Exciting opportunity in Toronto!
‘Exciting opportunity to live in fast-growing and popular Riverdale! Attention renovators and contractors! Large propoerty with open pallette for your own design! No showings until Feb 1st!’
Lot 21 feet wide by 60. Three kitchens. Semi-detached. See it tomorrow. Bring your chequebook and prayer beads. $328,500. More info.
58 comments ↓
No comment, indeud (sic)
Munch
Miami leaders fear a financial meltdown
http://www.miamiherald.com/news/southflorida/story/1455421.html
The second part of the ‘Froogle Scott Chronicles’ at VREAA makes special mention of Garth.
For those of you who missed the link above, here it is again:
‘Mortgaging Our Souls In Paradise’-
‘Part 2: Up, Up, Up: Winning the Real Estate Lottery’
http://tinyurl.com/frooglescott02
Trees 1; Highrise Buildings 27.
Happy Smiling Buildings? – Subtle Signs Of A Distorted Vancouver RE Market In An Olympic Children’s Book
http://tinyurl.com/happy-smiling-buildings
It would be natural to animate the mountains, trees, oceans, islands… right? Well, yes, maybe you would, if all else were equal. If, however, you were living in a society preoccupied with its profoundly over-inflated real estate market, you’d be moved to animate the buildings. Yes, the buildings. Subtle point? Perhaps. But a preposterously distorted real estate market does effect a society in innumerable subtle ways. -vreaa
No showings until Feb 1st!
I can’t wait! It’s close to the railway tracks too.
3 Kitchens? You must be a pretty famous chef…
Trump, where are you?
They must be working like mad today to stage the home for tomorrow’s showings.
Garth – hope you don’t mind the repost from a half hour ago on the prior blog – I appreciate the indulgence.
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#101 Sean on 01.29.10 at 9:04 am
“the country you f*****d up, and the resources you squandered…. Here’s what us post boomers will be up to– we’ll be long gone, away from this high tax socialist hell hole that you’ve created… we won’t be paying taxes to help out with your ED or your Depends, or the Whiska that you’ll be eating… and we won’t be coming to visit to clean up the shit you will be living in.”
__________________________________________
Great rant !!!
I guess you’ve looked at the wave data. Some “stuff to think on …
The “Boom” spans an entire generation which means that with the front end just barely crossing the 65yr. threshhold … there is a parade about 20 years long to watch. Actually when you look at the wave as a phenomenon one could argue that the wave itself is a 25 year phenomenon. The wave is very back end loaded so there are almost twice as many boomers in the last half of the wave than the front half. The peak is 15 to 20 years out so that’s in the 2025 to 2030ish time frame. So … the back end of the wave is just now hitting their peak earning and saving period and finishing up with the big spending years, getting the kids through post secondary, and “established” and getting into a position where historically people have been able to start putting a bit of ‘real” money aside for retirement … or … buying toys or whatever.
As you likely well know most people spend at least the first 20 years of their working lives just trying to make ends meet and are lucky to be able to build much at all in the way of real savings. Actually … when you think about the boomer generated benefits … you have to think in terms of who was actually positioned to gain from the wave of “Peak” spending and growth as it has made its way through the economy etc. That peaking and maximum crest of the wave as I mentioned sits in the back half of the wave and is currently 55 and younger with an average age closer to 50.
The peak-group has never really been able to capitalize much on the wave from an investing standpoint because they’ve just not been able to get ahead of it in terms of having anything to actually invest at the time they needed it … and also because they were generally in a position to get caught ploughing money into the “hot” markets at the back end of mature trends that they themselve were boosting into froth. Unwittingly and really for not much more than a fluke of timing that group has been positioned as both the market generator and the bagholder.
Actually the group that has been positioned to benefit most from the boomer wave has been those say in the group of boomers at the front (first 5 years) of the wave and perhaps those preceeding the wave by say up to 10 years. Say the ones currently aged about 60 to 75. And more so the crowd that are 65 to 75 now. In fairness … the boomers themselves have pulled through some pretty challenging times.
It seems rather a sad and haunting reality that there are always in every generation those who are able to do relatively well. They are outnumbered by the not-so-well at least 2:1 and possibly 4:1 or more depending on how you want to define “well”. Seems to more or less be a rule of thumb that applies generally throughout the world.
