Bubblicide

Shopping for a mortgage? Get it before March 29th. Word has it that’s the day F commits bubblicide. The federal budget will also irritate civil servants (layoffs in all departments will flow), piss off seniors (OAS starting to look DOA) and give us a mythical balanced-budget date, just slightly past the next election. Machiavellian.

In fact, if you pat the little guy on the head (as I’ve done several times), you can actually feel the horns.

Beyond the GTA, the housing market is already deflating fast. In Vancouver, for example, listings are running 20% ahead of last year while sales sag by the same amount. Richmond’s sinking. Condos have turned turgid and illiquid. But the real news is what’s being heard on the street.

“People now think it’s a bubble,” our well-connected realtor source reports, “and so they are hesitant to buy. The main change now is that people actually think this is over and the only ones here buying are the few remaining Chinese and those who just can’t avoid a transaction (or whose fortunes do not depend on it). Looking forward to the month-end stats – they will be brutal with (again) only 2009 being worse in the past decade.”

It is impossible to underestimate the impact of a housing implosion in Van on the rest of the country, and especially all of Western Canada. As I have said often, this is ground zero, where the market’s been held together by vapours, myths and emotions. When it blows, the spray will be on everyone’s pants.

This is what happens when markets turn. Like gold yesterday, plunging $100 an ounce in minutes. With real estate, people want rising assets and flock to get them – engaging in bidding wars or standing in the cold all night in front of a sales trailer and peeing into a Pepsi can. But when the herd sniffs that prices may have peaked and could decline, buyers suddenly evaporate. After all, why spend money on a condo today which will cost less in July? Sales drop, inventory builds up, then prices wilt. It’s always the same pattern.

But back to F. He’s about to make it hurt more.

The buzz is the budget (or a prior announcement) will do a few things: Ban the 30-year mortgage, dropping the maximum insurable amortization period to 25. The result will be higher mortgage payments, and more disappointed virgins. He’s also rumoured about to end stated-income mortgages, those ‘liar loans’ the banks hand out to self-employed and commissioned people.

But of most significance could be guidelines telling the banks not to loan to anybody unless they have the income to support that mortgage. Right now a rich Chinese guy (just saying) can show up with a fat deposit and get a mortgage for 50% of the property value with the same effort as ordering a Happy Meal. Or an unemployed homeowner in Leaside can score a HELOC for $500,000 on an appraised value of $1 million, regardless of earned income.

But what if mortgages and HELOCs were only handed out to those with the proven ability to service that debt? No river of cash flow, no loan. No verifiable Canadian income? No financing. And an end to the banks’ ability to make such low-ratio loans, drizzle on some CHMC insurance, then securitize the suckers as covered bonds.

The result: A 7.3 magnitude quake in delusional VanCity, and an effective way to stick a cork in the credit gusher without raising interest rates.

On another topic, there was some talk here days ago of American real estate, particularly Texas. One of our regular blog dogs has been on the road, house-hunting in Houston. Here’s his report:

We have viewed about 20 houses so far, most of them not very good and a few we have put into our “maybe” pile. The issue in Houston (as we see it) isn’t the upfront cost of the home, in fact, it’s pretty cheap vs Canadian real estate, it’s the property tax, which for a $200k home can be $7000 a year, yes, it’s 5x property tax vs. Calgary! Although you can deduct mortgage interest and property tax off your total income and pay 0% state tax, the total US total income tax is still around 30ish% even with the 0% Texas discount, and the US taxes you on your Canadian RRSP earnings apparently too.

The homes down here are about 30 years behind Canada in building standards, in fact, it wasn’t until 2005 they started using double pane windows and insulation! It’s very, very common to find homes with single pane, aluminum frame windows, old kitchen cabinets adorned with new granite and old appliances with 19+ year old roofs… and this is in the nice areas of Houston! With electricity bills in to the $300+ a month just for AC, square footage really matters to keep costs down, but even a “starter home” here is a 1700sq/ft bungalow! We are looking in the 1958-1980’s areas.

Weather is pretty amazing, it’s 26°C today, clear and sunny. Roads are insane (like the I-10 which is 26 lanes wide!) and no public transit in the city to speak of.

According to our realtors, 55% of Houston RENT, only 45% own a home. Sales are increasing slowly and sellers are starting to list (as they newspapers said it was a good time to do that now).  They say prices have been very flat (2% yoy increase since 2000) but areas we have seen have gone down 20-25% so that’s most likely “select areas”. So far we have had a hard time finding the right cared for home at the right price. Even with house prices so low vs. Canada, no one wants to pay $32,000 in property tax a year

Finally, I need some advice. Sue this guy? Or hire him?

 .

275 comments ↓

#1 Josef on 02.29.12 at 9:52 pm

First!!!! OH YEAH BABY!!! BOING!!! BOING!!!

#2 dad on 02.29.12 at 9:53 pm

You look haggard in that video ol boy

#3 Furst on 02.29.12 at 9:53 pm

FURST yyyeeeeeahh!!!!! Garth loves me.

#4 shanks on 02.29.12 at 9:54 pm

first!
and i am pretty sure you used this photo already Garth…

Nope. The other guy croaked. — Garth

#5 Kevin on 02.29.12 at 9:54 pm

looking at the price of homes in Fla. it’s a good time to be liquid.

#6 TaxHaven on 02.29.12 at 9:57 pm

Correction: PAPER gold was hit with orchestrated selling. And I took the opportunity to buy MORE.

Don’t look now Garth…gold is on the way back up in sprightly fashion.

Wait for the next “credit event”!

I sure hope you took those profits I flagged at $1,900. — Garth

#7 Van guy on 02.29.12 at 10:04 pm

Garth you’re alive!! Thank god you made it to the Hummer. Actually, thank Ron Wilson for taking the spot light. I hear Torontonians are way more pissed off at him than at you. Then it’s Brian Burke next. Yayyyy, I can’t live without you man! You’re awesome!!

#8 Al on 02.29.12 at 10:07 pm

This guy is a monologue of nonsense, does he ever stop talking!!!

#9 bill on 02.29.12 at 10:10 pm

sound him out Garth.
you will know soon enough if he is a weasel or not…

#10 Lorne on 02.29.12 at 10:11 pm

I like this idea…count me in as an Agent, Garth!

#11 TnT on 02.29.12 at 10:15 pm

Hi Garth and Fans

When will we know it’s a good time to buy a home?

What indicators should we look for?

#12 not 1st on 02.29.12 at 10:15 pm

I now can understand that any problems in the world economy will be quickly papered over as we can see from the U.S example in 2008 and the recent action at the ECB.

This dooming and glooming never comes, or at least its been pushed off by 5 years to a decade. Why hold gold for something that might occur after your lifetime. There might be a day of reckoning out in the future but who knows when that could occur.

The central banks have way too much power and the printing press is a force that cannot be stopped. They want infation instead of deflation. Can you imagine what would happen if every asset was worth half of what it is today instantly. The economy would cease, but people love it when the prices of everything, including daily essentials, goes up. They will print and print and devalue currency, therefore, this is bullish for real commodities and equities. The stupid stock market is probably going to 18,000 or something in a few years.

#13 Uh Oh Canada on 02.29.12 at 10:17 pm

Hire him! Put a mustache and a beard on him a get him to do a cross country tour pretending to be you. He can sell the Garth Turner Project. You’ll make millions! Or at least a few dollars.

#14 Guy_in_Regina on 02.29.12 at 10:18 pm

The bunker has been infiltrated!

#15 tkid on 02.29.12 at 10:20 pm

Sue. He’s using your name and reputation to promote his own website and the BRA. Your stance on the BRA, it it hasn’t changed, is a negative one.

If he’d been funny, or even a tad less boring I’d be inclined to give him a break.

#16 cxcroney on 02.29.12 at 10:20 pm

#223 eagleboy Parksville from yesterday.
I am familiar with Oceanside. We spent a long weekend there one afternoon last summer. Funny how the” glass” in the sand smells like seagull poop at low tide. We prefer that Rathtrevor Park beach. That’s a sandy beach. Car sales slow? You have a great amount of time posting the last 2 days and generally not on topic. Let’s both get on topic, shall we.

#17 Mr Buyer on 02.29.12 at 10:20 pm

Psy-Ops 101-first, to fight this directly will legitimize it but to allowing it to propogate unanswered will open the door to the suggestion that you are trying to drive the Real Estate market for personal profit utilising this blog and its popularity to drive down sales across Canada. A good initial response while weighing options would be to edit the video adding ridiculus interpretations of what the character says point by point. Something along the lines of…
He Says: Mr Turner is secretly starting a new bussiness model YADA YADA YADA..
Interpretation: I have not made a sale in over a month and I am mad this bubble is over and I want to blame the messenger…

#18 Network Admin on 02.29.12 at 10:25 pm

Looks like tightening up has already started
…it’s not coincidental that mainstream lenders like TD, FirstLine, Scotiabank, Street Capital, etc. have tightened up—or abruptly eliminated—their stated income programs…

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2012/02/the-state-of-stated-income.html

#19 Mr Buyer on 02.29.12 at 10:27 pm

By the way. BUYER BEWARE. THE BUBBLE HAS TOPPED. SALES ARE FALLING ACROSS CANADA. NOW IS NOT THE TIME TO BUY A HOUSE. BUYER BEWARE.

#20 Lyle on 02.29.12 at 10:30 pm

Dear Garth,

Please take some time out of your day to review the work of; Billionaire’s Eric Sprott, & Rick Rule, (over at Sprott Asset Management).

As well, head over to Jim Sinclair’s web-site, [http://www.jsmineset.com/]. Please brush-up on your current knowledge of the Gold & Silver market to get better up to date in the metals scene. Gold may have moved down $100 but it will violently move upwards in the next few days, (already over $20 on the 24 hr.). The metals are going to be very violent but will prove to be one of the safest places to store wealth, (until approx. June 2015). Please keep this date in mind. June 2015 we will see an event unlike anything the public has ever known.

Your readers will very much appreciate it.

What day in June? — Garth

#21 John Saccy on 02.29.12 at 10:35 pm

So a $100 manipulated take down should scare the hell out of gold bugs? I think not.

The world is drowing in fiat currency with trillions floating around and a pidly $1900 gold is a bubble? Nothing goes up in a straight line.

Gold will reach $1900 again by April, Garth. Whether you like it or not. Oh look!!! gold is already up 25$ after the takedown.

#22 LJ on 02.29.12 at 10:35 pm

Sue him, then take his idea and run with it.

#23 Ontarian in Cowtown on 02.29.12 at 10:37 pm

A 7.3 Mw earthquake might be the only thing that can save Vancouver homeowners from financial disaster right now. Hope your home is insured for ‘quakes…

#24 Mr Buyer on 02.29.12 at 10:38 pm

Hey a buyers union is not such a bad idea really. The problem is the bubble cultivators could dismiss assertions put forth about the bubble out of hand by saying that this assertions originated from an entitiy with a vested interest and thus are without merit. While the bubble cultivator types saying this have a vested interest it mysteriously causes no cognitive dissonance for them to talk or more effectively infer the evils of vested interests. My big concern is the continued proping up of this bubble, but it is becoming less of a concern daily. This deflation of the bubble will soon gather momentum exponentially and there will be no reversing it. I would be more than happy to consider forming or joining a buyers union at some point after the bubble collapses (hard to guess when but I am guessing likely 2 years from now we will be well along that path). BUYERS BEWARE. THE BUBBLE HAS TOPPED. SALES ARE FALLING ALL ACROSS CANADA. BUYER BEWARE.

#25 Montrealer on 02.29.12 at 10:40 pm

This guy is a disgrace to Quebec, engineers, the military.. and you. Sue him!
http://buyingahomeincanada.ca/default.asp?mn=1.3

#26 Foggy on 02.29.12 at 10:41 pm

Was checking out one of my Toronto areas (Beaches) that I periodically look at and listings have tripled from a month ago. Something’s up. And here’s a million dollar detached wih a silly faux hip renovaion. I wonder if people have lost touch of what a million dollar house really should be. Even half a million…

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=11570950&PidKey=1993430013

#27 truth hammer on 02.29.12 at 10:43 pm

We live in a delusional society, brought on by the enforced fallacy of a nanny state and an attitude of entitlement for all. Look at these youth spitooned suckers who can’t understand that they’re marching for a tax hike. I know you’re not going to want to hear this…but civil servants are the most coddled and most compensated of any segment of our society. They need another raise like you and I need a hole in the head. By the measure of Statistics Canada , these people are classed as ‘wealthy’. You want to march……..for more money…..for people that already have more than just about everyone else. Has this country truly lost it’s mind. Folks…..let me remind you….100% taxation is already a butcrack from becoming reality….after that……it’s a soviet state of collectivism….just like China..where there are the poor working class…..and an elite cadre for who the rules of economics don’t apply.

Love teachers…hate the socialist/union rationale that they need a raise every ten months along with an outrageous pension that no other Canadian can dream of.

http://www.vancouversun.com/business/Vancouver+students+planning+walk+school+back+teachers/6228354/story.html

For decades Canadians have been told that there is a magic hole in the back yard of the Parliament buildings in Ottawa that coughs up dollar bills like a perpetual artesian well. Every stinkfinger and his dog under fourty five has been raised on handouts and the idea that we have an infinite ability to raise taxes so that every special interest gets a big red balloon and a bag of candy whenever the yowl and pitch.

If we have raised another generation as financially stupid as this one, we’re all in big trouble.

#28 brainsail on 02.29.12 at 10:43 pm

We have lived in Austin for many years and our property taxes are not anywhere near the amount quoted. We just paid $7300 for a $400K home.

Here is a link to property taxes in Houston. $1855.10 for a $100K house.

http://www.westurealestate.com/taxes.htm

#29 Retired Boomer - WI on 02.29.12 at 10:43 pm

Hire him…maybe. The video wasn’t too impressive to me, but maybe that’s a pro production in Halifax?

IF you chose to sue him, on what grounds would you sue? Libel, maybe?

This appears more hysterical than sinister. Surely, your ex-MP colleagues have said worse about you.

#30 Doug in BC on 02.29.12 at 10:44 pm

Kudos to him for being a bit shrewd. Working with the flow rather than against it, that’s how to catch the wave.

#31 Golden Stu on 02.29.12 at 10:44 pm

I have figured out the gold market…..

Its not the Fed manipulating the market it Garth,

He said he would be dead before gold reaches 1900, its obviously getting to close for comfort.

GT, stop messing with the gold market and stop baiting the bullion bunnies it doesnt suit your otherwise laissez-faire attitude.

:-)

#32 Sebee on 02.29.12 at 10:46 pm

Now this guy in the photo needs a Harley!

