we put the money.  Just saw the newspaper some of the banks have had losses.  Other then the mattress, or in a safe where do we lost sheep go and put our money now.   Could you do a blog on this please?
Thanks Ann

And I will, Ann. Tomorrow I will give you seven simple answers to your question about where to keep your money relatively safe in these turbulent times.

In the meantime I’m going to enjoy my pristine stones, and think about the horses that hauled them and the hands that lifted them. Simple, naive times. Simple walls. Still here a century and a half later, enduring, holding up the roof, giving shelter.

The guys who built them accomplished something. As did the man who cleansed.

58 comments ↓

#1 Rural Rick on 05.30.09 at 11:28 pm

Funny how the simple things seem to escape us in these times.
Invest in yourself and in the the things that matter to you.
A good deal is good for everyone.
Strike alliances
Be good kind and to thine own self be true.

#2 Charles T. on 05.31.09 at 12:49 am

US Will Lose AAA Rating Just Like UK

#3 Increasing that 1% on 05.31.09 at 12:55 am

Hi Garth et al,

Saw some of Canada and really love some of ‘Northern’ Ontario ie: @ Thunder bay, gorgeous, like a hidden treasure shhhh, and all the beautiful lakes… Rockies of course- breathtaking…farmland in the Prairies – humbling, immense (not sure of right word). All the First Nations areas – wow. Canada is made up of all different pieces that just go together – or can – what a beautiful country it is, really.

I thought the bunker was not for real, but this sounds very interesting, maybe you can take a video?

Got your book, ‘Sheeple’, (from the Library -sorry Garth), seems interesting from the first few pages. I don’t know how you did it Garth- being in all these different positions/ seeing different perspectives, having to adjust to each…and to live to tell about it even

#4 somecatchphrase on 05.31.09 at 12:59 am

Article that a lot of people might really enjoy:

http://www.nytimes.com/2009/05/24/magazine/24labor-t.html

#5 atrax on 05.31.09 at 1:00 am

http://www.nakedcapitalism.com/2009/05/guest-post-goldman-sachs-principal.html

#6 victoria reader on 05.31.09 at 1:25 am

nice

#7 Glenn on 05.31.09 at 1:53 am

Whatever you do, DONT BUY GOLD! God knows, only crazy people do that.

#8 Albertguy on 05.31.09 at 3:03 am

Looking forward to your 7 simple answers

#9 Garth Vader on 05.31.09 at 3:09 am

After the game,
the king and the pawn go into the same box -
Italian Proverb

#10 Chris in England IG-AZ at the moment on 05.31.09 at 3:56 am

Wait until you find the walled-up priest …

Not RE, but an interesting article on carbon credit trading -

“‘Carbon credits are a farce, a scam,’ says environmental activist Pandya. ‘It gives money to an industry that never was and never will be green. When we saw GFL had become the first scheme to profit from carbon credits I was in shock. When did this factory suddenly become green? I can tell you when – when it got paid to pretend it was.”

http://tinyurl.com/lpe66c

#11 David Bakody on 05.31.09 at 6:14 am

Great work and equality great accomplishments for you taking the on the responsibility of a Century Home and all those who’s gallant efforts have produced results most worthy of your kind posts.

Strange I was going to mention about my early years riding on a “STONE BOAT” from a dairy farm not to far from our home on the 5th Concession in Wentworth County …… and now you have made reference to one.

Wonder how many know what a Stone Boat was/is and have had a ride on one?

#12 ben burd on 05.31.09 at 6:31 am

So pray tell Garth, where is this POS paradise to be and will you succumb to avarice and good deals and flip it?

#13 ally ally oxycontin free on 05.31.09 at 6:46 am

“Think about the horses that hauled them and the hands that lifted them. Simple, naive times. Simple walls. Still here a century and a half later, enduring, holding up the roof, giving shelter.”

Well written, attention grabbing appeal, to a much earlier 20th. century era …

… Which leads me to an offer of an almost perfectly matched set of end tables for your new living room.

I feel confident Sunkist will not claim copyright / design protection and they will continue to offer an alternative source of ‘kindling’ should the need arise.
I yearn for those simpler, more practical days as well.

#14 Bottoms_Up on 05.31.09 at 7:12 am

If you want to buy real estate, pick up something that falls within Garth’s previous advice for future appreciation (i.e. places that boomers will want to live when they retire):
bungalows, condo’s, a house in the ‘exurbs’

If you want to buy securities, consider what might be profitable as the years go on: oil/gas/energy companies (ECA) , healthcare/nursing home, tecnology (i.e. RIM) etc. And try to buy stocks that pay a decent dividend.