If it gives you comfort though … the “Boomers” are actually far from “leaving their shit” behind … they are actually for the most part in the midst and closer to the front end of creating it and coping with it … and with a lot of help from the folks behind them going all the way back to the 20 & 30 something 5%-downers.
Just as a final note … the notion of folks getting pissed off and leaving for “better places” is an interesting one. Somehow it seems a remote probability though that this is likely to be a mass movement for all practical purposes. North America is very likely the last “New Wold” this planet had to offer at least in terms of virgin opportunity and geographic appeal. At this point most of the world is about as peopled-up as practicle. Actually the bubble (elephant in the room) that gets very little play … is the population bubble as we are now approaching the 7 Billion mark (1960 was 3 Billion – there are more people alive today than the total of all humanity that existed prior to about 1970-ish) and adding some 70million a year as we speak. Its likely pretty easy for one individual to pick up and head for greener pastures … but not likely that many are about to get sufficiently primed to leave a place where just by being here puts them in the top couple of percentages of the world’s population in terms of living standards and opportunity. Who knows though … things do change and change is certainly what we can continue to expect for the next couple of “boomer” decades. More times of danger/opportunity … with the latter open to those able to see it – as always.
Luck to you in your journies.
This is going nuts….
Right yesterday, my friend couldn’t help it any more.
She will buy the next door condo apt for as much as needed. She doesn’t have the 5%. No big deal, Line of Credit will do. Already pre-aproved.
I’m so happy that we decide long time ago not to buy. I don’t care if I missed the boat. After all, What boat? This?
No thanks.
I betcha that will fetch a nice buck. 3 self contained units, hmmm………..
I love it….why don’t I offer, say 500K for it and cross-my fingers and hope for the best.
Love to know what it will go for.
ran out of money….?
wow those houses are close together.
And for ONLY $300 more this is what is available in the Windsor area.
http://www.realtor.ca/propertyDetails.aspx?propertyId=8807546
Okay, I’ll bite. Why would it have three kitchens?
Unbelievable!….whats even more unbelievable is someone will buy it and some banker will even loan them the money to do it. God help the person that buys that little gem and God help us the taxpayers who will be guaranteeing the mortgage.
Garth, I am curious to know how you can have a 26′X46′ living room on a 21′ X60 ‘ lot???
Picked up my copy of Money Road at Smithbooks. I may have the only copy in Owen Sound. My friend who is an old neighbour of yours tried to pick up a copy in
Burlington. Sold out! This may turn out to be a best seller. Good work.
Will you be speaking within driving distance of Owen Sound this year?? I want to get the $2500 autograph. From what I have read so far we have done most things right. However I can see a lot of room for improvement. Thank you for your dedication to this blog and for the sound financial advice. Looking forward to hearing you.
I died laughing seeing this picture because I was going to post the link today after perusing MLS over breakfast.
It gave me the same reaction that most of you are getting right now. Which was “You’ve got to be —–ing kidding me?”
I love real estate in Toronto.
How much $ to complete
What are market rents
Cap rate would be?
Could be a great deal depending on the above factors
Oh yeah, I assumed the three kitchens reflects the ability for three separate units
— I am curious to know how you can have a 26′X46′ living room on a 21′ X60 ‘ lot???
—
That was probably a “typo” from the listing agent, that conveniently makes it look like a really big space. There’s a pull-down tab to convert from metres to feet. The rooms are all listed as 12×7 or 14×8m; much more likely to be the dimensions in ‘feet’ in a converted triplex. Also the basement is listed as ‘unfinished’ but has a kitchen+bathroom. Will the new owner be on the hook for any liability of the probably illegal apartment(s)?
PS – The Globe has this wonderful article (I apologize if it has already been posted) based on all that Garth has been talking about.
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How to retire early with no money
Dave McGinn resolves to turn his $9,000 into $750,000, a figure the retirement calculators tell him should translate into an annual income of around $40,000. The challenge? He want to do it in fewer than 10 years, before his daughter even starts Grade 5.
It’s no secret that a majority of Canadians are ill-prepared for retirement. With only $9,000 in savings, Dave McGinn is one of them. That’s not going to stop him from attempting the impossible: to retire rich in 10 years.
http://www.theglobeandmail.com/report-on-business/rob-magazine/how-to-retire-early-with-no-money/article1444363/
But the real reason I am posting it is because of this part within it:
For guidance, I turn to Brad Lamb, a man often described as Toronto’s condo king. Over the phone, he assures me that real estate is probably the most viable way for me to achieve my goals.