#33 eagle eyes on 02.29.12 at 10:48 pm

My God, that is the most irritating nonsense I have ever had the displeasure of hearing. Can the guy’s voice be more nauseating? Is he dillusional? I couldn’t get through the whole speech. PLEASE do not do any public speaking for the sake of mankind.

#34 Craig on 02.29.12 at 10:52 pm

Ya at 3:11 of that video, he turned in to Charlie Browns teacher…..wa wa wa. What a monotone ass.

#35 Renting in Victoria on 02.29.12 at 10:52 pm

TnT – it will be time to get in when despair fills the air. When even you give up on the market turning around. If you find yourself thinking “I should get in now, I think it will turn around this year” then recognize that as hope and realize it is still too early.

I’m thinking of getting back in in 2014/15 but that is about when I want to move, not a market prediction. I suspect it may bottom later.

#36 Mr Buyer on 02.29.12 at 10:53 pm

So let me see if I get the play right. A bubble cultivator type is infering those of us warning people about the dangers of buying in a bubble are doing so to profit from a never before seen bussiness model thus inferring that we wish to profit off the misfortunes of others as we engineer a drastic decline in prices that usually accompany the end of a bubble. Well I fully intend to buy at lower prices but I am simply standing back and watching the slow motion accident as it occurs really and warning people not to get in the way.Am I profitting thousands of dollars from each sale at inflated prices as a bubble has topped (all the while knowing what classically happens at the end of a bubble)? Am I a merciless profiteer? Hmm. I think this is a case of twinkle twinkle little star, what you say is what you are…BUYER BEWARE. THE BUBBLE HAS TOPPED. SALES ARE FALLING ACROSS CANADA. NOW IS NOT THE TIME TO BUY A HOUSE. BUYER BEWARE.

#37 Maxamillion on 02.29.12 at 10:56 pm

That guy looks like he might have nukes, just look carefully. I think you should launch a pre-emptive strike from the bunker.

#38 Timing is Everything on 02.29.12 at 10:57 pm

#19 Mr Buyer

Your caps lock it on.

#39 Linda Pearson on 02.29.12 at 10:57 pm

Sue? What for? All I heard was a lot of “I think” or “I believe”, neither of which are against the law or, at least, not yet. But I’m wondering if this is a trial balloon you’ve sent skyward to determine interest or support. If so, don’t hire him either – he’s annoying.

#40 East Van on 02.29.12 at 10:58 pm

Why does Garth say that “the housing market is already deflating fast”, and in the same column say that F is going to put the brakes on housing in Canada causing a “7.3 magnitude quake”? If the bubble is already popping, why would the government purposely encourage a harder landing?

Just curious.

The government believes we have a credit problem, not a housing problem. — Garth

#41 Mr Buyer on 02.29.12 at 10:58 pm

27truth hammer on 02.29.12 at 10:43 pm
We live in a delusional society, brought on by the enforced fallacy of a nanny state
…………………………………………………………….
Dear Truth Hammered your stuff quickly turns into so much BLA BLA BLA conservative gibberish so quickly. Truth be told, business is the greatest special interest group of them all, dwarfing social expenditures. BUYERS BEWARE. THE BUBBLE HAS TOPPED. SALES ARE FALLING ALL ACROSS CANADA. NOW IS NOT THE TIME TO BE BUYING A HOUSE. BUYER BEWARE.

#42 Young Boomer on 02.29.12 at 11:00 pm

We lived in Houston from 1995-97 – bought a 2800 sq ft home (4 bed, 2.5 bath brand new 2 storey (no basements in Houston so sounds like more room than it is). Paid $156,000 – just checked online (Trulia) and 2009 assessment was for $230,000.

Definitely higher property taxes for better school districts – we were in Katy ISD. It was about twice compared to what we paid in Canada. Auto insurance was also about twice as much. In Canada we have high heating in winter – there it was high a/c in summer. You close your blinds in the morning etc to keep heat out.

As long as we left our RRSPs alone we were fine ( from what I understand this is still the case ) The one thing we were able to do that made a huge difference on our income taxes was to split my husband’s income ( he was the only one with a work permit) and each claim half. That along with claiming mortgage interest etc kept our taxes low.

Each county has a different % amount for sales tax (consumption tax) and there are different counties in Houston.

Very hot & humid for us Canadians; but met some great friends there.

#43 Mel Rossmo on 02.29.12 at 11:03 pm

As I mentioned several weeks ago the precious metals were getting a little overbought and it would be wise to lighten up. Todays crash in gold and silver illustrates how volatile these markets are and yes there will be some brief recovery because of the magnitude of the panic selling today but the trend I’m afraid for the next while is down. The smart money realized the gains of the past few weeks were ripe for picking and also there was end of month book squaring. There was some technical damage done today which will take time to repair and furthermore we’re approaching seasonal tops for the precious metals. In my opinion,cash seems like a pretty safe place now until these markets become more favorable. Actually, the NA stock markets look like they too are ready to roll over as they’re overbought and a correction would be healthy overall..

#44 Party on Garth on 02.29.12 at 11:04 pm

I used a buyer’s agent.

He kicked back 1 percent of the purchase price on closing in cash. I would never enter a dual agency agreement.

So tell us Garth, is there some truth to what he suggests you are planning?

#45 doc on 02.29.12 at 11:06 pm

Westernman re comment 206 on 02/29/12, I have to agree with Eaglebay- Parksville (229), hands off beach girl. Whats not to like? She makes intelligient comments, has dinner parties, uses money to make money, cares for unwed fathers and is deep enough to enjoy the superficial. Be nice. It works.

#46 Al on 02.29.12 at 11:07 pm

Flaherty is giving the liars one last chance to load up on 110% financing + rebate from the RE broker after which they can declare bankruptcy and let CMHC and the Canadian Taxpayer pay for damages – okay for F as he does not pay taxes.

#47 Herb on 02.29.12 at 11:09 pm

Sue.

#48 Canadian Watchdog on 02.29.12 at 11:09 pm

#26 Foggy

Beaches area is holding out, but looks like detached home prices are about to decline.

Area E2 Average Price http://i44.tinypic.com/2dv2ww4.png
Area E2 Sales http://i43.tinypic.com/20icl84.png

#49 mad vancouver on 02.29.12 at 11:11 pm

Garth, hire the guy :)
He actually looks like he could be your son.

#50 grantmi on 02.29.12 at 11:11 pm

he sounds more like this!!!

http://www.youtube.com/watch?v=n_w4MV_LwMw

#51 I. Muvrini on 02.29.12 at 11:11 pm

Garth, make that guy your sidekick…call him Mini-Garth or TowelBoy…

#52 Boomer on 02.29.12 at 11:12 pm

Ok, I don’t get his idea. If I want to look at a house that is listed on MLS I call an agent that I have worked with in the past or one that is recommended. He/She shows me the property and if a deal is made the listing agent gets a commission and my agent gets a commission all of it paid by the seller. It’s always worked this way. What am I missing? If I wanted to buy a house why would I contact the sellers aagent? They would not be working on my behalf but that of the seller. Who would do that? Can’t for the life of me figure out what I am missing. BTW Garth, I don’t think you need to sue or hire him. To sue him is a waste of money, to hire him is a waste of money, RE has always worked this way. Sellers have an agent and buyers have a different agent, no?

#53 Don on 02.29.12 at 11:13 pm

Garth – I could only listen to 1 minute of his speech. Don’t waste time on him.

#24 truth hammer
Give your head a shake, you blame those under 45 yrs of age, meanwhile I watch the state of affairs under the baby boomer leadership. Your parent’s generation, my grandparents were the last of the common sense folks. You were raised in a boom, jobs were plentiful, you consumed to no end, divorced, ate at McD’s for 30 straight years and now you out shaped boomers are complaining about health care.

At this point I should say the rule does not apply to all, but when I hear of boomers telling/bullying their children into slavery…I get a little pissed to say the least and not Smoking Man pissed. Enraged that a generation took so much for granted and are now angry cause they pissed it all away. No wonder we are in the midst of the most corrupt time in the last 80 years. Wasn’t the boomer generation supposed to be the agents of change, what change. Most of the time it like watching Deer in the headlights. When children need to educate their parents, that’s not a good indication. I am not an ageist or racists…time Man-up and lead. By the way, if our children our marching in favor smaller class sizes step aside cause I am right behind them and will not let them be bullied by some bitter old fool.

My apologies for the rant folks, but this guy tick me off.

#54 DodgedBullet on 02.29.12 at 11:17 pm

#11 TnT

Buy when renting the same costs more than buying.

#55 mark on 02.29.12 at 11:19 pm

What’s his site? ramblingfool.ca?

#56 Jon B on 02.29.12 at 11:24 pm

That Haligonian looks alot like GT. The accent is interesting. The facial hair needs to step up its game to match that of our host.

#57 Devore on 02.29.12 at 11:25 pm

Re video: wtf? Is that DA?

#58 Sm_yyc on 02.29.12 at 11:27 pm

Hi Garth

the talk of higher interest rate is finally creeping up to the surface. all over the 660 news Calgary you can hear ads about keynote, guardian, riverfront and east village….something that wasn’t common as of before this week.

#59 Sir Lumpy Rutherford on 02.29.12 at 11:28 pm

56TH !!! Realestate is on fire in toronto , Garth my realestate agent says the 905 area is hot and the place to buy a condo in the Gta , what you think Garth or should i look at yorkville or lakeshore !!im a speculator i figure ill be a 100 g,s in 4 years ..what you think ??

#60 Harlee on 02.29.12 at 11:32 pm

The Video: Aha…the “truth” is out!
Sure,Mr. Turner is as flamboyant as Don Cherry – but does Garth get Mr. Cherry’s hand-me-down flamboyant suits ? That is the question….
And here I thought all this time that the “Garth Turner Project” was an early 70s rock band…
What aisle were the tinfoil hats in ?

#61 Chaddywack on 02.29.12 at 11:33 pm

I wonder what factors will determine if F announces it during the budget or before.

Imagine a civil servant who can no longer get a mortgage in Van and loses his job simultaneously! Scandalous.

#62 [email protected] on 02.29.12 at 11:34 pm

Wow a Mini-Garth !

#63 Dr. WAYNE on 02.29.12 at 11:34 pm

The ‘video guy’ needs and English lesson or two … then hire him.

#64 Timing is Everything on 02.29.12 at 11:36 pm

The ‘Garth Turner Project’ aka ‘The Garth Turner Profit Seminar’. Is that your nephew? Cousin? You guys are gonna corner the market!

http://tinyurl.com/2a96uq

He’s got Amazons, too! — Garth

#65 throwstone on 02.29.12 at 11:37 pm

Is’nt it just a buyers union or real estate investors
co-op.

Is’nt that what that Scott dude (the Host)..from INCOME PROPERTY does in his spare time.

Having started in the early 90’s in guelph he owns about 150+ properties in Toronto/GTA.

The cash flow from that enables him to head south to the U.S. book a couple convention centers for a few weekend’s explain his business model to investor’s.

Which is,

1) have a war room of researchers with access to every piece of information about the properties your buying, locations, inspections, values, etc etc…

2) buy foreclosed properties in bulk (the bank shadow inventory)…getting them at rock bottom prices.

3) send in the contractors– hammer, drill, paint, sod, wreath and SELL!!

4)The investor’s get their money back and some change, there are a few houses left over that are already reno’d and up for sale or rent by him.

Simple really…. no cash out of hand, little risk and decent pay out for him…not a bad model.
*note: works very well after real estate crash.

I’d hand over some cash.

#66 geneticistx on 02.29.12 at 11:38 pm

this was an idea that crossed my mind recently…

However, do note:
1) Truth is – it is the BUYER that pays the commission in essence, the higher the purchase price the higher the commission. To say that the seller pays the commission is ridiculous. The seller pays the HST, well, i guess the buyer does too, in some regards. It bothers me to hear the fact that people think the seller is paying the silly amount of money for a few days worth of work, little effort put in to a listing, etc.

2) I just sold my house privately, no agents at all. The couple just found me through a friend who lives on my street, and googled my address… The internet age is prime and ripe for a website of individuals to register as buyers, and people who want to sell their house without an agent can be matched up… Kinda like a dating site for the house horny. Using joomla, or tumblr, or wordpress, would be truly an easy enough platform to set this up. Maybe charge a $5 fee to register as a buyer, just to maintain it.

The MLS model will be dead with the new generation of kids coming up, they don’t know a life without the web. Who wants to deal with a BMW agent who does 5 days worth of work for $10K.

Don’t get me wrong, I still strongly believe in using real estate lawyers that will protect the buyer and seller, but an agent has absolutely NO culpability if things go wrong during the process. The lawyers carry insurance, trust accounts, etc., agents are nothing more than Walmart greeters.

there are a couple of good web domains available for a buyers portal, then if someone wants to sell they just go onto the web site and see who is interested in looking at their neighbourhood.

My suggestion:
HIRE HIM.

#67 Love this Blog on 02.29.12 at 11:38 pm

Well, not sure about the suing part, but am I first?
Good post tonight, hope the crash has arrived!

#68 45north on 02.29.12 at 11:38 pm

Alain Savard: pretty funny

Garth you’re a public figure, people can comment, they can speculate.

#69 OttawaMike on 02.29.12 at 11:39 pm

SEBSA:

Sue ‘Em Back to the Stone Age.

#70 Snowboid on 02.29.12 at 11:40 pm

Seems like one of the reasons many Canadians chose Arizona is tax related. Taxes on a $ 200K home here run around $ 2100 annually.

Our home was built in 1989 and has the original double pane windows (and sunscreens on the south and west sides) as well as 16″ of blown in attic insulation. Of course our roof is original, but the expected lifespan of tile here is about 50 years – so we have at least another 15-20 years.

Nothing fancy about our home, but it has vaulted ceilings and is about the same size as the starter bungalow your Texan reporter mentions. Our worst electric bill was $ 78 – of course we aren’t here in the summer but keep the air-con at 87F while we are away. Low humidity is the norm here (stock up on lotion) except during the infrequent downpours – affectionately called monsoons.

Luckily we can walk or cycle to most shopping – but it is a 10 minute drive to our local mall and Costco.

But we did look at a number of homes that weren’t very good before we found the one we eventually purchased.

Also, Arizona does tax income and our local sales tax (state, county and city) is almost 9% – still not bad when prices are 30-70% less than Canada on most purchases. There is a higher vehicle purchase ‘tax’ here that is part of your registration each year.

Phoenix has a light-rail system, but has yet to reach the west valley. We use it anytime we want to head downtown – park and ride at nearest stop and save the hassle of downtown parking.

Roads are also insane here, it’s fine as long as your know the ‘etiquette’ and plan to stay with the traffic flow (usually 75-80 mph in the fast lanes).