If you want to preserve wealth, consider GICs.

Or you can take all that hard-earned cash of yours and buy hard assets (harley-davidson, piano etc.)

#15 Bottoms_Up on 05.31.09 at 7:17 am

Re-posting for the Ottawans to see:

Kool-aid still being drunk in Ottawa:

Kanata April figures:

Absorbed singles:

April 2008 sales: 21 April 2009 sales: 22
April 2008 price: 371,995 April 2009 price: 414,945

However, total Kanata starts in April 2008 were 210, whereas April 2009 they were 32. What do the builders know that the ‘greater fools’ don’t?

#16 Darryl on 05.31.09 at 7:49 am

Now that was a good blog Garth. Many people are in the same situation and have been waiting for a what to do instead of the usual don’t do . Looking forward to Monday’s scriptures.

#17 JO on 05.31.09 at 7:58 am

THey don’t make em like they use to Garth. Most homes built in the last 5 yrs will be lucky to make it to 10 without structural fixes…

Ann, wait for Garth’s list, but it is tough out there. I would recommend you get yourself a reputable advisor but i have a few suggestions on where you can look: a mix of high quality corporate bonds, high quality preferred shares, but a huge amount of cash held in a safe, cdic insured high interest account (with a large bank..the rate they publish should never be the top or second best). You should own at least 15-20 % in gold bullion through a fund if you wish (do research on options – gtu.un, sprott gold bullion fund are a couple of ideas), and if you have the stomach consider adding a little small/mid cap gold stocks if your advisor agrees. I would consider adding the gold, corp bonds only on sharp declines….things are hairy out there and my best guess is the next phase of this (signs starting to emerge, markets may start rolling over soon with more volatility in mid-late July and all hell breaking loose in the fall – bond market will be epic centre of the next phase). Whatever you do, try to find a top notch advisor to guide you and keep expenses low. I plan to add some premier blue chip, high dividend paying stocks with exposure to asia/agriculture and global blue chips if/when sp500 reaches 400′s as i think is possible within 12 mts or so…if the bond market goes down as i think it may, it is possible you can lock in 7-10 % 10-20 bond rates before the end of 2010..but what do i know ? This is gamble.

Stay safe
JO

#18 hagbard on 05.31.09 at 8:01 am

Sounds like a real nice POS you got there Garth. Glenn, I’m crazy. You should join us.

#19 OttawaMike on 05.31.09 at 8:44 am

#14 Bottoms_Up on 05.31.09 at 7:17 am
Ottawa sales figures…
Yes I keep hearing how the market here has plenty of legs and will keep going even when the other cities decline. I’ve learned to just nod in approval with a blank eyed stare.

That UBC chart posted by Guava on Friday tells a good story of the Ottawa market. If you look at the other 2 housing bubbles in ’82/’88, Ottawa’s prices rose slightly.

http://cuer.sauder.ubc.ca/cma/index.html

This time its a steep curve outside of any price range seen before. A 15% price drop seems quite reasonable but it may take 5 years to come.

#20 Chris L. on 05.31.09 at 8:53 am

I bet you got some nice acreage with this property too. Good for you.

#21 wjp on 05.31.09 at 9:11 am

Looks really great, Garth, good luck with it!

On a more sour (or realistic) note…consider this for America!
http://blogs.reuters.com/great-debate/2009/05/29/obamas-disappearing-stimulus/

#22 Munch on 05.31.09 at 9:22 am

Sounds fantastic!

I have always yearned after a stone house – to the point where I planned to buy an old church and convert it – my wife pulled up the handbrake though, and it will probably remain a dream

#23 bucket truck on 05.31.09 at 9:26 am

When it comes to landscaping and labor intensive work I always bring out the bad boy toys. After destroying two back ends in my truck I finally decided to purchase some heavy duty equipment to help me on my way. I have found my dump truck and bucket trucks to be very helpful with trimming tall trees and removing the debris from my yard.

#24 wjp on 05.31.09 at 9:29 am

Is GM going to look any different whether they go belly up and restructure or whether the bondholders agree to the equity swap? Is this going to save any jobs?
http://www.reuters.com/article/topNews/idUSN3044658620090531

The way I see it, half the jobs will have disappeared regardless of which way they go…

My motto, bailout workers…not the company!
The bondholders have little choice but to accept the 25% equity stake but 25% of nothing is…?