He lays it out: With a pair of $25,000 down payments, I could likely purchase two 400-square-foot apartments in downtown Toronto. In four years, there’s a decent chance I could list each of those units for $250,000, assuming the housing market continues to run strong. Using my profits from the sales, I might buy four more such apartments (at a discount from the builder, if I’m smart) and flip those in another four to five years, by which time I should be able to realize another $50,000 per apartment.
“If there’s no setbacks, you could get up to maybe $500,000, after tax, in 10 years,” Lamb calculates. But while such a strategy appears “foolproof” in a hot market, he cautions that there’s a strong chance that house prices will cool off at some point over the next decade. Considering the risk involved, he throws out an alternative.
“You should go to Vegas,” he says.
I think they should change the tarp to a green one . Then put a trialer out front.
David Warren: American bankers in particular were put under legislative requirements to provide mortgages and other credit to customers they did not traditionally fancy
http://www.ottawacitizen.com/columnists/Laughing+face+danger/2505227/story.html
I wonder if this is the true difference between Canada and the US? That political correctness broke the spirit of American bankers?
What a pile of crap. This real estate bubble is NOW totally out of control….all thanks to Jim Flaherty, Stephen Harper and the rest of the conservatives!
Thanks guys…do you have any children buying into this s**t market for the first time. Do you even realize the damage your reckless monetary policies have inflicted?
Thanks again, Jim and Steve…..I can’t wait until election day to show you guys how happy I am about your leadership skills…To quote The Donald
Your FIRED!
mikaroo the vendor must be dr. who ….. I wish I had the money to buy it …. I wouldn’t buy it .. just wish I had the money . Thanks for the laugh Garth . I needed that. One more sleep and I’ll have your book in my hot little hands. (Been hanging around with grandkids)
no driveway no parking, hope its close to public transit
Garth, is there a link to your interview on Chek yesterday?
Try this:
http://www.howestreet.com/index.php?pl=/fbn/index.php/mediaplayer/330 — Garth
Sadly, that dump would likely list at over $500K in Vancouver.
Garth: “Bring your chequebook …”
Weeping In Windsor: “I love it….why don’t I offer, say 500K”
I’ll see your 500K and raise you 50K. Chump! That is only $183,333.33 per kitchen …
Thanks for the book Garth…finished it this weekend. I found the sections on bonds and tax strategies particularly educational for me. Love this blog…the comments provide great entertainment and occasionally educational value.
Just a block and a half away is another listing by the same guy. Curiously it’s described to be in Leslieville, not Riverdale. This guy knows how to cut and paste his verbage. Seems to specialise in junk properties.
http://www.realtor.ca/propertyDetails.aspx?propertyId=8935901
If you want to see this house pre-reno, go to Google Street View:
http://maps.google.ca/maps?f=q&source=s_q&hl=en&geocode=&q=342+Jones+Ave,+toronto&sll=49.891235,-97.15369&sspn=46.570406,92.109375&ie=UTF8&hq=&hnear=342+Jones+Ave,+Toronto,+Toronto+Division,+Ontario&ll=43.676028,-79.337178&spn=0,359.988756&z=17&layer=c&cbll=43.6729,-79.337182&panoid=O6LqOkFJam09swYluEOw9g&cbp=12,253.57,,0,-4.12
Looks like it’s in great shape! (or about to fall over)
Nice place. I’m not exactly a midget so I’ll pass. BTW, the blue color at the top: Is that Lake Ontario or am I in a Purple Haze?
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#111 Dodged-A-Bullit-in Alberta on 01.31.10 at 12:19 pm — “. . . is talking about the American President. “We should get him a peace prize” . . .”
Greetings from the Okanagan Valley. There has been a ‘Pineapple Express’ flowing here from the Pacific and up from California for a while now, so the base of the valley is a snow-free zone. Skiing is good, ‘tho.
Well life does imitate art. Obama was handed a Nobel Peace Prize recently and what has he done? Other than increase troop deployments worldwide, authorize more drone-killings in Pakistan etc. and further rhetoric from him, nothing at all.