A bit cooler here, but forecasts show mid-20s in a few days and low-30s by mid-March.

BTW Garth, please do something to Savard to stop – his snivelling is like someone scraping their nails on a chalkboard. Of course he may have an excuse – either he hasn’t slept in a few days or his meds have worn off!

#71 Led on 02.29.12 at 11:43 pm

This guy is someone Garth should team up with. that is a million dollar idea. True buyer representation!
Brilliant

#72 sam.i.am on 02.29.12 at 11:47 pm

I’m a broken man on a Halifax pier…..literally. Any bubbleheads heading d/t this weekend?

#73 Smoking Man on 02.29.12 at 11:48 pm

#53 Don on 02.29.12 at 11:13 pm
My apologies for the rant folks, but this guy tick me off.

Rule Number 1 Never say your sorry, unless you have an agenda….

After watching the leaf game, brought back memories of Pat Burns.

makes it to the confrence final twice, loses 5 games or so he gets broomed.

Yet the suck up to the machine still has a job.

Pat= A Man
RIP bro. but the suck ups to the machine well they work.

Growing in patent waiting for the buuble heads to revolt, postioned to make some loot.

So here is a clip that might motivate you

http://www.informationclearinghouse.info/article30620.htm#idc-cover

#74 Milan on 02.29.12 at 11:48 pm

“In fact, if you pat the little guy on the head (as I’ve done several times), you can actually feel the horns.”

— All-time favourite sentence of your blog and I’ve been reading you for years.

#75 T.O. Bubble Boy on 02.29.12 at 11:49 pm

Sir Lumpy – are you being sarcastic? Are you the new Toronto equivalent of Waterloo Resident or BPOE?

As for the guy in the video, I see him with a career as Garth’s stunt double.

#76 Smoking Man on 02.29.12 at 11:50 pm

59 Sir Lumpy Rutherford on 02.29.12 at 11:28 pm

Long branch Can’t lose

#77 TurnerNation on 02.29.12 at 11:50 pm

I guess our forum host’s new alleged realty firm could be named: TurnerNation.

This video only proves it; realtors are in a panic!

#78 T.O. Bubble Boy on 02.29.12 at 11:51 pm

oh – and what about Mr. F taking out the cash back mortgages?

no wonder CIBC is selling the FirstLine mortgage business… you take away stated income mortgages and possibly cash back mortgages, and they’ve got exactly ZERO qualified borrowers.

#79 nonplused on 02.29.12 at 11:53 pm

Garth asking for advice? Must be a ghost writer. It is late in the week.

Well, I guess the first question is are you planning an EBA firm?

If so, I am not convinced that exclusive buyer’s agents remove the conflict of interest. No matter what, the seller is paying, and loyalty always lies with your pay check. It looks like more window dressing to me. Kind of like a home inspector. They usually get recommended by the buyer’s agent, and never find anything wrong with the place, even when your insurance company won’t insure the water pipes!

Even an exclusive buyer’s agent doesn’t get paid unless there is a deal. So I doubt that they want anything less than the seller’s agent, which is for a deal to close in the shortest time possible with the least viewings and at the highest price possible (and hence the largest commission). So EBA’s are nothing but a new spin on an old problem.

The real way to get the EBA idea to work and remove the conflict is if the EBA gets paid a percentage of what they save from list (like a contingency lawyer). (So if list is 500,000 and the deal settles for $400,000, the buyer pays the EBA say 30% of the savings or $30,000, but the buyer keeps the MLS portion that would normally go to the buyer’s agent.)

Either that or go with an hourly rate, with the buyer’s agent commission returned to the buyer. This would be similar to the above, but at a fixed hourly rate, where you pay the EBA say $200/hour but then keep the buyer’s agent commission.

I think the contingency proposal would lead to more motivated EBA’s. But it could lead to everyone just listing too high in order to attract the EBA’s.

In the end of the day, the buyer pays both commissions, because they are the ones with the money. The whole spin is wrong, in a commissionless world the seller would sell for less. 5/3% less to be precise. What the seller wants is always padded by the commissions.

Eventually Kajiji will replace the whole business, at a lot less than 5/3, and what real estate agents there are will be “consultants” you pay an hourly rate.

#80 Canadian Watchdog on 02.29.12 at 11:53 pm

Canada’s real employment figures by province.

Employment To Population Ratio (R8)%

Canada http://i44.tinypic.com/53pw1w.png
Saskatchewan http://i41.tinypic.com/oh4kgn.png
British Columbia http://i41.tinypic.com/2igc47k.png
Alberta http://i43.tinypic.com/3590rp4.png
Quebec http://i40.tinypic.com/dqhbbm.png
Manitoba http://i44.tinypic.com/2qxaj9s.jpg
Ontario http://i42.tinypic.com/117tjxh.jpg

Now consider from 2008, nearly $900 billion in stimulus money amongst Canada and the U.S. was injected into the economy to save jobs and businesses, yet we are still at levels seen in 2001.

Recovery—fail.

#81 Junius on 02.29.12 at 11:53 pm

My pet Monkey thinks your right Garth.

He also think’s F is cute. I think so too.

#82 Best place on meth on 02.29.12 at 11:55 pm

Sue him for being so damned long-winded, that should have taken 30 seconds to explain.

Also his cartoon voice is really annoying.

#83 nonplused on 02.29.12 at 11:56 pm

Or it might even be ebay that replaces real estate agents. They’ll have some sort of binding form you fill out and then accept bids, your “agent” just paid by the hour to show the house for viewings and open houses.

#84 sam.i.am on 02.29.12 at 11:57 pm

I’d say ban that guy from the island. Based on the accent though that,s already happened.

#85 martin9999 on 03.01.12 at 12:00 am

What day in June? — Garth

you make my night bro ahahahahahaah

#86 Smoking Man on 03.01.12 at 12:00 am

#70 T.O. Bubble Boy on 02.29.12 at 11:49 pm
Waterloo Resident or BPOE?

Why do you let your wishes clould your judgment. Even the Great one said appart from the GTA.

One day down the road I will look forward to when you change your name to TO Bubble Man

#87 Bubble Shooter on 03.01.12 at 12:04 am

Sue him. He’s too annoying to hire.
And never trust real estate agents or lawyers.

#88 not 1st on 03.01.12 at 12:05 am

Imagine this scenario – the world econony has crashed and is in tatters, inflation has run rampant, cities and towns crumbling and gangs of the desperate roaming around the leftovers. And you are going to walk into town with your gold coins and buy some stuff eh? It will be taken from you in a heartbeat and any more you have.

If you really are into surviving a doomsday economic scenario, forget gold, buy some productive land with water far away from the cities, build a fortified concrete house with a gun turret and stock your basement with rations and vegetable seeds.

#89 earlymidlifecrisis on 03.01.12 at 12:06 am

If the budget initiates that rule change and everyone must have income to support the mortgage regardless of deposit how will that affect income suites? Ideally i want to pay cash, no mtge but everything in that price range is a pile of sticks. So, now considering places with suites. But, now i wonder if those rules would put a wrench in it b/c i wouldn’t want to work f/t. One of the reasons I to relocate is being able to own outright or have a small mtge. I’m thinking at todays prices maybe 60-70k mtge after a 200k deposit. Or would the rules just cool the market enough that the suite wouldn’t be needed? Could a person even get a 70k mtge working p/t or selling art if that was implemented? It’s going to be a long month waiting for that budget. ——-Oh that guy- who knows, couldn’t finish listening to him.

#90 Joe Q. on 03.01.12 at 12:10 am

At current interest rates and Toronto prices, the move from a 30-year to a 25-year maximum amortization would reduce the amount of “house” a typical buyer could afford by about 10%.

#91 OwlEyes on 03.01.12 at 12:15 am

A glimpse into the future…?

http://www.theglobeandmail.com/report-on-business/international-news/pictures-of-irelands-abandoned-housing/article2354008/

#92 from kits on 03.01.12 at 12:22 am

hopefully what you are writing about isn’t wishful thinking and actually will be in the budget

#93 realdeal on 03.01.12 at 12:22 am

My house in Mississauga sold for 315000 in 1992. Its now worth 850000 in 2012. Minimum wage in 1992 was 4.75 now its 10.25. Prices are moving with incomes. What’s the issue here?

Your math. — Garth

#94 send in the realtors on 03.01.12 at 12:25 am

there ought to be reactors

#95 House-hunting in Houston on 03.01.12 at 12:25 am

Thanks Garth for posting our story here thus far! I will keep you and the other blog dogs updated on our experiences here in Houston.

#28: Must be old info for those areas? This is one of the poor areas of Houston: http://search.har.com/engine/5304-Leeland-St-Houston-77023-2024_HAR53597758.htm you can see at $28,000 home you are paying $2,700 a year in property tax (or 10% of home cost per year).

#96 };-) aka DA on 03.01.12 at 12:26 am

* * * DELETED * * * by the author };-)

#97 Abitibi Doug on 03.01.12 at 12:28 am

If, rather when, the Vancouver market implodes, it will likely put many construction trade people out of work. Meanwhile, supposedly there are labour shortages throughout the west on construction projects in northern BC and Alberta (whether that’s actually true or not is another matter). Won’t the implosion of the delusional Vancouver market make more labour available for these projects, and thus be a good thing?

#98 Ron on 03.01.12 at 12:33 am

Wow..I was shocked to see that my comments triggered a few responses yesterday. Thanks for that, regardless if you agreed with my thoughts or not.

The key point that I tried to make is that if you do not like the terms of your employment, QUIT. Don’t complain, don’t strike, don’t slam your employer…QUIT.

If you are as valuable as you think you are…you won’t be unemployed for long. Shame on your employer for not recognizing your talents!!

Unless you feel that you are ‘entitled to your entitlements’, it’s hard to imagine why you wouldn’t agree. Hello..fee for service?

I wish that there were private school options in my community.

#99 s on 03.01.12 at 12:41 am

I don’t see a reduction in the length of amortization having much of an effect on the housing bubble. This is most likely around a $100 a month increase in housing expenses even for cities like Vancouver.

#100 TexasJack on 03.01.12 at 12:44 am

Why would homes in Houston use double-pane windows when the they haven’t seen snow in 100 years?

#101 Small Steps on 03.01.12 at 12:52 am

OMG. This realtor is crazy. It is always the people who are delusional and think they are brilliant that are the most dangerous.

#102 Preciousss on 03.01.12 at 12:58 am

#100

Double pane allows for the use of muti coloured glass such as rose coloured, blood red, gloomy grey, or depression black in order to suit each buyers individual tastes.

#103 Terra No-more on 03.01.12 at 12:58 am

F’s speil March 29th?

#104 Timing is Everything on 03.01.12 at 1:03 am

#100 TexasJack

http://tinyurl.com/ywonhk

#105 Alberta Ed on 03.01.12 at 1:03 am

Set the Amazons on him. That rant was so boring I didn’t last 35 seconds.

#106 Burnt Norton on 03.01.12 at 1:10 am

True.

A year ago our (honest) banker in 604 used the words “insane bubble right now”

When we ask him who keeps buying these places now he says “New immigrants with assets. Income in Canada doesn’t matter. We are giving mortgages away”.

Please, please, please F: End this madness.

#107 bill on 03.01.12 at 1:10 am

”Please keep this date in mind. June 2015 we will see an event unlike anything the public has ever known. ”

the sportster gets a six speed….

#108 Harry in Saskatoon, no bust here, maybe next year, or the year after on 03.01.12 at 1:16 am

There is no bubble in western Canada.
Heck, there is a labor shortage here as Alberta and Saskatchewan governments and employers are going to Ireland for construction workers.
http://www.theglobeandmail.com/report-on-business/economy/jobs/western-canadian-employers-court-the-irish/article2351900/

#109 maya on 03.01.12 at 1:16 am

This is exactly happening in Canada.

http://www.youtube.com/watch?v=aO5IU3GQlZE&feature=related

#110 Joe Q. on 03.01.12 at 1:20 am

#99 s on 03.01.12 at 12:41 am writes: “I don’t see a reduction in the length of amortization having much of an effect on the housing bubble. This is most likely around a $100 a month increase in housing expenses even for cities like Vancouver.”

At 3.5% interest, a move from 30-year to 25-year amortization increases payments by about 11-12% for a typical mortgage holder. For example, someone paying off a $400k mortgage would see their monthly payments go from about $1,790 per month to about $2,000 per month (a $210 difference).

#111 Bowlshiet on 03.01.12 at 1:27 am

”Please keep this date in mind. June 2015 we will see an event unlike anything the public has ever known. ”

Well.. let’s see if we can survive past December 21 2012 first.

#112 Shrug80 on 03.01.12 at 1:29 am

Garth,

Ye’r a beauty! (in my best Don Cherry voice).

Tie him up and feed him to the Amazons.

Thanks for everything!

#113 Corey on 03.01.12 at 1:30 am

Re: #95 House-hunting in Houston
… This is one of the poor areas of Houston: http://search.har.com/engine/5304-Leeland-St-Houston-77023-2024_HAR53597758.htm

Nice photo of dear Ms. Ellis. Too bad about her neck though.

#114 zman on 03.01.12 at 1:35 am

Rates have to go to 6 percent for housing to slow down….the proposed changes to the mortgage rules will do nothing to slow the housing market….the change to the amortization schedule is equal to the rates moving up by approx 1 percent and that is not enough to slow it down……proving your income will not be a barrier because mortgage brokers will find loopholes to get around it…housing will continue to climb up at least for a little while longer

#115 gtrz4peace on 03.01.12 at 1:42 am

#27 Truth Hammer: You righties need to quit picking on teachers, and public employees, and union stiffs who worked hard for their benefits — and make a fraction of the money as the slick crooks in the suits who are ripping off the middle class which will soon be gone!

Oldest trick in the book, used by Hitler very successfully. Turn people against labor, unions, each other. Anyone but “the men behind the curtain.”

Even if we were as rich as some of you, we’d rather see a teacher who has really worked their whole life keep their pension than see folks like you keep yours!

You say you “love teachers” but hate their pensions? That is hypocrisy of the highest order.

#116 Timing is Everything on 03.01.12 at 1:44 am

#98 Ron – I wish that there were private school options in my community.

There is. It’s called ‘home school’.

http://www.bchomeschool.net/
http://www.ontariohomeschool.org/

Good luck, btw.

#117 Pacifica on 03.01.12 at 1:50 am

Garth, your ‘blog dog’ should be able to file the 8891 to defer RRSP gains.

Rest of all that stuff about Houston is very true. It’s why people put money into the real economy instead – businesses.

IMHO the Dallas-Houston area is thriving.