GM will be back for more…just a matter of time!

#25 SaraBeth on 05.31.09 at 9:43 am

“Tomorrow I will give you seven simple answers to your question about where to keep your money relatively safe in these turbulent times.”

*SB sits and waits….*

#26 905er & Spouse on 05.31.09 at 10:56 am

Yes, where to keep your money… We sold our house and are wondering where to put our money, other than a savings account. What about for short-term investing- a year or two until we buy again. RBC offered a one year GIC for a paltry 1.95!

#27 Kelly McMae on 05.31.09 at 11:02 am

Nice. My grandma’s old place uncovered some windows from times past too. What did people used to have against windows?

As for what to do with cash….

I wonder what people think of an idea that I ran past a couple of bank tellers (young up and comers).

What do people think of opening a US cash account and transferring in a whack of cash at the appropriate time, say $20K? Wait for the Canadian dollar to sink again versus its Yankee counterpart and collect the 10-20 % difference. I believe current exchange is at 0.91 and rising?

One banker said it is a common practice for many seniors, who’ll often allocate $15K – $20K with much success. any thoughts?

#28 Guardia Civil Tricornio on 05.31.09 at 11:04 am

Yeah think a 150 years ago those hands that raised the stones likely not washed from the out house and lack of indoor plumbing. Horse flies, horse bites and raunchy armpit smell.

#29 Just a Carpenter on 05.31.09 at 11:04 am

#3 somecatchphrase,
Thank’s, really enjoyed the read. Choose a trade, learned from the best, invested in good tools, and never looked back.

#16 JO,
You mention finding a “top notch advisor” in reference to investing. Judging by what I have been hearing lately, “most employed in that industry are either self serving or criminals”!

I would submit to you that Garth isn’t hiring the trades working on his bunker just because they happened to knock on his door. Nor should you.

#30 Barb the proof reader on 05.31.09 at 11:28 am

Photo of “Walls” reminds me of the old Railway hotel, Aurora that family bought/deal fell through in ’78. Would have turned into restaurant. I’d probably still be in Aurora. Twist of fate. Amazing and awesome these old structures. At the time, 2nd floor staircase near collapsed, condemned, couldn’t go up, first floor public areas resembled priceless museum rooms, foundation built as strong as an old mill. I know these buildings well.
The foundations of these old beauties are sites to behold. Glad you are part of the club who appreciate their beauty, history, strength and grace. Respect your baby. I know fam would be slightly jealous of your prize. If walls could talk.

#31 Got A Watch on 05.31.09 at 11:44 am

@Calgary Rocks -”…is pretty quiet…” – sure, I have absolutely nothing better to do with my time than monitor the comments at Garth’s Blog, minute by minute. Please.

@TheFirstRick – every comment you make just validates my point even more. Thanks.

I am sure you guys feel empowered when you get on the internet and spew some insults. Whatever fuels your ego. The fact you feel it necessary to respond in such a manner says much more about you than any point you may be trying to make about others.

I look at like this: Garth’s Blog is a vehicle for him to promote his books. An author does not make much, if anything, from a Blog, unless people buy the book.

So a new reader buys Garth’s book, or hears him on the radio or TV or at a personal appearance. They read it, and think, ‘Garth seems like a savvy guy’. Next they arrive at the Blog, which seems like another chapter to one of his books.

But then they read the comments, full of insults and hatred towards other groups and regions…and they think, ‘yikes, Garth’s fans are nutbars. ‘

Now all that is more Garth’s concern, not the reader here. But is unpleasant to wade through comment after comment filled with invective and stupid personal attacks.

I am not for censorship, you will notice I did not reference any specific points there. It’s the attitude. If you can’t make your point without the insults, personal attacks and hatred that seem to creep in with every comment from a few…you have no point worth reading.

I have a lot of experience with this, having been a Forum moderator for years. There are always those troublemakers who will not abide by any rules, and asking them to do so does not work. They simply need to be banned, so they can take their attitude somewhere else. The internet is a big place, there is a site for everyone, somewhere.

If not, they go crazy with the most hateful attacks on anyone who disagrees with them. The good people (the ones who want to talk about the issues, not yell insults ateach other) will leave, and only the haters will remain.

I am not sure what is so difficult to grasp here. Garth’s own rules say:

҉ۢ Respectful, wide-ranging discussion on the topic of the posting is encouraged, and will not be censored.
• Abusive, obscene or disrespectful commenters will not be published, and are subject to banning from this forum”

What part did you not understand? Is it really so difficult? Think of it as a conversation around a table at the coffee shop. Would you say face-to-face to someone what you write in a comment?