It is the elite plus Hillary who are the driving forces behind the Iran / Middle East / South America / Africa bashing currently in vogue.
It will be interesting to see how this plays out, esp. that Russia has now launched it’s new Stealth Bomber — much sleeker, manoeuverable and way more ‘pilot friendly’ than the US version.
There were natural reasons for the Haiti ‘quake — tectonc plates., but are there reasons why ‘quake happened? Here are some clues! — Haiti 1 / Haiti 2 / Haiti 3
Apparently, the USSR first introduced a military seismic weapon, which disrupted plates and shook. The US stole that technology, bettered it then China stole it from the Yanks. Isn’t it a bunchle of fun to live here?
Does Garth have a tarp we can all live in, in his bunker? And does the elite have a role to play in this? — IMF (the elite) now ‘own’ Haiti.
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‘Owzabout corned beef instead of Monsanto’s corn?
Actually, I really like the bizarre image.
It’s a kind of ‘found’ earth-tone Mondrian.
I’ll archive it later as a ‘visual anecdote’.
Thanks, Garth.
http://vreaa.wordpress.com/
Finallly. Something that’s affordable. What a joke!
really? UGH… riverdale’s a dump.
All I can say ….I’m glad I live where I do. Eff’n unbelieveable.
The Irish state can do nothing but watch as the second wave of the mortgage defaults sweeps in and drowns them,” Professor Kelly said in a research paper dated Dec. 21.
http://www.economist.com/displayStory.cfm?story_id=14959727
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If one were to expand the definition of poverty to merely ‘poor’ (yet still very poor), then a eye-popping 30% of the nation lives no higher than twice the poverty base line.
Brookings: In 2008, 91.6 million people—more than 30 percent of the nation’s population—fell below 200 percent of the federal poverty level. More individuals lived in families with incomes between 100 and 200 percent of poverty line (52.5 million) than below the poverty line (39.1 million) in 2008. Between 2000 and 2008, large suburbs saw the fastest growing low-income populations across community types and the greatest uptick in the share of the population living under 200 percent of poverty.
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Mr. Harper also repeated calls for nations to reduce protectionist barriers – without waiting for others to go first. And he said the stimulus plans that G20 countries agreed to in 2008 must continue for now, but it’s time to plot “exit strategies” so that countries will not continue to pile up debt as the recovery solidifies.
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The IMF says the recovery is well underway, but it is artificial in the sense that it is underpinned by government spending, not business activity.
We really don’t know when and how forcefully governments are going to shift to restraint, and we have absolutely no idea what and when regulatory reform for (global) financial institutions will show up.”
So, all together now sheepeople,
“Well, if that place is worth $328,500, my place must be worth……..” (Fill in the bank with some ridiculous number you pulled out of your keister.)
Realtors love to feed this crap to the people. It makes selling listings that are just about as bad, sooo easy.
“This house has more bricks on it and the lot is almost two feet wider than the comparable down the street. It is well worth the $595,900 asking price. We need to act quickly!
And oh yes, you can add the rental income from the two extra suites to your income numbers on the mortgage application to help you qualify for the larger mortgage. No problem!”
Ah yes pretty much an example of common sense (or any sense) lacking………..but then i guess its a sign of the times…why we even have our political leaders considering putting the taliban on the payroll to stop shooting our troops………now thats a retirement plan !!!…i personally can not even begin to express my suppressed anger at the stupidity of our ass kissing leaders………
Bubble in the T.O.?? Never!!
How about a grow-op for almost half a mil?
http://www.realtor.ca/propertyDetails.aspx?propertyId=9072918
Thought this was pretty interesting. Link to source is below the listing.
Economic Indicator Listing in Year 2009
Gross National Savings (% of GDP) Value
Developing Asia 48.326 %
Emerging and Developing Economies 33.72 %
Newly industrialized Asian Economies 29.069 %
Middle East 27.49 %
World Average 24.069 %
Japan 23.494 %
the World 22.398 %
Canada 21.582 %
France 20.362 %
Africa 20.009 %
Western Hemisphere 19.615 %
Germany 19.497 %
Central and Eastern Europe 18.911 %
Euro Area 18.827 %
European Union 18.148 %
Advanced Economies 17.388 %
Sub Saharan African 15.776 %
Italy 15.737 %
United Kingdom 12.093 %
United States 11.872 %
http://www.economywatch.com/economic-statistics/economic-indicators/Gross_National_Savings_Percentage_of_GDP/2009/
The operative question is not “if” but “when”. One of the best books of the past year on the financial crisis’ is “This Time is Different” from Reinhart and Rogoff. One very relevant line is the following:
“Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang! – confidence collapses, lenders disappear, and a crisis hits.”