#118 Sgt. Bilko on 03.01.12 at 2:16 am

We should probably forget about calling every downdraft in Gold. The world price of gold and the Canadian housing market are not related.

#119 gtrz4peace on 03.01.12 at 2:18 am

#98 Ron –

You are perhaps out of touch with WHY people “strike.”

Because that is the only way workers have ever, ever, gotten justice from management in situations where working conditions require employees to organize to fight for safe working conditions, fair hours, fair wages.

Read about Foxcon in China, and Apple. Really, read about those factories because organized labor is, and always has been, the difference between “us” and “them.”

Simply QUITTING means one person can try to find another job. But it does not ensure that there will be justice for others, or for those who come behind that one person.

Simply quitting just leaves others to suffer, rather than try to right a wrong for the greater good.

Which is why organized labor is so important in any functioning democracy.

#120 groovin_123 on 03.01.12 at 2:28 am

Garth, you can’t sue this man. He’s obviously mentally handicapped.

I don’t suppose you dipped your toe into the gold sale this morning?

#121 maria on 03.01.12 at 2:34 am

Sue this guy? Or hire him?

Both – sue the guy and ask for damage then propose to hire him and deduct the damage from his pay ;)

#122 Chico on 03.01.12 at 2:51 am

Garth,

Hire him!

1. He said you were like Don Cherry…that makes your successful entrance back into politics easy because everyone knows Don could be our top dude in a heartbeat if he were to run.

2. The guy looks like you…which could be a compliment or an insult, I’m not sure how you would take it.

3. He would help you secure the french vote, which I doubt a pasty white English dude like yourself from the center of the universe would have much chance of obtaining without a ton of help.

4. Because you’re like Don Cherry, you don’t need to take the political route, you could simply implement the idea he’s suggesting and make a ton like the Don has done for so many years.

5. You’re like Don Cherry.

6. You probably have a ton of CBC/Don Cherry paraphernalia (thanks for the spell check) all around your house.

7. You’d be great in a rock em sock em video…doing the voice over, not the fighting…that would suck.

#123 eagle eyes on 03.01.12 at 2:59 am

Does anyone know if I can still apply for a pre-approved liar loan before March 29th? Are pre-approvals good for 120 days? or just 30 days? I figured that I if 120, then it would be good till end of June 2012 with the 30 yr amortizations.

#124 D-Dawg on 03.01.12 at 2:59 am

The French guy’s logic is flawed.

While it is true that having a buyer agent costs nothing to the buyer that doesn’t mean that agent is working with your interests in mind, which is being intimated by Mr. French.

The buyer’s agent is remunerated when the buyer makes a purchase, so the agent is motivated to convince the buyer to buy. The agent is not motivated to warn a buyer that the market is inflated, for instance.

Suggesting a buyer to retain an agent to ensure that the seller’s agent isn’t the beneficiary of a double-ended transaction is myopic.

Who gives a rats ass if the seller’s agent double dips? As a buyer all that matters to you is that you receive objective counsel.

#125 kilby on 03.01.12 at 3:08 am

Couldn’t get past 3 minutes of the video, going to Oceanside tomorrow and have to catch the 6:30 ferry. Prices in Sleepyside are starting to drop like rocks, just going to check out different neighbourhoods…Maybe I will see eaglebay’s pickup at a coffee shop?

#126 F on 03.01.12 at 3:15 am

Another good read Garth Cherry….

Adding those bits which include the down-and-dirty facts from the house hunters in Houston put your blog over the top! Stuff like that contributes a lot to the general discussion.

#127 Freedom first on 03.01.12 at 4:46 am

Garth…..I would hire him. He believes in you, and I think he gave a good presentation…….and he is right on the subject matter…….though I think others are right abut the monotone. No problem, he has the skills and brains needed. You could train him……easy. Just MHO…

#128 NoName on 03.01.12 at 4:51 am

Blog reader engagment vs time of the day.
The curse (feb 28)

http://i43.tinypic.com/whhau1.jpg

#129 Steven Rowlandson on 03.01.12 at 5:23 am

Bill the way the powers that be are carrying on you will be lucky to see june 2015… You and most of us could be lucky to see june 2012. Since Purim is a week away, if we get past the middle of the month with out WW3 being triggered we should all count ourselves lucky.

#130 lord lucan on 03.01.12 at 5:33 am

UK real house prices have fallen by a THIRD since 2007

http://www.thisismoney.co.uk/money/mortgageshome/article-2107661/RICS-UK-property-market-worst-Europe-prices-France-Germany-rise.html?ito=newsletter

#131 Beach Girl on 03.01.12 at 6:06 am

Westernman on 02.29.12 at 10:33 pm Eaglebay-Parksville@#229,
I can assure you Sir, I would rather immerse my privates in # 2 Kerosene and set them alight than lay a hand on beach Girl…
She’s all yours chump, and may God have mercy on your soul…

Can we watch? Bring a match, or anything? — Garth

___

Going to the Superstore tomorrow to load up on marshmallows.

___

doc on 02.29.12 at 11:06 pm Westernman re comment 206 on 02/29/12, I have to agree with Eaglebay- Parksville (229), hands off beach girl. Whats not to like? She makes intelligient comments, has dinner parties, uses money to make money, cares for unwed fathers and is deep enough to enjoy the superficial. Be nice. It works.

You both are true gentlemen. Would split a chicken wing with both of you, but obviously you are both taken. Had fun last night.

___

My business seems to be recession proof. More unwed fathers on the scene. Seems the financial pressure on younger people are making them crack. Kinda sad, really. Dinner party tonight.

I also have a home for single mums with children. Their lot in life is much harder. From my perspective. But once that pool is open, better times, all around. In the summer this house is packed, even if everyone is dusted and have shitty jobs. Whining kids and a nasty Jack Russell.

We just all try to be happy, better than being alone. Yes, the flame is coming around.

#132 Deb on 03.01.12 at 6:12 am

Sources from “We’re Richer Than You Think” and one of the other Four, tell me they are convinced that F’s announcement on the further tightening of mortgage rules will indeed occur prior to the tabling of the federal budget. They suggest that F’s statement will include a return to 25-year amortizations and perhaps an increase in down payments. The announcement will be made while the PM leaves the ranch for his tour of Japan and South Korea. He is due to return to Canada on March 27, two days before the federal budget.

#133 Freedom 55 on 03.01.12 at 6:46 am

Ya I had to nuke him after a minute, to nauseous.

#134 Q on 03.01.12 at 6:59 am

Only a true parasitic politician like mini F, could pat himself heartily on the back, expecting much praise and adoration, for pretending to “fix” a problem that he created in the first place. As usual, the government will continue to interfere, by changing the rules in mid game and inevitably just make matters worse.

#135 Kip on 03.01.12 at 7:09 am

“Finally, I need some advice. Sue this guy? Or hire him?”

You should hire him but, do you think you can afford him?

#136 househornyhousewife on 03.01.12 at 7:10 am

Garth,

I would definitely NOT hire this guy. Don’t bother suing him either as you’d be wasting your time. I sincerely doubt he has enough money to pay the damages or settlement out of court (although he may not take his own advice and decide to represent himself so you would probably win).

Although in this video he is certainly making you look good .. through reverse psychology perhaps ? (that nasty Garth Turner is up to something … I think he is going to start feeding the homeless so watch out ! .. what the “bleep” ?), he is quite obviously not playing with a full deck and loose cannons like that are risky to have in your camp.

I am not exactly sure what the hell this guy is trying to say … what is his point exactly ? Do YOU know ? Is it that he has the genius idea of representing buyers and that buyers won’t have to pay a penny for his services ? Hey asshole, that already exists and they are called buyers’ agents. I assume that these EBA’s still share the commission paid by the seller on the selling price, right ? So what the &?%$?? is this guy talking about ?

I haven’t had to pay my Remax agent a penny and she has been working her ass off for two years to find us a place (she has definitely earned her commission on our recent purchase). Not only that but she actually has buyer and seller (for when I sell my current home) insurance that protects me while we are waiting for the transaction closing date. So if something happens while we are waiting for the deal to close, we have financial protection. I don’t pay a cent for this either (the agent does).

NO ONE has to pay their own agent if they are buying a house and no one ever has (as far as I know) .. but maybe you do things differently outside of Québec (?).

Anyway, when this guy said that you might be starting a business as a buyer’s agent, the first thing that came to mind was, “Oh crap, why couldn’t Garth have done that two years ago when I needed it ?” Ha ha !

If anyone manages to get in touch with this guy, would you please ask him what the hell he’s trying to say and get back to us ?! He’s certainly confused the hell out of me.

HHHW

#137 Valkyrie on 03.01.12 at 7:18 am

Looks like the amazons are about to go on a road trip, no need to sue. They should bring you back some lobsters and maybe some new blog pictures to keep the rest of us in line…

#138 bubble head on 03.01.12 at 8:09 am

# 98 Ron

Whats stopping every employer from screwing their employees. “no lunch today , don’t like it quit. Forget a pay raise I’m cutting our pay, don’t like it -quit. Find another job if you think you are so valuable.

Get ready for civil unrest
http://www.parentcentral.ca/parent/education/article/1138862–teachers-unions-decry-ontario-s-opening-offer-no-raises-no-retirement-payouts

#139 fancy_pants on 03.01.12 at 8:44 am

Are you going to tell us tonight that this guy is your cousin or long lost brother? If not, he’s got to be a university professor. monologue tone master. painful to listen to. pardon the sterotyping.

#140 Oceanside on 03.01.12 at 8:50 am

GTRZ4peace.

Nice, common sense posts , we could use more “balanced” approach to humanity (and the middle class) here sometimes instead of the obviously unfulfilled complaining by the old guys that seem unhappy with what they have accomplished in their working careers.

#141 NCYer on 03.01.12 at 9:19 am

Funny how I was talking to a badminton friend last night who sold her condo in North York and bougth a detached home in Thornhill for over $500k (1300 sq ft).

She said she sold her condo in 1 week but made no money on it. After legal fees, land trasnfer tax and agent fees she broke even. In addition she said she only paid maintenance and property taxes out of pocket during her 2-year ownership.

My partner could not believe she made no money and I told him that RE doesn’t guarantee money and given she owned during one fo the biggest run ups in the last decade and still made no money is scary.

#142 AG Sage on 03.01.12 at 9:22 am

>#136 househornyhousewife on 03.01.12 at 7:10 am

If I’m bringing the money then I assume I’m the one paying. If you went to the bar with friends, gave your friend $100 and he bought drinks for everyone with it, would you say that he paid? That “it’s not coming out of my pocket” attitude is the reason they get to play middle man like it’s the 1900s and communication is expensive.

Real Estate agent fees are an unjustifiable drain on consumers’ largest purchase. While on the agent side of things the business model is absurd. They do a ton of work and outlay (ad buys, etc) with no payback guarantee, which makes them often act in bizarre ways not in line with their clients’ best interests. In they end, they charge too much for the majority of transactions in order to make up for their losses on the failed and difficult transactions. RE should be fee for service, upfront, and their cartel broken.

#143 Uh Oh Canada on 03.01.12 at 9:23 am

Re: Ireland

I was in Ireland for a week in 2008. It appeared to be booming with construction everywhere. I believe that was the year everything crashed. Kinda reminds me of what we see right now in Canada.

#144 BM on 03.01.12 at 9:24 am

Hello Garth,
Thanks for keeping us informed. I am not sure if you covered this topic on amortization. I am told by my realtor that if you bought a home at the time when 40 or 35 Amortization was allowed. If you donot sell it and continue to live in it, you still qualify for the 40 or 35 yr amz. So when you renew your mortgage your amz will still qualify for the old rules on amz prevelant when you when you purchased as long as you do not sell and buy new. Is this right?. So this 25 amz if it sees daylight will only apply to people who are buying homes after say March 29, not the ones renewing their current home mortgages in say Dec 2012.

#145 eddy on 03.01.12 at 9:25 am

i dont see how are eqity loans part of any bubble creation

#146 FTP - First Time Poster on 03.01.12 at 9:27 am

Everyone is having trouble getting by:

And The Scum Of The Year Award Goes To……

Unless February 29th is the new April Fool’s Day, I’m pretty sure Alan Dlugash locked it up with this remark:

People who don’t have money don’t understand the stress. Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”

Dluglash is describing the horror of scraping by on $350,000 a year. Really. How could you lucky bastards ever understand?

Ordinary Americans, with their fancy foodstamps and foreclosure notices, are increasingly turning a blind eye to the plight of the people who outsourced their jobs. You just don’t get it, do you? These people are light years smarter than you, and they work really hard. Now things are so dire, some are actually considering sending their kids to school with your germy kids. It’s bad.

http://www.bloomberg.com/news/2012-02-29/wall-street-bonus-withdrawal-means-trading-aspen-for-cheap-chex.html

#147 Ralph Cramdown on 03.01.12 at 9:35 am

The cash flow from that enables him to head south to the U.S. book a couple convention centers for a few weekend’s explain his business model to investor’s.

I always find it telling when someone touting real estate (or a stock trading system, or whatever) figures the best use of his time and money is to book a plane ticket and a banquet hall. If he really had a good system, wouldn’t he be spending his time and money there, and not looking to create competition for himself?

#148 jess on 03.01.12 at 9:40 am

…a realtor is now called a home coach?

#149 Fred on 03.01.12 at 9:42 am

I thought it was you… maybe it’s because of the beard…

#150 The American on 03.01.12 at 10:12 am

Meanwhile, money woes here in the U.S.

http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html

#151 Form Man on 03.01.12 at 10:19 am

#233 eaglebay yesterday

Since the used car salesman description fits you so well, I am staying with that.
I might point out that you would fit in well in Kelowna with the RRR’s (ranting rightwing retirees)

#152 Halifornia on 03.01.12 at 10:20 am

He’s got a real Canadian accent eh!

Can somebody paraphrase his video, the message was lost in the medium.

#153 fancy_pants on 03.01.12 at 10:21 am

#100 TexasJack on 03.01.12 at 12:44 am
Why would homes in Houston use double-pane windows when the they haven’t seen snow in 100 years?

insulation is your friend for temperature extremes at either end of the spectrum. Consider the analogy of your house being a fridge in the summer.

Your mileage may vary.

#154 fancy_pants on 03.01.12 at 10:31 am

On the road of analogy…

Elected gov’t officials hopefully drive their vehicles better than the economy.

accelerate.. brake… accelerate.. brake…

At least F sees the lights are red and rumour has it, taking action. Maybe too late; an accident appears to be a foregone conclusion. The question is whether it will be a fender bender or an unsightly scene with multiple casualties.