#32 Dale on 05.31.09 at 12:13 pm

I would love to see Garth debate Bill Murphy the head of GATA on gold issues. I wonder some times if Garth hates gold because he is a leopard who can not change his spots, aka politician? No politician can except going away from fiat currency because it would mean making a decision that goes against the central bank of Canada. How about it Garth a guy like you takes on the Prime Minster can you take on the hard money people and set them straight.

Where did I ever say I hate gold? In my latest book I advocate holding a gold position for inflation protection and wealth preservation in unforeseen circumstances – a modest position appropriate for reasonable people. That does not include you. — Garth

#33 Keith in Calgary on 05.31.09 at 12:26 pm

I’ll bet anyone that the cardboard, staple and glue crap the REIC has been constructing today won’t be around in 100 years………

#34 Barb the proof reader on 05.31.09 at 12:50 pm

“where I am now there is no recession” “I make things last”
Amen to that — front row seat here. DH was an stockbroker for a dozen. Good one. Why? Because he didn’t listen to his bosses. He defied them. Now the bosses heed him. Personally we do our own research, world view, always have, constantly. You have to.
Trust no one until they earn it, and still keep an eye.
The market is not for the feint of heart, not for those who do not have their own understanding of it. Millions are lured to the plunge every day. Broker advice? Bah-h. [If you really knew them you'd be shocked.] There’s a few good ones. Good luck finding them.
Be an entrepreneur. Have more than one business. DH has enjoyed decades of building since, and enjoys separate careers in two different colour collars. Seeing what you’ve created with your own hands dotting satellite images gives you a smile, and reaps the satisfaction, respect and trust of others who benefit from one’s job well done. No fortune buys that, and security lies in being a useful citizen with honed skills, recognized knowledge and commodities that people need and want — same as 150 years ago. I pay homage and treasure my pioneer roots every day — gives you perspective to be able to measure what’s true, be it a 2′X4′X10′…. or people.
I look forward to your 7 Garth, it’s always good thing to consider other people’s perspective.

#35 Calgary_rip_off on 05.31.09 at 1:34 pm

Garth,

Any insight as to when interest rates will rise? This forum has become interesting as people in Calgary defend how great it is here. Its also notable that all Canadian cities are a big ripoff. How much is real estate overvalued in Canada? If interest rate go up, Calgary is done. This will allow socialists such as myself that support Canadian healthcare to afford a shack in the ever claustrophobic city of Calgary where you too can be criticized for any viewpoint that you hold-whether it be thinking Scandinavia is awesome, that socialized medicine is good, or that housing should be affordable. I suggest that conservatives in Calgary pay 100% for their own health care-either that or stop saying conservativism is so great. Have you had the experience of paying for insurance while living in the USA? I think not. The argument could be made that “free enterprise” for health care is awesome. If that’s so, move south and support the system that McCain advises. It sucks.

Garth tell Ignatieff to get his crap together so the stupid tories can be thrown the hell out of office and real change can happen in Canada instead of these pro-USA western state separatists can get with the times.

#36 Dan in Victoria on 05.31.09 at 1:45 pm

Eleven hour days,more than likely six days a week,sometimes seven.So for all you that think being your own boss is glamarous,think again.Oh yeah,if you get time, who does the receivables and payables?More than likley the better half …..for free.Sounds like Thomas is like a lot of small business men across Canada.Hard working and honest.

#37 Bottoms_Up on 05.31.09 at 4:17 pm

http://www.realtor.ca/propertyDetails.aspx?propertyId=8006119

$25,000 single family home downtown Windsor, lot 100×30.

#38 TheFirstRick on 05.31.09 at 4:35 pm

#29 Got A Watch on 05.31.09 at 11:44 am

@TheFirstRick – every comment you make just validates my point even more. Thanks.
—————
WHAT?? I made a rather innocuous comment about your desire to sensor A COUPLE OF POSTS ago.

You’ve got some issues buddy.

#39 conan on 05.31.09 at 4:51 pm

No retinas were harmed in the taking of this picture.

I once lived in a big old place and I to found a secret staircase. My SSC led from from the kitchen to the upstairs.

Is that where your SSC is Garth?

#40 Future Expatriate on 05.31.09 at 5:51 pm

Does anyone else here think that calling foreclosures POS here in Canada was an inside joke designed to make them unattractive to the masses at large?