It seems to be the question is when will confidence collapse? What will be the triggering event that will set things in motion? There is the March budget but I believe the Cons will now back off touching the CMHC rules unless we have a very frothy February. Interest rates could be a factor but Carney will keep them as low as he can which could be until the summer.
The bubbliest place is Vancouver but confidence will remain high through the Olympics and into the early Spring. My view is that after the Olympic stimulus ends Vancouver will gradually slide and drag B.C down to a very low growth level which will eventually trigger a decline in real estate. However I look for most of the impact to begin in the summer and accelerate through the fall and next winter.
Must read article on the Vancouver Olympics:
http://www.guardian.co.uk/commentisfree/cifamerica/2010/jan/31/vancouver-winter-olympics-police
“The Bailout Games” have already been labelled a staggering financial disaster. While the complete costs are still unknown, the Vancouver and British Columbian governments have hinted at what’s to come by cancelling 24,000 surgeries, laying off 233 government employees, 800 teachers and recommending the closure of 14 schools.”
Summers, a former U.S. Treasury secretary said the economy is still mired in a “human recession.” ….
================
“One in five men in the U.S. between the ages of 25 and 54 is not working right now,” he told a Jan. 30 panel discussion. Even after a “reasonable” recovery, it will be “one in seven or one in eight.” That compares to the mid-1960s, when 95 percent of men in that age range were working and “suggests quite profound issues that will ultimately impact on politics and decisions that businesses make,” he said.
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John D. Rockfeller denied any responsibility for the massacre at Ludlow. Wilson sent out the United States cavalry to stop the gunmen on both sides. And writer Upton Sinclair staged anti-Rockefeller demonstrations.
After the massacre, the United Mine Workers called off the strike. The union had lost, but this time, so had the establishment. Rockefeller’s image was forever tarnished, and no amount of philanthropy was ever going to wash that blood away. And the union movement was now a lit fire, poised to sweep across the nation. Out of the embers of Ludlow came the recognition that collective action is the only way to protect the rights of the individual, because no individual is powerful enough to fight on his own.
Mother Jones is hardly remembered today. And that’s a tragedy, since her voice showed us that passion begets action, and that we have to be willing to stand up and make a difference. The chapter in her autobiography devoted to the Ludlow incident is titled, “You don’t need a vote to raise hell.”
As for the eight-hour workday, it would take 74 years from the 1864 demand before workers would have a reasonable work day. It took the passage of President Roosevelt’s New Deal legislation in 1938, the Fair Labor Standards Act, before eight hours became the legal workday in America.
http://realhistoryarchives.blogspot.com/2006/09/brief-history-of-labor.html
24 miners, and 11 children had been murdered
Hmmm… I sure would like to see how the framing for that roof works. I wonder how you get your insulation rating at the top of the plate where the rafters birdmouth in (if they are). I wonder how much insulation you can get in there and still have air movement? (look at the roof pitch)
Better yet what is that roof doing? It hasn’t added another story. its made the ceiling higher by 4 feet why?
What are they going to do where that blue tarp is?
Window? I wonder how that roof load is carried down to the foundation.
Look at the rise and run on those front steps.
Oh well somebodys buying a can of worms.
Geez if you can see all that from the street it would be interesting to see the rest.
Protect your blog!
Ensure you use a complex password and change it regularly!
Two blogs one critical of the HST tax (the biggest facebook site in BC) and one critical of BC’s new gas tax have just disappeared!
http://billtieleman.blogspot.com/2010/01/why-did-bcs-biggest-facebook-group-no.html
If you know of anyone (a hacker) that might get to the bottom of this please contact Bill Tieleman at the site given above.
no. 22 (45 north)
You should be ashamed of yourself. Don’t you know that David Warren (aka Punchy Drunk) was discovered by an agent of Asp Enterprises “giving hell” to some denizens in Vancouver’s notorious White Lunch. See Rand Holmes fine publication for details.