#155 Mr Buyer on 03.01.12 at 10:34 am

#114zman on 03.01.12 at 1:35 am
Rates have to go to 6 percent for housing to slow down….the proposed changes to the mortgage rules will do nothing to slow the housing market….
…………………………………………………………………….
The housing market has slowed down already. BUYER BEWARE. THE BUBBLE HAS TOPPED. HOUSE SALES ARE FALLING ALL OVER CANADA. BUYER BEWARE.

#156 truth hammer on 03.01.12 at 10:36 am

#53 Don……Prediction…….the BS about class sizes turns out to be a red herring and the teachers go back to work after they get a cash settlement….just like last time and the time before.

These people use these false flags to mock a concern for education to feather their own nests. If they came out and announced ‘screw you bozo’s we want more money’….they would of course not be able to garner any public opinion or the bizarre behaviour of ‘children marching’ for increased taxes that are sure to result in less education for students and simply more gold for the unions.

Sorry Don…but heres the truth….teachers wages and pensions take 100% +++ of the revenues coming in to the Ministry of Education. There isn’t one red cent unaccounted for. There isn’t a dime left for class sizes ( ie hiring) or bricks and mortar etc etc etc. The teachers union would have you believe that the taxpayer is an endless bucket….do you really feel that way?

BTw…there is only one way a rich country like Canada can go broke…….by spending in excess of the revenue….Ah….. Don……….read the papers.

#157 Nuke on 03.01.12 at 10:41 am

http://www.fool.com/investing/general/2011/12/23/robert-shiller-on-why-home-prices-could-fall-for-s.aspx

Robert Shiller on why homes prices could go down for decades. No different than why tvs and computers go down in price, they are manufactured goods and we know how to make cheap houses.

#158 disciple on 03.01.12 at 11:00 am

ScotiaMacLeod gave out this advice a while back, does anyone know if it is still relevant?

“…believe it or not, for an individual without any other taxable income in 2007, it is possible to receive approximately $66,460 in dividends from Canadian public companies without having to pay any federal income tax at all.”

http://www.professionalreferrals.ca/2009/08/tax-free-dividends-one-of-canada%E2%80%99s-best-kept-secrets/

#159 Ret on 03.01.12 at 11:02 am

Ah yes, the pretense of governance. Anything that F does in the budget, the banksters will do an end run around before the words have left his lips. Ten percent cash back mortgages anyone? Income verification from employers in China, or Greece? Sure, why not?

Upset the seniors, not a chance. Cuts to swivel servants? Yeah, right.

Bugets in my world have numbers. Don’t expect to hear too many of those on March 29th. Oh well, maybe there will be a hockey game on that night!

#160 Spiltbongwater on 03.01.12 at 11:03 am

I can’t believe I watched that entire video. I say hire the man Garth, he really believes in what he is selling. I think Garth is upset that the guy scooped your big announcement?

#161 eaglebay - Parksville on 03.01.12 at 11:03 am

#125 kilby on 03.01.12 at 3:08 am
“Couldn’t get past 3 minutes of the video, going to Oceanside tomorrow and have to catch the 6:30 ferry. Prices in Sleepyside are starting to drop like rocks, just going to check out different neighbourhoods…Maybe I will see eaglebay’s pickup at a coffee shop?”
———-
Wrong, prices are slowly going down, not like rocks.
Otherwise, I don’t drink coffee. That’s for girls.
Will be at French Creek to go fishing. Look for a 2011 Chevy Duramax with Alberta plates. The harbor master could show you which boat I’m on.
Hope you can swim.

#162 ‘Well-connected Realtor Source’ – “People now think it’s a bubble and so they are hesitant to buy. The main change now is that people actually think this is over.” | Vancouver Real Estate Anecdote Archive on 03.01.12 at 11:07 am

[…] month-end stats – they will be brutal with (again) only 2009 being worse in the past decade.” – Garth Turner at greaterfool.ca 29 Feb 2012 Share:TwitterFacebookRedditStumbleUponDigg This entry was posted in 08. Overextended Buyers, 16. […]

#163 EdmontonJim on 03.01.12 at 11:11 am

That guy is obviously using your name to promote himself. I wouldn’t sue, just ask him what he would pay you for a celebrity endorsement.

Or (and I think this is what he is hoping). Buy his firm.

#164 Alex on 03.01.12 at 11:14 am

I sure hope you took those profits I flagged at $1,900. — Garth

Didn’t you advise people to sell gold when it hit $850?

I’ve consistently said you should establish a weighting for all assets in a portfolio and stick to that. When an asset becomes overweight (due to an increase in value) then harvest the gains and spread them among all assets. When something becomes underweight (because it declines in market value) buy more. This is a tenet of balanced investing. It separates smart people from gamblers. — Garth

#165 Mr Buyer on 03.01.12 at 11:16 am

I sometimes give people a little too much credit (myself most of all). After having another look at that mind warping video, erie resemblence and vacant gaze I am thinking a restraining order may be a wise initial move.

#166 Daisy Mae on 03.01.12 at 11:23 am

#33 EAGLE EYES: “My God, that is the most irritating nonsense I have ever had the displeasure of hearing.”

************************

Yes, it was stupid and nauseating to say the least.

#167 eaglebay - Parksville on 03.01.12 at 11:25 am

#150 Form Man on 03.01.12 at 10:19 am

You could call Jim Pattison a used car salesman as he owns many car dealerships.
I don’t like Kelowna, too boring. Nothing to do there unless you’re too old and cannot do anything anyway.
Check out Fort Nelson, lots of work up there and good hunting for moose, elk and white tails.

#168 Sebee on 03.01.12 at 11:28 am

The government believes we have a credit problem, not a housing problem. — Garth

Since RE associations, F, banks and all are in cahoots together to prop this up and it would figure Gov’t would declare a credit problem not a housing problem. It’s a way to keep the club together, and not single out those RE agents who hopefully also pay decent taxes on those commissions.

Anyone see “Thank you for Smoking”? Remember those scenes when the Big Three get together at table and talk about their death toll? I imagine similar meetings between these three as they look at pictures of barns on 20 foot lots for $750K while laughin and spitting Johnny Blue through their noses.

Anyhoo…Sorry to ask this, but what the heck are Amazons? I’m new here and I swear this blog needs a small Garth glossary section to let us newbies be in on the lingo.

#169 Angelo on 03.01.12 at 11:31 am

Volatility is not an indicator of a top (or bottom) and whoever thinks so is probably an amateur, and in the metals case what we have is a relatively small market that can be moved quickly (in either direction).

The use of naked shorts is something that the CFTC must remedy if there is ever going to be stability in these markets. What happened in the futures arena with MF Global was the market recognition that something of very ominous nature was occurring.
Segregated customer accounts were RAIDED by the executives of one of the largest futures firms in the world, billions stolen from accounts in good standing and many of these clients were mid-size farmers and grain producers.

Naked selling is wrong, it perverts capital flows, distorts investment opportunity and belongs in the 20th century under the heading ‘Robber Barons’. Let’s grow up and be rid of these criminal grey areas in the investment world.

Why are firms with strategic importance being allowed to leverage themselves into oblivion, when a bad bet leads to insolvency, where is the prudence?

#170 Van guy on 03.01.12 at 11:45 am

Avg prices up for Feb. WTF? Let’s see what the benchmark will bring us.

http://www.yattermatters.com/2012/03/vancouver-home-prices-set-new-record-high/#more-28975

Look at sales, not prices. Leading, not lagging indicators, matter. — Garth

#171 eaglebay - Parksville on 03.01.12 at 11:48 am

US manufacturer moving to BC.
So much for Caterpillar in Debtario.

http://www.vancouversun.com/business/factory+heads+over+border+meet+demand/6143619/story.html

#172 Mike on 03.01.12 at 11:49 am

#108 Harry in Saskatoon – GIVE IT UP HARRY! (Former President of SRAR) Saskatoon’s biggest RE cheerleader of all time!! Yes, we get that you (used to) have a duty to protect your slimey criminal clients (RE Agents), but what about your moral duty of protecting (aka not screwing) all the sheep of Saskatoon?

Do you think you’re doing a good thing for the community by trying to scare them into buying now “before they get priced out”, while at the same time pumping more $ into RE Agents’ slimey pockets???? You’re not. Quit trying to manipulate the markets already. Saskatoon has been flat for well over a year now, there are no idiot buyers left at these prices, and all the young ppl that bought in at these prices are house poor and unable to live a life b/c they are owned by their precious home!

Saskatoon is not booming. We lost 4000 net jobs last year. The Brad Wall government is in Ireland right now to promote 1 tiny industry in the province. Big deal. You act like these streets are paved with gold and the second you move here you’re handed a job. Not the case.

What’s really going to happen if Flaherty does move the amort back down to 25yrs in a month is he’ll slate the deadline for mid summer, which will scare more sheep into buying “before it’s too late”, which will artificially and temporarily boost (or at least hold) house prices around the country (*Cough* Just like the Intro to the HST in BC *Cough*), but it won’t last for long. Maybe another year or flat prices, then down, down, down, down, down.

#173 eaglebay - Parksville on 03.01.12 at 12:00 pm

Our education system is worse than it was.
This from Debtario.
Cheer on the teachers.

http://www.theglobeandmail.com/news/opinions/opinion/a-three-year-degree-will-shortchange-students/article2354396/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Opinions&utm_content=2354396

#174 Sky on 03.01.12 at 12:16 pm

That’s my grade 10 English teacher in the vid. Minus the stutter. ZZZZZZZZ. Where’d you dig him up?

http://www.youtube.com/watch?v=NzlG28B-R8Y

#175 Van guy on 03.01.12 at 12:32 pm

I agree Garth. I was trying to pump the pumpers. Fewer sales plus a couple high end sales will skew the avg price. Sales are still lagging and when you have a realtor that is known as a RE pumper, (Ian Watt) saying prices are coming down, prices will likely come down.

#176 viewwest on 03.01.12 at 12:41 pm

Sue that guy for defamation when he says you are like Don Cherry!!! Tell us it isn’t so…

As for his business idea, if you like it, hire the guy or pay him a royalty. Just keep him off the media tour with that whining voice!

#177 live within your means on 03.01.12 at 12:46 pm

Think the Realtors here are suffering. Have received lots of adverts from different cos. in our mailbox these past few weeks.

#178 cxcroney on 03.01.12 at 1:02 pm

#161 Eagleboy Parksville
“I don’t drink coffee. That’s for girls”
Good for you. I have been told that as men get past 70 that coffee is not good for their bladder control, digestion and overall health. I’m glad you are taking your doctor’s advice to heart. I have been informed that seniors have enough trouble getting a good night’s sleep even without putting caffeine in the mix.
Are you using your own tub or have you booked the jetted tub at the complex for your fishing expedition. Either way, be cautious of the decals. My son’s peeled off real easy when soaked in warm water. But that was a couple of decades ago and they might use better glue now.
BTW your comments #167, #171, and #173 were interesting to read and not aggressive. Keep it up.

#179 David in Calgary on 03.01.12 at 1:03 pm

So if you ever wanted to know how hard hit the newspaper advertising market is, check this out – it is certainly a bubble that is never going to recover. http://static5.businessinsider.com/image/4f4e8790eab8ea6038000062-608-417/newspaper-ad-spending.jpg

#180 Alain Savard on 03.01.12 at 1:11 pm

Garth, as you know, an EBA’s job is to educate, advise, represent, and protect homebuyers. You are already doing the first two so why not go all the way? People read your blog because they trust you and believe in what you say. Who wouldn’t want Garth Turner to negotiate a home purchase on their behalf? Especially if the service was FREE. All your company is currently missing is a licensed real estate broker on its staff. That’s it. Every major US city has EBA offices, so why not Toronto? You would, of course, have to explain how your brokerage can represent buyers on MLS purchases without charging them, which you would do through your blog. And in no time, purchasers would realize what a bad idea it is to buy a home from the listing agent – a REALTOR with a duty to get the highest price — when they can do it through one that is legally free to try to negotiate it down for them: their local EBA at Garth Turner Realty. Canadian homebuyers need a champion — someone with nothing to sell who will teach them how to buy like a pro and I believe this guy is you. Garth, this is a multi-million-dollar idea in the hands of someone like you. Run with it. And for the record, I got dibs on your first franchise. Cheers, Alain Savard.

#181 live within your means on 03.01.12 at 1:12 pm

#25 Montrealer on 02.29.12 at 10:40 pm
This guy is a disgrace to Quebec, engineers, the military.. and you. Sue him!
http://buyingahomeincanada.ca/default.asp?mn=1.3

……………….

Can you pls explain why?

Before my elder sis & I chose to buy (30+ yrs ago?), we attended a seminar put on by the prov. govt to learn what was involved, etc. My DH & I bought out my when we both married on the same day. A few yrs later when DH & I decided to sell the condo TH, we chose an agent who had his own small co. He did well for us (arranged a 2nd third party mtg. for the purchaser – think that is the proper term) and we chose him as our buyer’s agent for the next home. IIRC, we negotiated his commission based on him selling our house and finding us another. We may have been naive considering what has occurred since then in the RE industry. I’ve only owned 2 homes in my life & our current home will likely be the last.

#182 Sky on 03.01.12 at 1:25 pm

@ eaglebay – How’s the hunting? Sometimes you end up with wild meat that’s substandard for human consumption ( too gamy or lean ). I’m hoping you have a freezer full. For my poor allergic dog’s sake.

If you ever swing through the Okanagan with a cooler or 2 of wild game you want to offload, I’m interested in buying. We buy elk at the butchers for our dog but it’s farmed meat… not the same as wild. She’s still somewhat allergic.

Can you help me out?

#183 robert james on 03.01.12 at 1:33 pm

Three old friends,,an Irishman,a Greek and a Spaniard go into a pub for a few pints.. The waitress brings the beer and asks,”WHO IS PAYING ?” They all smile and chime into together ,”GERMANY”

#184 Bailing in BC on 03.01.12 at 1:44 pm

#142 AG Sage

Pay for service would also encourage sellers to be realistic with their prices. Who would want over price their house and have it sit for years on the market when they are paying weekly for an MLS listing, advertising and for each showing and open house?

#185 jason on 03.01.12 at 1:44 pm

Sue the bastard.

#186 throwstone on 03.01.12 at 1:45 pm

Hey Garth,

Are we going to have an election over this voter suppression thing?

I can’t stand F and Harper is an idiot.

Track record…

1. prorogue government a few times…
2. surplus to largest deficit in history
3. G20-
4. In and out x2 now (read quebec paper)
5. Lost seat at UN security council
6. Housing/Credit disaster
7. Voter surpression

How long have they had a majority? and look at the damage they have done….