I’m referring, of course, to the similar online euphenism POS as in “piece of shit” as it is used in the US. In fact, in the US there is no such thing as power of sale, so when someone sees POS they aren’t thinking foreclosure.

Just wondering if anyone else thought it might be some realtor or gov pointed humor going on in the selection of the term or if it was just a coincidence.

#41 mike from oakville on 05.31.09 at 6:07 pm

re: 905er & Spouse – canadian tire bank is offering 3% on a daily savings account – 2% regular interest + 1% bonus interest. it’s a decent place to park $100K (cdic limit)

#42 Real Estate Deal or No Deal on 05.31.09 at 6:30 pm

#37 …

Was that a bedroom that the Secret Stair Case led to?

When I was growing up, my parents bought a 150 year-old farm house and my bedroom had its own stair case from/to the kitchen.

Ah, … those were the days!

#43 Da HK Kid on 05.31.09 at 6:47 pm

#18 Ottawa Mike,

No worries my friend, Ottawa Region will take a 15% haircut down the road estimated by 2012. Stay tuned.

I was tracking some 3500sqft 5yr built homes in Stittsville for about the past year. Most homes listed at $500K were down to $450K so that’s about 10% right there minus negotiations. These are the homes taken on by buyers 5-25 format and will likely be had for $400 or less when done.

Patience is all that is needed. You NEED TO pick up your next purchase at the bottom as RE will be at a snails pace for years to come. 2012 will be here before you know it!

#44 . . . fried eggs and spam . . . on 05.31.09 at 7:02 pm

#1 Charles T. on 05.31.09 at 12:49 am — Thanks for the link. Good stuff there.

No two ways about it. Homes built then were designed to withstand almost everything that came along — that’s why they’re still (mostly) going strong.

Today’s jokes are no more than brick shit houses. First sign of a snowflake, heating goes on and furnaces start belching out gooey gobs of stuff.

The home my grandmother (Jersey, Channel Islands) was born in was built in the early 1830s, and is still lived in by mom.
——
Part of one para. below; quite interesting. — http://tinyurl.com/lrwkqm

“. . . Large gold holdings have a history of their own, China caught in a dollar trap, Russia in an oil trap, America in a debt trap . . .”

Speaking of which . . . gold? copper? silver? China is buying commodities like they were going outta fashion. — http://tinyurl.com/mmytax
——
Pouring plenty of additional fuel on to the 9-11 fire — http://tinyurl.com/n538pk — Takes a few seconds to load — http://tinyurl.com/l8edvt
——-
A quick (no link) look at the economy from Geithner’s POV, and the following comment from wrh.com:

“Geithner told reporters traveling with him Beijing that there are a number of signs the U.S. economy is beginning to stabilize. The U.S. has been mired in its longest recession since World War II.”

Webmaster’s Commentary: “Signs?!?!? WHAT signs, please?!?

“How many actual Americans has he talked to who have lost their higher paying jobs to companies overseas, who are working twice the hours for nearly half the money and can barely make ends meet?!?

“Are these signs some sort of heavenly vision (read: psychological disturbance) which enables him to prattle and preen about what a magnificent job he’s done as Treasury Secretary?

“Hearing this statement from this man just gives me the overwhelming urge to stockpile everything of use and value which might be needed if things here collapse completely.

“As a side note, the Titanic finally stabilized … after it hit the bottom.”

#45 Barb the proof reader on 05.31.09 at 7:13 pm

#37 conan & #40 Deal or No,

The staircase at the back of the home to the kitchen is to the maid’s quarters. My family’s 150 yr. old homes all had those.

#46 Da HK Kid on 05.31.09 at 7:34 pm

Mortgage Meltdown – More Pain To Come! Via MISH just released!

Mish goes for it in RE futures! THIS IS A MUST READ!

http://globaleconomicanalysis.blogspot.com/2009/05/mortgage-meltdown-more-pain-to-come.html

#47 Alberta Boom on 05.31.09 at 7:50 pm

Why don’t you donate your money to the home less, it is a safe place to put it.

#48 Nostradamus jr. on 05.31.09 at 8:12 pm

“Tomorrow I will give you seven simple answers to your question about where to keep your money relatively safe in these turbulent times.”

1/
Move to a South Sea Island…if you can’t do that…

2/
Before the 2010 Olympics, Invest half your $$$ in Vancouver Real Estate.

3/
Invest the other $$$ half in Portland/Seattle Real Estate.
(The Pacific Northwest will become the safest place in the world.)