I imagine that is where he learned that government regulation is the root of all evil.
#30 Foggy- Fess up now. Did you cut and paste 2 different houses to make up that house picture in the link?
That is one house that has been sub-divided down the middle to make 2 houses.
I would be demanding to see the permits and inspections done by Toronto on that crapper especially relating to the structure and the firewall down the middle. Nothing disarms a seller like asking about non-existent permits.
If I buy it, do I really own the center support beam or just have an easement on, or over it?
yeah… i have some recrimations about missing the boat. But that doesn’t mean i am going a piece of crap.
the fact of the matter is my dividends and interest from GiCs ( until the crashed the rate to zero , ) were paying almost all of my rent . around $4800/ yr while rent is $7000/ yr. That is about $185/ month which is less than some condo manienance fees
and most of my stocks are in positive range with some well up there …haven’t sold but have stop loss instructions in place
It don’t matter who you are – that listin’ ’s funny.
BTW why are they bothering with a showing?
Did they alter the photo?
If you look at the google street view “before” pic from #31 TO Bubble boy’s link vs the above photo it looks like the stretched the house photo to make it look wider?
#43 Gregor Samsa,
I find this article on the Olympics highly alarming. I live in Vancouver and walked the Olympic areas extensively today. There is no such attitude. This article is a croc of sh.. in many respects.
There will be a financial autopsy after these games for many years. In light of where we are probably headed over the next year or so some hard questions will have to be asked.
We have built a lot of infrasture for this event and much of it is very positive. I applaud the highway to Whistler and new Canada Line in particular. I also think they have done an amazing job making the most of sustainability in the design of venues and the village. However it is more than fair for us to question the return on investment of these events in the future. That is fair and to be expected.
#43
The article is spot on. I voted against the games as well, but there are many people here too stupid to realize that they mainly benefit the developers and construction workers. BC is in massive debt due to the Olympics. We have suffered from endless construction and road closures for two years and most of us can’t even afford to attend the games. Our lying, corrupt Premier will do anything for development- he was a former paver-including chopping education, health care and social services. Then our Mayor Gregor Robertson has the gaull to accept hundreds of thousands of dollars for tickets for the Vancouver City Hall staff-who were responsible for the Olympic Village screwup. Given the massive debt we are incurring, he should return those tickets. It is the ethical thing to do-but I guess he’s taking a lesson from Gordie Campbell in ethics… It is ironic that they spend millions on new fitness facilities, but then as a result of their financial ineptitude they have to cut back on hours at fitness and recreation centers! It took Montreal over 30 years to pay for the Olympics, when we tally up that security bill, let’s see how long it takes us.
It’s definitely been altered. I measured the aspect ratio of the upstairs window (including the frame) and on the realtor’s photo it’s about 1.8:1, whereas the Google Street View picture it’s about 0.9:1. It’s a pretty big coincidence if they “accidentally” stretched it by exactly double.
re Boomer rants/Grants reply
Just for the record I m not sure how being the first of the boomers(Statscan: born between 1946 and 1966) makes me so priveleged. I came from a single mother
home- not too well thought of in those days; no medicare so you only went to the doctor if dying; no dental insurance or flouride in the water, no special education, economy recovering from the war so thrift was essential, no tv for the first 12 years, no well paying jobs for girls who wanted to go to university, just mountainous debt and no jobs for the record numbers of college grads that the economy wasnt prepared for. With my BA,I worked for the first year as an attendant in a home for severaly disabled people and was glad to have a job. I worked long and hard in mysogenist environments, was told in first half of career that women “werent ready” for management jobs, and then the younger MBA s took over etcetc. Finally getting to live, still with a small mortgage but am packing away money to supplement my pension. I try to stay healthy so as not to be a burden and no matter what ,receive endless hate and abuse for being älways priveleged”. Sorry young folk, I m not complaining, but if you think I havent been paying through the nose for YOUR health and education and opportunities all my life, you are living in a bubble. We ALL are needed in society to help each other out, except in todays mad scrambling to make the rich richer and the poor invisible. And thank God for Canada. So far anyway.
Hmmm! Three kitchens ? Speed cook house .
Thanks Bevvie from another boomer .
In the comments for realtors, this beauty requires showings in the daylight and you need to bring a flashlight!