Let’s just hope elections canada feels they have enough evidence to call by-elections and the libs/ndp enter coalition call non-confidence and we can all get to the polls to stop the dismantling of this great country.

Just wondering what Garth’s thinking about this?…I know your out of politics now but just wondering if you could give me a yes/no/maybe ?

#187 Perhaps a bearded amazon? on 03.01.12 at 1:48 pm

Garth,

Are you SURE he’s not one of your rogue Amazons, using a disguise and getting back at you for not taking her out for enough rides in the Hummer? :)

#188 Robert Dudek on 03.01.12 at 1:48 pm

This dooming and glooming never comes, or at least its been pushed off by 5 years to a decade. Why hold gold for something that might occur after your lifetime. There might be a day of reckoning out in the future but who knows when that could occur.

The central banks have way too much power and the printing press is a force that cannot be stopped. They want infation instead of deflation.

The printing press is precisely the reason to own gold. Nothing did better than gold during Weimar.

Weimar? You guys are a riot. — Garth

#189 vanbcguy on 03.01.12 at 1:50 pm

Was that guy Pierre Poutine?

#190 Bailing in BC on 03.01.12 at 1:52 pm

#142 AG Sage

“they get to play middle man like it’s the 1900s and communication is expensive”

This made me laugh. Consider the buyer and seller talking directly on the phone.

“I’d like to see your house on Saturday at 12″

“Sorry That won’t work for me. How about Saturday at 4 or Sunday at 12.”

“Sunday works good see you then”

With realtors this becomes SEVEN phone calls!

Yes some realtors work hard dealing with calls and filling in paper work but a lot of that work would be unnecessary if there was no realtors involved.

#191 live within your means on 03.01.12 at 1:53 pm

#41 Mr Buyer on 02.29.12 at 10:58 pm
27truth hammer on 02.29.12 at 10:43 pm
We live in a delusional society, brought on by the enforced fallacy of a nanny state
…………………………………………………………….
Dear Truth Hammered your stuff quickly turns into so much BLA BLA BLA conservative gibberish so quickly. Truth be told, business is the greatest special interest group of them all, dwarfing social expenditures.

……………

Agree, his dribble is nauseating.

#192 Bailing in BC on 03.01.12 at 1:53 pm

#128 NoName

Love it!

#193 Form Man on 03.01.12 at 1:57 pm

#167 eaglebay

ok, so we know you are a salesman, have a big diesel truck, a small mind, and you think Fort Nelson is a fine place to move to. I think that completes the picture.

#194 Funny Sounding on 03.01.12 at 1:59 pm

This guy sounds funny.

Sue.

#195 mercurycc on 03.01.12 at 2:05 pm

This guy in the video, I think, shares Garth’s view in general. “Garth Turner” sounds like a joke, but watch this guy’s older videos, which is fairly consistent with Garth’s points.

#196 Burnt Norton on 03.01.12 at 2:06 pm

Check it

http://i1052.photobucket.com/albums/s453/anonaccnt7399/NewImage.png

#197 Muzza on 03.01.12 at 2:14 pm

Garth = Don Cherry, sheesh, I like you even more Garthy baby ! Good Canadian kid.

#198 Mark on 03.01.12 at 2:19 pm

Here is a little pick me up for those of us who would like to see a banker roast!
http://market-ticker.org/akcs-www?post=202805

#199 Arse on 03.01.12 at 2:20 pm

When real inflation is taken into account, prices of houses(adjusted for inflation) will be declining in the long term, even if the nominal house prices do not decline dramatically.

#200 Blue Monster Lover of Cookies on 03.01.12 at 2:33 pm

Hey, now there’s a French guy I like! Great idea. Viva La Competition!
Also, I decided after my trip to Cuba not to become a prejudiced dick too against the frenchies. I’m not going to lower myself to their level, but I’ll be prepared next time with some witty/amusing verbal attacks to pick on their rudeness.

Is this true Garth, are you really a greedy business man looking to compete with the incumbents and help buyers in society to purchase a good or service they want? If so, when I go to buy my house with cash I’ll hire you as my EBA. I think it’s long overdue.

#201 live within your means on 03.01.12 at 2:53 pm

#186 throwstone on 03.01.12 at 1:45 pm

Gotta say, I’m a bit of a political junkie, & I’ve been following this fiasco ‘religiously’, spending half my day reading MSM & other sites. What has happened sickens me & I believe Canada should have a non-partisan agency look into this – not Elections Canada or the RCMP who are both controlled by the current govt.

#202 AG Sage on 03.01.12 at 2:54 pm

#190 Bailing in BC on 03.01.12 at 1:52 pm
#142 AG Sage

With realtors this becomes SEVEN phone calls!

Yes some realtors work hard dealing with calls and filling in paper work but a lot of that work would be unnecessary if there was no realtors involved.
————–
An online calendar would do the job even better. Go to my zillowwhatever.com entry and check off a time of your choosing.

Realtors totally earn their keep with problem sales and having to deal with certifiables on one side or another of the transaction. But the rest of us get to pay for that and that doesn’t make sense any more than agents who aggressively get loads of listings making bucks coasting on letting other agents do their selling for them off the MLS.

Then there is the “product” of wannabe agents paying for training and conferences and designations to stick after their name and only a handful will every make a living at it.

Such a messed up industry. And yet it survives. The car dealer model is possibly similar, but it survives only because it was regulated into existence and hasn’t been regulated back out again (in the U.S. anyway).

#203 jess on 03.01.12 at 2:57 pm

from your link …

Grantham’s letter
“Where Marx and Engels got it wrong was in thinking workers would unite. “It’s going to be hard to have a workers’ revolution with no workers. Organizing robotic machine tools will not be easy.”
=

HIGHLY AUTOMATED facility. Robots suck a lot of energy and oil.

http://www.vancouversun.com/factory+heads+over+border+meet+demand/6143619/story.html#ixzz1ntO80C4e

=
Tuesday, February 28, 2012
Real House Prices and Price-to-Rent fall to late ’90s Levels
by CalculatedRisk on 2/28/2012 12:06:00 PM

#204 Lostinthewilderness on 03.01.12 at 3:03 pm

Houston Texas, house hunting? Here’s an example of what 400K will get you in the Houston Area. Property taxes 6K in 2011, down from 11K in 2010
Property like this in GTA or GVRD probably list at 1.5 to 2 mil. Property Taxes 12-15K+
Check out Zillow. We can only hope some day we have a site source like this for Canadian Real Estate . Tracks the sold prices, taxes, area values ,estimated selling price etc. All the information the realtors hide unless you hire them.Zoocasa.com is trying to replicate this for Canada, but so far not anywhere near Zillow’s performance

http://www.zillow.com/homedetails/5603-Blossom-St-Houston-TX-77007/27775437_zpid/

#205 Canadian Watchdog on 03.01.12 at 3:04 pm

#188 Robert Dudek

“We all know what as to be done, what we don’t know is how to get re-elected once we’ve done it” —Jean Claude Juncker

It’s not the printing press, rather a lack of political will to do what needs to be done.

#206 Dean on 03.01.12 at 3:05 pm

So if you’re an average Canadian with no debt making average money and you buy an average house with CMHC using the minimum down over a 30 year mortgage — how long does it take you to get down to the “dangerous” 140% debt to income ratio? And what if you live in Vancouver or Toronto?

Anyone do the math on this?

#207 Preciousss on 03.01.12 at 3:12 pm

Anyone have any current information on the IIROC investigation into the conduct of Barrett Capital Management?

#208 disciple on 03.01.12 at 3:25 pm

#193…”#167 eaglebay, ok, so we know you are a salesman, have a big diesel truck, a small mind…”

No, not his mind.

Moving on… I wanted to talk today about how dolphins can time-travel and between dimensions, but that may be a little off-topic. Andrew Carlssin learned time travel from the dolphins and turned $800 into 350 Million:

http://web.archive.org/web/20030416023843/http://entertainment.yahoo.com/entnews/wwn/20030319/104808600007.html

It’s all good fun!
http://en.wikipedia.org/wiki/Time_travel_urban_legends

So, I will instead say I told you so. (Regarding the fact that MJ’s daughter says that it isn’t MJ on the latest album, BUT A STAND-IN).

Garth, how many body doubles do you have? Winston Churchill had one named Leslie. It was Captain Turner who went down with the ship Lusitania, any relation?

#209 Preciousss on 03.01.12 at 3:28 pm

Here is what my pet monkey discovered on the web.

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=3599302D5B2F4B42A34774A20B2B0AF9&Language=en

http://www.youtube.com/watch?v=jAEMUGcZCJs

http://www.barretcapital.com/

#210 zeeman1 on 03.01.12 at 3:36 pm

# 73 Smoking Man.

Read: “Confessions of an Economic Hit Man”.

It explains much without resorting to conspiracy theories.

Disciple, if you haven’t read it please do so.

#211 Kevin on 03.01.12 at 3:42 pm

172 Mike on 03.01.12 at 11:49 am

Harry Janzen passed away a few months ago. May he rest in piece.

#212 zeeman1 on 03.01.12 at 3:42 pm

#100 Texas Jack.

Insulation also keeps the cool air in. Very important in Texas.

#213 When I come to this blog and it says "0 comments", I know that 25 blogdogs are typing their 1st comment on 03.01.12 at 3:44 pm

Where’s Nosteeeee !!!!!!!

#214 jess on 03.01.12 at 3:49 pm

As in
In the Andersen story, all that is needed is a single child to laugh at the emperor and the spell will be broken.

century of the self
http://video.google.com/videoplay?docid=9167657690296627941#

#215 Alex n Calgary on 03.01.12 at 3:49 pm

Someone earlier made a good post about how this guys idea, or rather telling us about Garth’s upcoming business (I could see that being true easily, in fact this could just be a way of early advertising your concept while not openly releasing info yourself, ready to spring when the market dumps) Estate agents are pretty much filth, making hoards of money from doing not much (other sales people work way harder for much less) greedy, pushy, lets be done with them.

I can buy anything on Kijiji, why can’t I buy a house with no agent? is this rocket science? just make a great site like earlier stated, the anti MLS version of MLS. Lawyers are necessary but estate agents are useless. I can goto a house, look around, get a building inspection and work out a deal all on my own. Although I can see people being pretty gunshy about making lowball offers on their own (canada is so polite)

Daily posts, working hard, Garth is already rich, whats he up too? gaining momentum for another political play? (when the economy tanks and everyone rigthfully blames the Conservatives) or this proposed upcoming business? either way, be honest about how you want to get power or more money, and we’ll all still support you!

#216 House-hunting in Houston on 03.01.12 at 3:55 pm

Thanks for all the advice guy/gals, much appreciated.

#217 betamax on 03.01.12 at 4:02 pm

re. #183 robert james

Three people, an American, a Catholic, and a plumber go into a bar and hear a lame ‘3-person’ joke. The American doesn’t laugh. The Catholic doesn’t laugh. The plumber doesn’t laugh either.

#218 darcy on 03.01.12 at 4:26 pm

You got my business Garth!

#219 uklad on 03.01.12 at 4:39 pm

Garth
re: us housing recovery

schiller home price index, 18 out of 24 cities tracked fell in december,
no recovery.

durable goods orders, biggest fall in 3 years,
recovery ?

stockton california on brink of bankruptcy.
recovery ?

18 – 24 year olds in usa, unemployment rate 46%.
recovery?

LIBOR manipulation rate, criminal investigation of biggest us banks?

fraud ?

golds big fall?
now you’re showing ignorance of the metals. For a 1 oz maple leaf in the UK yesterday I could walk into a dealer and get £1,119.00 per coin, after the ‘big fall’ in gold prices I can still get £1,089.

comex paper and bullion are two different animals.

regards

#220 Blue Monster Lover of Cookies on 03.01.12 at 4:43 pm

#27 truth hammer on 02.29.12 at 10:43 pm
Nice post, on the money.

I was watching CBC last night about the Freeman movement. True, some of these guys were a little wacky but their inspiration and rational for being extremely upset is not. It’s the reaction to a Canadian society of government and bloated public sector who take and take and take until we, the non-elite have nothing left!

The Freeman movement is action-reaction.

I like the guy who owned a dozen guns. The cops keep taking them from him one by one until he has only one left then all they’re gonna get are the bullets!

RON PAUL 2012
REVOLUTION!

#221 Bill Gable on 03.01.12 at 4:44 pm

Sue his Levi’s off.

There is ONE Garth Turner, and I find coat tail idiots like this Grade 11 grad, frankly, insulting.

Man, just as I was getting over the idiots BPOE and Smoking man….now this?

Faggedaboudit.

#222 robert james on 03.01.12 at 4:46 pm

#217 Ok Ok Sorry I made you look stupid a month or so ago…. I promise I will not do it anymore!! After your last post I can see I am no match for you anyway !!! LOL

#223 Snowboid on 03.01.12 at 4:46 pm

#180 Alain Savard on 03.01.12 at 1:11 pm…

I don’t believe sarcasm will work on the Professor, but I give you ‘A’ for effort in an attempt to get some (any) business.

#224 throwstone on 03.01.12 at 4:49 pm

LIVE WITHIN YOUR MEANS #201….

Yeah this voter suppression thing is going to be very big…

I don’t think the con’s are going to survive this.

They really are a terrible political party.

When your getting 4000+ comments in the media on articles pertaining to the voter suppression scandal and a prime minister who is denying anything at all to do with it you have got a serious problem.

I don’t the conservatives realize what they are doing…by what they don’t do.

By calling a full public inquiry into the matter and having the police or gomery style commission look into the matter they may be able to salvage a little tiny piece of their reputation.

Its too late though, they are going to get slaughtered on this. Which is fine by me.

Take a look at this too. Wow they got balls.

http://www.theglobeandmail.com/news/politics/taxpayers-cough-up-12-million-for-ads-touting-flahertys-budget/article2355501/

they can’t hire people to man the phone for e.i. claims or keep resources afloat for young job seekers but they spend $12 million on advertising.

Flaherty and Harper are absolutely terrible to this country!!

#225 Pete in Barrie on 03.01.12 at 4:51 pm

I’ve consistently said you should establish a weighting for all assets in a portfolio and stick to that. When an asset becomes overweight (due to an increase in value) then harvest the gains and spread them among all assets. When something becomes underweight (because it declines in market value) buy more. This is a tenet of balanced investing. It separates smart people from gamblers. — Garth

It’s funny, but this is the exact same advice Kevin O\Leary gives on Land and O’Leary.

I’m not sure that means anything, except maybe that it is good advice for investors who actually want to make $$$$.

It is excellent advice that 99% of investors will never heed. This is why so much wealth is in the hands of 1%. — Garth

#226 Devore on 03.01.12 at 4:52 pm

#170 Van guy

Avg prices up for Feb. WTF? Let’s see what the benchmark will bring us.