4/
Invest in European and U.S. Pitchfork manufacturers.
Then watch your investment grow as the above citizens “payback” their politicians and bankers in kind.

5/
Contact your friends/relatives back in Ontario,wish them well and ask them to save a spot for you in Heaven.

6/
Prepare your will, remembering to eliminate any Ontarian residents.

7/

Buy lots of VHS tapes or Dvd’s…Tape the Olympics. While viewing them raise your right hand and tell yourself…”I was such a dummie for not listening to Nostradamus jr.”

…I predicted this nearly 500 years ago…

#49 Dodged-a Bullit-in Alberta on 05.31.09 at 8:37 pm

Greetings: I have spent the better part of my life working with my hands, as a farm kid growing up in Alberta to the present day with 26 years in industry along the way. I well remember my fascination when I first picked up “Atlas Shrugged” and then “The Fountain Head”. The survivors of this mess the world is in will be those who build and repair things. The finest engineer and computer program is worthless without the pair of hands to turn their visions into reality. A skilled stonemason and the gifted surgeon are truly a treasure. I have a friend who built a stone barn just south of Edmonton, it will be standing long after his grand children are dead.

#50 john m on 05.31.09 at 9:09 pm

Sounds like an amazing property you have there Garth…might be a great place to check out with a metal detector…having been an old hotel at one time i bet there are some treasures on the grounds. Imagine if those walls could talk…

#51 EcoInsurgent on 05.31.09 at 9:55 pm

I saw something today I’ve never seen before in Calgary. A condo development in the NW with a number of realtor signs out front and one of the signs had the PRICE on it, ($265 it said) along with a “MUST SELL!!!”. I don’t think I’ve ever seen “Must sell” on a sign here, and I’ve certainly NEVER seen the PRICE on the sign!

#52 Jonathan on 05.31.09 at 10:31 pm

#25 Kelly McMae

You are assuming that the American dollar will rise in value again. The greenback is highly over priced right now due to poor US monetary policy. Canadian dollar will appeciate immensely over the next three years. In a year from now we could easily see an 80 cent US dollar.

#53 Investor on 05.31.09 at 10:37 pm

Current state of real estate markets

http://www.rgemonitor.com/latam-monitor/256889/the_state_of_real_estate_around_the_world_no_signs_of_stabilization

#54 Bob and Doug ...the Canadian Bro's on 05.31.09 at 11:27 pm

Nostradamus jr

7 reasons not to read your post.

1. repetition
2. repetition
3. repetition
4. You are a bigot
5. repetition
6. repetition
7. You are bigot

#55 60ish on 06.01.09 at 9:39 am

It might be fun to get away from discussions of finances from time to time and talk about more interesting things — like renos.

I was involved with one a few year ago — a hundred year old home that would have been a mansion in its day. When stripping out one room, we found the owner back in the 30′s had insulated the walls with wadded up newspaper. And the walls were sheathed with several layers of cardboard instead of plaster (pre-drywall era) — then taped and painted with a heavy plaster-like paint. Sandblasting saved the day here, too, on an original granite fireplace that had been hidden for 70+ years behind one wall. Afterwards it was spectacular.

Strange what people do to some of these old buildings…

#56 Ottawa Greg on 06.01.09 at 10:20 am

#14 & #18

I spoke to Mr. Turner while he was in Ottawa. Without giving a specific timeline, he said the Ottawa RE declines are lagging those of other cities due to the stability created by the public service. He suggested to wait (to buy), and that the declines will come. Is this correct, Garth?

My girlfriend and I are totally turned off from buying any time soon. Last week’s blog entries were very explanatory of what’s to come.

#57 hagbard on 06.01.09 at 7:14 pm

My plan is to stock up on non-perishable consumer goods that we’ll likely need over the next ten years, buy lots of gold and silver, load up on oil and mining stocks, store away food (anyone know where to buy mylar bags?), and find a bunker equivalent.

#58 tjmikey on 06.01.09 at 8:36 pm

One thing’s for sure, the red, white and blue are taking it on the chin this time around. Nobody want’s anything to do with them. Their economic stranglehold on the globe is over with.

They are in for one hell of a rough round on one hell of a tough track to just get back to par.

Unfortunately for us canucks….we are the caddy.

A buddy of mine just walked on his desert paradise in Phoenix. In less than 2 years he went from ahead on the property to negative 32%. Told the banker to f off, walked on his down and his credit and got out of Dodge.

I guess Phoenix/Scottsdale are done. Something like one in ten houses are vacant or in the process.