Chinese new year delivered after all. There’s been a very significant number of very high priced SFH sold in February. Overall volume still terrible. It will be interesting whether the new benchmark will stay the course, of if the CREA will take the opportunity to jack it up for no reason, because regular houses for regular people aren’t doing so hot.

#227 Bill Gable on 03.01.12 at 4:56 pm

“There is evidence the tide may already be turning in Canada’s housing market. The Canadian Real Estate Association reported home sales had fallen 4.5 per cent in January compared to December, the steepest decline since July 2010. Prices still rose, but by just two per cent, the slowest in the past year.

Kelowna, B.C., a popular spot for retirees and vacation homes, reported a tenfold increase in foreclosures compared to three years ago. The hard landing might already be upon us.

In some major housing markets like Toronto, the signs of a bubble are as glaring as ever. Driven by a glut of condos that has made single-family homes a rarity, house prices have soared to nearly $500,000 on average. Even more proof that the city’s homebuyers have lost their heads: in January a west Toronto renovator’s dream went for $200,000 over asking price.

Nicole Austin, 31, and her boyfriend, Jim Varlas, know the mania all too well. The couple decided to sell their downtown Toronto condos and buy a house in Markham, a suburb north of the city. They moved in with Varlas’s parents and started shopping around for a house with a budget of $400,000. “Either the homes in our price range were really outdated and hadn’t been touched since the 1970s, or they would need to be renovated,” Austin says. They upped their budget to $500,000 and bid on three homes. They lost all three in bidding wars that pushed prices up as high as $575,000. “In some cases we knew what the house was worth and there was a certain point where we’d just walk away because it was getting ridiculous,” Austin says.”

http://tinyurl.com/785zobp

#228 Steven Rowlandson on 03.01.12 at 5:01 pm

Garth becomes a real estate agent? Absurd!
What is even more absurd is a real estate agent out to get the best deal for a home buyer. Real estate agents have an incentive to keep prices as high as possible to ensure very good commission income. Since getting the best deal possible for buyers means monster discounts on the home prices that would mean lower total commissions. Not a great strategy for a business.
Now if Garth bought homes for 5 cents on the dollar and sold them for twice as much to home buyers there might be something to that.

#229 Daisy Mae on 03.01.12 at 5:21 pm

Capital News – Opinion – Our View, March 1st, 2012.

QUOTE: “It’s not about the kids – again. The teachers’ union was demanding a 15% wage increase over three years, as well as other stratospheric benefits, such as 10-week bereavement leave for the death of a friend, and 26 weeks of paid leave to care for a sick person — family, friend or otherwise….”

QUOTE: “This is not ‘about the children’ as the BCTF keeps insisting.”

The union is planning a full 3-day strike before legislation. And the students are planning their very own walkouts this Friday.

They do not have taxpayer support.

#230 spaceman on 03.01.12 at 5:30 pm

and here I am spouting on about the Canadian Housng bubble, all I had to do is condem you as a snake oil salesman, (by the way, it is doing wonders for the corenthina leather in the Cordoba) and I would be famous. Crap…

http://www.youtube.com/watch?v=ccHTfTpLWhE

Is that you? — Garth

#231 Uh Oh Canada on 03.01.12 at 5:43 pm

No jokes about it, this guy really can pass for GT. With a little voice training and some man hair of course.

Check out this interview with Garth and see for yourself:
http://www.youtube.com/watch?v=OOcIaWBrnDg&feature=related

#232 Burnt Norton on 03.01.12 at 5:51 pm

#221 Devore on 03.01.12 at 4:52 pm

#170 Van guy

See my link above.

YOY Van detached sales have plummeted while listings have exploded. Attached prices are on the way down.

Look out below.

#233 jess on 03.01.12 at 6:05 pm

FBI sees an increase in time share fraud

02/17/12

Last year Timeshare Mega Media—to shut down its operations, which had allegedly bilked millions from owners across the country.

Earlier this year, the FBI’s Internet Crime Complaint Center (IC3) issued an alert on timeshare telemarketing scams after seeing a significant increase in the number of complaints about these scams. The victims—mostly owners trying to sell—were scammed by criminals posing as representatives of timeshare resale companies or by actual employees of companies that were committing fraud….

Circle game
Some of the complainants reported being contacted by a timeshare fraud recovery company that promised assistance in recovering money lost in the sales scam…for a fee. IC3 has identified some instances where people involved with the recovery company have a connection to the resale company, raising the possibility that victims were being scammed twice by the same people.

http://www.fbi.gov/news/stories/2012/february/timeshare-fraud_021712/timeshare-fraud_021712

#234 Math is Fun on 03.01.12 at 6:09 pm

My driver in Arizona was a RE agent.
I didn’t ask what all the mortgage brokers were doing.

This is our fate Canada.
We only have ourselves to blame.

#235 ‘Well-connected Realtor Source’ – “People now think it’s a bubble and so they are hesitant to buy. The main change now is that people actually think this is over.” on 03.01.12 at 6:11 pm

[…] “In Vancouver, for example, listings are running 20% ahead of last year while sales sag by the same amount. Richmond’s sinking. Condos have turned turgid and illiquid. But the real news is what’s being heard on the street. “People now think it’s a bubble,” our well-connected realtor source reports, “and so they are hesitant to buy. The main change now is that people actually think this is over and the only ones here buying are the few remaining Chinese and those who just can’t avoid a transaction (or whose fortunes do not depend on it). Looking forward to the month-end stats – they will be brutal with (again) only 2009 being worse in the past decade.” – Garth Turner at greaterfool.ca 29 Feb 2012 […]

#236 Blacksheep on 03.01.12 at 6:11 pm

“This is why so much wealth is in the hands of 1%. — Garth”
——————————————–
Ya…I’m sure It’s the balanced portfolios.

It’s a big club and you ain’t in it.- George Carlin

take care,
Blacksheep

#237 Devore on 03.01.12 at 6:20 pm

Hasn’t hit the presses yet:

Many factors are contributing to the reduced sales levels including, reduced activity from foreign buyers, reduced credit availability, and a reduction in the number of move-up buyers.

Adjusting for the impact of the additional sales day from the leap year, sales were down 25.0 per cent (YoY).

The lack of significant price increases in the apartment and attached segments over the past 4 years has affected the ability of the move-up buyer to reach their planned next step on the traditional property ladder. After factoring transaction costs, most recent buyers of attached and apartment units have found they have not created any equity in their properties other than through the equity resulting from principal payments on their mortgages.

Oh snap!

#238 jess on 03.01.12 at 6:20 pm

Monkey see and do

Posse Comitatus evolved into ‘Sovereign citizen
..”They especially reject most forms of taxation as illegitimate.[3]
===============================
Thursday, September 01, 2011
institute of Policy Studies (IPS) in its 18th annual Executive Excess report.
25 corporations last year paid more money to their CEOs than they did in income taxes to the U.S. government
The average paid to the 25 leaders was $16.7 million.Of the 25 companies that paid their CEO more than they paid to the government, 20 also spent more on lobbying lawmakers than they paid in corporate taxes. Eighteen gave more to the political campaigns of their favorite candidates than they paid to the IRS in taxes.Monkey see and do

===============================
Thursday, September 01, 2011
institute of Policy Studies (IPS) in its 18th annual Executive Excess report.
25 corporations last year paid more money to their CEOs than they did in income taxes to the U.S. government
The average paid to the 25 leaders was $16.7 million.Of the 25 companies that paid their CEO more than they paid to the government, 20 also spent more on lobbying lawmakers than they paid in corporate taxes. Eighteen gave more to the political campaigns of their favorite candidates than they paid to the IRS in taxes.

#239 Sticky on 03.01.12 at 6:32 pm

#27 truth hammer -> agree.

Public servants are out of touch. I am tired of hearing about my friend (a teacher) who “only makes” over 80K/year, and has a gold plated pension…and can retire with this full pension at a pretty young age. If he wants to try a teaching job in another province…well his current position will be held open for him to give him some time if he decides to come back or not. NICE!…no wait…i mean strike! “WE NEED MORE”…see, out of touch.

#240 Sticky on 03.01.12 at 6:43 pm

#66 geneticistx

Sellers pay comission…plain and simple.

#241 Sticky on 03.01.12 at 6:53 pm

#115 gtrz4peace

I don’t hate teachers. I Love them. I don’t hate their pensions, I’m jealous of them.

Should they get a 15% raise over the next 5 years…F NO!

How many private sector folks expect to get a 15% raise over the next 5 years? -> 0?

How many Private sector employees even have a pension that guarantees a certain $ -> 0?

#242 Sticky on 03.01.12 at 7:06 pm

Teachers…15% wage increase over three years, as well as 10-week bereavement leave for the death of a friend, and 26 weeks of paid leave to care for a sick person — family, friend or otherwise.

>>>HA! if they get that I’m doing the Atlas Shrug thing…F!

#243 Timbo on 03.01.12 at 7:11 pm

http://www.cnbc.com/id/46593271

“Combine negative equity and near-negative equity, and about one third of all borrowers cannot sell their homes without either putting up some cash to pay off the mortgage or the closing costs or without the bank agreeing to a short sale.”

Thank god all the newly created high paying jobs are going to turn this train around. Add low gas prices and low health insurance costs to the mix and a stellar recovery is in the making…….oh wait?! we have graphs..

http://www.mises.ca/posts/blog/u-s-housing-prices-back-to-their-2002-levels/

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

#244 Devore on 03.01.12 at 7:15 pm

#240 Sticky

Sellers pay comission…plain and simple.

This is patently false. The buyers brings the money to the table. If the buyer does not use an agent, he can easily negotiate 2% off the price, with the seller and seller agent still getting the same amount of money, which means the cost of the agent inflates the price, as opposed to hosing the seller.

It’s a very simple concept. Higher input costs = higher price. A business must recover their costs through the consumer, whether it’s Walmart or a 5000sqft mansion. If you raise the costs of doing business (taxes, regulations, inspections, insurance, regulatory compliance, fees, permits, etc) they will be recouped at the register one way or another.

Or put another way: there is no free lunch. Maybe more people will understand this one.

#245 HDJ on 03.01.12 at 7:20 pm

When purchasing real estate without your own agent, why not write up an agreement with the selling agent that stipulates you will receive back 50% of the commission upon completion?

#246 Westernman on 03.01.12 at 7:21 pm

Decent post Garth…
Liked the part about layoffs for the civil servants – as they like to misrepresent themselves – with any luck they won’t be brought back and they can take their very special selves to the private sector where they can secure jobs more fitting to their skill and intelligence…like stocking shelves at Wal-Mart for example.
That ought to wipe the ” I’m so, so very special ” smirk off their over-paid faces…

#247 Westernman on 03.01.12 at 7:28 pm

A quick note to all the White Knighters who came to the rescue of Beach Girl to save her from that awful monster Westernman…be careful – next thing you know she will be posting a riviting description of her parakeets bowel movements or some other nauseating detail of her personal life… remember men, they wanted equality so now they have it… NO special treatment…

#248 Ballingsford on 03.01.12 at 7:30 pm

Garth, that video made me want to puke. I watched it for as long as I could and when I looked at the status bar and it was only half way through.

Quick exit at that point before I brought up my dinner.

#249 smartalox on 03.01.12 at 7:52 pm

Grtz4peace, I think it’s somewhat specious to equate the plight of Chinese workers at Foxconn with the working conditions and benefits enjoyed by career public servants in this country.

In the age of labour standards, unions have been left with precious little to fight for on behalf of their members, compared to unions in the last century. The (legitimate) victories of the past have been replaced by business hindering inflexibility (as in the CAT EMD) affair, or leadership that limits the motivation and potential of highly capable employees to artificially protect the lowest-achieving employees.

Of course, the workers aren’t idiots; the employees that are truly incompetent and dangerous get elected to positions in the union leadership. That way they are less of a threat.

#250 Renter 4 life on 03.01.12 at 7:57 pm

#241 sticky

teachers can take off time to care for someone or bereavement but they only get $100 per month.

#251 live within your means on 03.01.12 at 8:16 pm

#224 throwstone on 03.01.12 at 4:49 pm
LIVE WITHIN YOUR MEANS #201….

Yeah this voter suppression thing is going to be very big…

I don’t think the con’s are going to survive this.

They really are a terrible political party.

When your getting 4000+ comments in the media on articles pertaining to the voter suppression scandal and a prime minister who is denying anything at all to do with it you have got a serious problem.

I don’t the conservatives realize what they are doing…by what they don’t do.

By calling a full public inquiry into the matter and having the police or gomery style commission look into the matter they may be able to salvage a little tiny piece of their reputation.

Its too late though, they are going to get slaughtered on this. Which is fine by me.

Take a look at this too. Wow they got balls.

http://www.theglobeandmail.com/news/politics/taxpayers-cough-up-12-million-for-ads-touting-flahertys-budget/article2355501/

they can’t hire people to man the phone for e.i. claims or keep resources afloat for young job seekers but they spend $12 million on advertising.

Flaherty and Harper are absolutely terrible to this country!!

…………………………

I don’t know where to find out the ‘real’ amount that this govt has spent on total advertising, but I’m sure it’s at least a $B. I’m one of those boomers that supposedly created all this mess. I go to bed early most nights, sleep for a couple of hours, and am awake in the middle of the night for hours. It seems that no matter what channel I watch, there are Govt. of Cda ads, paid by we taxpayers – senior abuse, etc., etc. & I’m so sick of their huge Canada Action Plan signs behind every announcement. We laughed, almost cried actually, last summer seeing a humongous CAP sign in helicopter McKay’s riding, beside a country road that had a foot wide by 3 foot length of pavement put down. Sure the CAP sign cost more than the pavement.

#252 Coho on 03.01.12 at 8:25 pm

Any way we massage it, realtors care about making the sale and getting their commission and not about who gets the best price whether they are representing the buyer or seller. When 5, 10, or 20 large in commission is hinging on a sale, what else can we expect rather than behviour often resembling a bunch of hyenas going through the garbage?

#253 jess on 03.01.12 at 8:26 pm

It would seem that the Danish Central Bank is warning it’s citizens about debt and some borrowers are swapping a 5 percent 30-year loan for an 3 year 1.2 percent interest adjustable-rate mortgage with a rate reset in 2015. What will the rates be 3 years from now?
Securities with maturities under 5 years now back 68 % of all outstanding home loans.

“With the introduction of new securities such as the adjustable-rate mortgage bonds has prompted the central bank to warn of imbalances in the home-loan market. Interest-only loans, which the central bank says are exacerbating price volatility in the property market, were sold starting in 2003. So-called capped floaters, which offer a floating interest rate with a ceiling on how high borrower costs can rise, came in 2004.

————-
When a homeowner in Denmark takes out a loan, the mortgage is immediately converted into a security of the same amount. A homeowner can then retire a mortgage either by paying off the loan or by purchasing an equivalent face value of the bonds at the market price. The mortgages also stay on the issuer’s balance sheet.

Danes call this the balance principle. Mortgage issuers take the credit risk, providing reserves in case a borrower defaults. Investors face a risk on interest-rate fluctuations. There are no government-sponsored companies involved in the market, in contrast with the U.S.

http://www.bloomberg.com/news/2012-02-29/danish-bonds-crisis-resilience-spawns-funding-risks-mortgages.html

#254 live within your means on 03.01.12 at 8:28 pm

#224 throwstone on 03.01.12 at 4:49 pm
LIVE WITHIN YOUR MEANS #201….

Yeah this voter suppression thing is going to be very big…

I don’t think the con’s are going to survive this.

They really are a terrible political party.

When your getting 4000+ comments in the media on articles pertaining to the voter suppression scandal and a prime minister who is denying anything at all to do with it you have got a serious problem.

I don’t the conservatives realize what they are doing…by what they don’t do.

By calling a full public inquiry into the matter and having the police or gomery style commission look into the matter they may be able to salvage a little tiny piece of their reputation.

Its too late though, they are going to get slaughtered on this. Which is fine by me.

Take a look at this too. Wow they got balls.

http://www.theglobeandmail.com/news/politics/taxpayers-cough-up-12-million-for-ads-touting-flahertys-budget/article2355501/

they can’t hire people to man the phone for e.i. claims or keep resources afloat for young job seekers but they spend $12 million on advertising.

………………..

You’ve said it very well. I’m so disgusted with this govt. on a daily basis that I feel sick at times.

Did you read the following:

http://www.ipolitics.ca/2012/02/27/lawrence-martintrouble-in-toryland-their-dirty-tricks-catalogue/

#255 Blue Monster Lover of Cookies on 03.01.12 at 8:42 pm

Friggin teachers strike!
This government run public sector all for one Canadian society waste fest since the 50’s is working beautiful! Spec-tac-u-lar!

And for our efforts, we not only have trillions of dollars of debt to show for it but oodles of factories for education that produces nothing but idiots run by morons! We are so loaded up with the best idiots money can buy, like a natural resource we are the largest in the world, some of them even speak French!

Tabernak! Wanna buy a house?

#256 Coho on 03.01.12 at 8:51 pm

Someone mentioned people having a sense of entitlement in a nanny state. To me a nanny state is the result of disentitlement — in other words — people being stripped of opportunity to make their own way…to earn a decent living and to pay their way. Rather, they have lost good paying jobs and reduced to working McJobs and/or collecting some kinda handout. It is mystifying how people perceive those forced to rely on peanut government handouts as having it made and on easy street. Do we really think people and families prefer to be on meagre government handouts resigned to a life of subsistence and despair rather than hope and prosperity?

The wealth pie is only so big, and as long as more and more of the wealth and power continues to be consolidated into the hands of the few, the living standards of regular folk will contune to decline. This is what is happening and those who have already taken pay cuts in their jobs and pensions, or lost their jobs entirely, are becoming resentful of those whose jobs and pensions are still in tact. What adds to this resentment is those who have so far remained relatively untouched insist they deserve what they have, are enttitled to it, and should be immune to the screwing over that others have had.

This is the kind of ‘infighting’ those at the top usurping the peoples’ wealth like to see.

#257 };-) the antiposter formerly known as Devil's Advocate on 03.01.12 at 8:58 pm

#177live within your means on 03.01.12 at 12:46 pm
Think the Realtors here are suffering. Have received lots of adverts from different cos. in our mailbox these past few weeks.

We are entering the spring market you * * * DELETED * * *

#184Bailing in BC on 03.01.12 at 1:44 pm
#142 AG Sage

Pay for service would also encourage sellers to be realistic with their prices. Who would want over price their house and have it sit for years on the market when they are paying weekly for an MLS listing, advertising and for each showing and open house?

On this and your referenced post at #142, you are half way there unfortunately you * * * DELETED * * *

#190Bailing in BC on 03.01.12 at 1:52 pm
#142 AG Sage

“they get to play middle man like it’s the 1900s and communication is expensive”

This made me laugh. Consider the buyer and seller talking directly on the phone.

“I’d like to see your house on Saturday at 12″

“Sorry That won’t work for me. How about Saturday at 4 or Sunday at 12.”

“Sunday works good see you then”

With realtors this becomes SEVEN phone calls!

Yes some realtors work hard dealing with calls and filling in paper work but a lot of that work would be unnecessary if there was no realtors involved.

Another * * * DELETED * * *

#228Steven Rowlandson on 03.01.12 at 5:01 pm
Garth becomes a real estate agent? Absurd!
What is even more absurd is a real estate agent out to get the best deal for a home buyer. Real estate agents have an incentive to keep prices as high as possible to ensure very good commission income. Since getting the best deal possible for buyers means monster discounts on the home prices that would mean lower total commissions. Not a great strategy for a business.
Now if Garth bought homes for 5 cents on the dollar and sold them for twice as much to home buyers there might be something to that.

You have not a * * * DELETED * * *

#240Sticky on 03.01.12 at 6:43 pm
#66 geneticistx

Sellers pay comission…plain and simple.

* * * DELETED * * *

#242Sticky on 03.01.12 at 7:06 pm
Teachers…15% wage increase over three years, as well as 10-week bereavement leave for the death of a friend, and 26 weeks of paid leave to care for a sick person — family, friend or otherwise.

>>>HA! if they get that I’m doing the Atlas Shrug thing…F!

Everyone thinks they know what a teacher does because they all spent time in the classroom from grade 1 through 12. OK most did… some on this blog did. You all should * * * DELETED * * *

Oh bother… I give up.

#258 };-) the antiposter formerly known as Devil's Advocate on 03.01.12 at 9:07 pm

#107bill on 03.01.12 at 1:10 am
”Please keep this date in mind. June 2015 we will see an event unlike anything the public has ever known. ”

the sportster gets a six speed….

Who let you in on that one? And… you are supposed to keep it a secret, for if you do not they will soon learn of our trickery. They are not supposed to anticipate it. You know that. Now look what you have gone and done. He will not be happy with you for this. You had best cloak yourself now and put that pristolick back in it’s harklume.

#259 };-) the antiposter formerly known as Devil's Advocate on 03.01.12 at 9:10 pm

OMG my tin foil hat fell off and my messages were sent out unencrypted.

#260 };-) the antiposter formerly known as Devil's Advocate on 03.01.12 at 9:17 pm

#136househornyhousewife on 03.01.12 at 7:10 am
I am not exactly sure what the hell this guy is trying to say … what is his point exactly ? Do YOU know ? Is it that he has the genius idea of representing buyers and that buyers won’t have to pay a penny for his services ? Hey asshole, that already exists and they are called buyers’ agents. I assume that these EBA’s still share the commission paid by the seller on the selling price, right ? So what the &?%$?? is this guy talking about ?

THERE IT IS! Finally someone who gets it.

#261 truth hammer on 03.01.12 at 9:29 pm

I’m not continually surprised by the continuum of antithetical opposition to fiscal prudence by the great unwashed of Canada who have been brainwashed into towing the party line after thirty years of Liberal Party indoctrination. Guys…….the money has to come from somewhere. We as taxpayers can not continue to fund what we can not raise in revenue. The idiotic notion that one must be an extremist or a ‘shudder’ conservative to point out that taxpayers can not afford to fund the public service in it’s present state is ballyhoo and rhetoric from the union movements who see a direct threat to their traditional dominance at at time when the general advertising originating out of Ottawa has got people giving their head a shake. Wake up guys……….perpetual raises and funding of pensions is taking away more from the majority to fund the playtime and luxury of a few. Thats not Canada, thats just inequity, whatever side of the floor you decide to follow. I am not red or blue…..I am red and white.

#262 Don on 03.01.12 at 9:37 pm

#156 Truth Hammer

Don……….read the papers.

*********************************************
Would those be the papers that are saying there is no bubble….or report half truths and spin. That’s the main problem with “some” boomers. You still believe everything in the newspapers and Global TV puts out. Learning is a life long task as environments change. And quit voting based on legacy blue, red or orange and do some background research…Oh I forgot research is what others tell you right… Truth Hammer. I have no problem with hearing any truth as long as it is the truth.

I support children and indirectly teachers who help the children. I would like to retire in an environment where all children are given a fair chance so I don’t have to walk through crime ridden streets. That’s what I hope for in my retirement. “Do as I say not as I Do” right Truth Hammer. I hear Fox news is a good source!

#263 Daisy Mae on 03.01.12 at 9:43 pm

105Alberta Ed on 03.01.12 at 1:03 am
“Set the Amazons on him. That rant was so boring I didn’t last 35 seconds.”

**********************

I listened to the bitter end…and couldn’t believe what I was hearing. LOL

#264 Harlee on 03.01.12 at 9:59 pm

Westernman:
Who cares what you think about civil servants or Beach Girl ?
Just tell us when the weiner roast is…

#265 X on 03.01.12 at 10:13 pm

Alain should grow his beard full, and wear cowboy boots. I mean if you are going to hire him, he should comply with the company dress code.

No one should buy a home without representation for their own interests.

#266 disciple on 03.02.12 at 9:59 am

#254 LWYM… virtually all elections are rigged. So any of those minor dirty tricks are moot.

“Crime does not pay … as well as politics. ” –Alfred E. Newman

‘The technique of infamy is to invent two lies and to get people to argue heatedly over which one of them is true.’–Ezra Pound

“The left and right wings of the party establishment–two great pinions of an ancient bird of prey.” (Liberty under Siege, p.100)—Walter Karp

‘The politician offers to defend you against your enemies, so that he can deliver you to your ultimate enemy–Satan.’–Eustace Mullins

“Politics is a means of preventing people from taking part in what properly concerns them.” Paul Valery (1871-1945)

“The whole aim of practical politics is to keep the populace alarmed (Fear Inc) — and hence clamorous to be led to safety — by menacing it with an endless series of hobgoblins, all of them imaginary.”– H.L. Mencken

#267 Daisy Mae on 03.02.12 at 10:35 am

#240 Sticky on 03.01.12 at 6:43 pm
#66 geneticistx

“Sellers pay comission…plain and simple.”

**********************

Unless the buyer signs a BRA…..remember this!

#268 Daisy Mae on 03.02.12 at 11:19 am

#261 TRUTH HAMMER: “Guys…….the money has to come from somewhere. We as taxpayers can not continue to fund what we can not raise in revenue.”

***********************

There will NEVER be enuf money. Governments, corporations and we…always want more.

#269 };-) the antiposter formerly known as Devil's Advocate on 03.02.12 at 11:52 am

#267Daisy Mae on 03.02.12 at 10:35 am
#240 Sticky on 03.01.12 at 6:43 pm
#66 geneticistx

“Sellers pay comission…plain and simple.”

**********************

Unless the buyer signs a BRA…..remember this!

Buyer pays the commission, it is merely paid from the proceeds of the sale so that the buyer need only write one cheque. In most provinces I know of, the buyer signs a disclosure of remuneration which states what the buyers agent is earning.

Also, if you sign a BRA anything in posted commission in excess of that which you agreed that your EBA should earn, as outlined in the BRA, is yours. If there is a $10,000 bonus being offered on a property your agent must rebate that back to you unless you give them permission, in writting, to keep it. So please don’t sign my BRA and I will look for a home you can buyt which is in my best interest not yours. };-)

#270 Raging Ranter on 03.02.12 at 12:59 pm

I agree with your response to the first email, with a couple of caveats:

A) The kid feels his parents are obligated to help him buy a home. They aren’t. He needs to pick his lower lip off the ground. If anything, those boomers who are helping their kids buy homes (often by tapping into their own home equity with HELOCs) are making the problem worse.

B) Fun as it is to blame the boomers, it’s no longer the boomers driving the market. It’s their kids. He needs to quit blaming his parents; it’s his generational cohorts who are doing the damage now. If the boomers can be blamed for anything, it’s raising a generation of offspring even more status-conscious, hedonistic and narcissistic than they were.

#271 Big fan of your pathetic blog on 03.02.12 at 2:49 pm

I wouldn’t sue him or hire him….. my guess is he admires your work and he is trying to enlist you as a fan, Garth.

Kudos for him to have the balls to do something creative and flamboyant. Being naive like that though, might get him into trouble. Speaking of that, Garth, don’t you worry that some of your comments might get you into a little hot water yourself? Careful! We need you.

Regarding the French accent comments etc, I am embarrassed/saddened to see the racist comments on this blog, but I suppose a lot of people use this blog to diffuse their anger at the world… remember, these people are speaking about themselves, don’t take it personally! :)

#272 TaxHaven on 03.02.12 at 4:07 pm

Don’t know if anyone linked THIS yet, but the very last fools are being relentlessly CHASED…

http://vreaa.wordpress.com/2012/03/02/gord-goble-south-surrey-building-blitzkrieg-thoughts-and-images/#comment-29292

#273 Raging Ranter on 03.02.12 at 5:20 pm

Oh crap. My comment was meant for the other article. ah well, whatever.

#274 Steven Rowlandson on 03.02.12 at 5:37 pm

Well it turns out that the antiposter formerly known as Devil’s Advocate could very well be a real estate agent.
At least he sounds like one… That explains why my posting was recommended for deletion. I guess the truth hurts after all.

#275 Mr Buyer on 03.02.12 at 7:01 pm

#192Westernman on 03.02.12 at 4:42 pm
Toon Town Boomer @ # 127,
Your post had ME ROFL…
Canada has NEVER been a major global player in anything except silly hockey nonsense. We don’t have to be conquered Sir, we never were anything but the poor sap getting lapped and thinking we were ahead because our rear view mirrors were full.
Whatever success Canada ever had as a ” nation ” was directly attributable to riding the coat tails of the U.S.
Get out of Saskatoon once in a while and rub shoulders with the real world…you’ll see I’m right.
……………………………………………………………………
Let’s see now. Canada was the only nation of the entire British empire that sent goods to England during WW2 while England had to ship goods to the remaining colonies. The blitz, battle of Britain and even the subsequent entry of the US to save Britain were made possible by Canada’s immediate entry into ww2. That gets a big bronze star in my books. As for the importance of Canada, well it simply is. You have been convinced it is not, but it simply is. This is not by virtue of its citizenry as a whole but rather its vast lands and resources. Most of the citizenry is quite happy trying to take whatever they can from one another. A true amazement really. Desperate clawing at scraps in the midst of riches.