Flatlanders

Nine days ago, 431 Buckwold Cove came on the market in a city seriously bereft of coves. Replete with a garage grafted on the front, stick tree in the front yard and giant vibrating hot tub in the back, it’s the poster house for suburban kitch. But for years now, this is what the overclass of Saskatoon has wanted.

Meanwhile this pathetic blog has been peppered with comments from horny ‘Tooners about how real estate will stagger and stutter everywhere but in the prairie city, where (as I write this) it’s minus six with two inches of snow on the ground. Everybody, apparently, wants to move there. Right.

Actually it appears reality has arrived. The local real estate cartel was forced to announce some days ago that for the first time since 2010 sales tumbled in back-to-back months. “There are concerns in the market place that recent changes to mortgage rules would have a significant impact on the market however while this may be true in some Canadian markets, I believe the economic position and population growth of Saskatchewan mitigate this,” says a brave spokesguy. “Markets like Toronto and Vancouver have experienced unrealistic gains due to foreign investment and are now experiencing significant corrections. Unfortunately most economists paint the entire country with the same brush, if the real estate bubble is bursting in major Canadian markets it shouldn’t be assumed that it holds true for us.”

But it sure looks that way. As I’ve said a few times, every market is unique, but none is different. There will be no escaping the deflation of residential real estate. So sales in Saskatoon are down and listings are up. Shortly there will be a seven-month supply, which officially makes it a buyer’s market. But I wouldn’t be writing offers anytime soon.

The Buckwold Cove property is a case in point. Realtor Vaughan Krywicki has done all he to fete the fabulous features of this place (“…underground sprinklers with automatic timers in the front & back, as well drip system for trees & garden area, plus the yard lights are all on timers, as well the storage shed is wired and has lights inside…”), and now has opted for a so-called Dutch auction, reducing the asking by $1,000 a day.

“I’ve been watching the listing since I came across it on the 17th of October when the house was listed at $426,000,” says blog dog Steven. “Checked in a few days later to see if the price would really change. The price was still the same so I fired off an email to the realtor stating his listing was somewhat fraudulent since no price change had occurred. Today I decided to keep this realtor on his toes by checking it again. Price has dropped to $420,000, but it is 9 days later! So the price should be more like $417,000.

“I can’t do it myself, but this realtor needs to kept on his toes with adjusting that price daily. I think it’s very entertaining to see a daily price drop at a rate of a thousand per day.”

Well, Steve, you little Saskatoon Disturber, now young Vaughn will have an army of eyes on him for this listing, as we all watch to see when a greater fool buyer is flushed from the frozen tundra.

Why do we care about a market with just 235,000 people where wind chills of -60 were once recorded and the river flows the wrong way? We don’t. Other than The Sheepdogs, of course.  Plus real estate delusion — since this isolated city provides a great example of how people can bid up the price of homes simply by selling them to each other after watching house porn on Global News. Net population growth in the past year was less than 7,000 people and the average household income is 30% lower than that of Calgary.

Yes, Saskatchewan has oil, gas, potash and uranium. The price of farmland swelled massively in recent years. Speculation’s rampant, and not a week goes by that someone doesn’t email me asking if they should buy a quarter section. (No.) Others think grabbing a piece of the bald prairie is a genius move, given what’s happening to food prices. I hope they’ve heard of climate change.

We spend a lot of time on this site talking about bubbles in the GTA and the Lower Mainland, where population and media attention is focused. But the slaughter of the innocents in tertiary markets like Saskatoon could eclipse any bloodletting in the Big Smoke. After all, there are only so many available buyers in a small city floating in a sea of flat emptiness.

By the way, what would you pay for this house?

UPDATE: Saturday Oct 27, 5:30 pm ET: Seventeen hours after this post was published, the listing has apparently been cancelled by the sellers. Agent Krywicki writes to a prospect  – “The sellers weren’t getting as much activity as they had hoped for. The house has been taken off the market for now. I may be able to still show it to you if you’re interested?” I think not. — Garth

286 comments ↓

#1 steve on 10.26.12 at 9:10 pm

For that house i would pay $250,000

#2 Randy on 10.26.12 at 9:11 pm

Does the bear come with the property ?

#3 25Alpha on 10.26.12 at 9:13 pm

I am curious to what kind of house you own Garth?

#4 25Alpha on 10.26.12 at 9:13 pm

*to know

#5 TurnerNation on 10.26.12 at 9:14 pm

- A nasty wire today, it’s like they snuck all bad news out on a Friday afternoon.
Saw the bank downgrades hit while I was also looking at this cheery news:

26 Oct 2012 19:45 BST
*DJ UBS To Cut Up to 10,000 Jobs -FT >UBS

*DJ UBS Cutback In Addition to 3,500 Job Cuts Last Year -FT >UBS
*DJ UBS To Announce Job Cuts Next Week -FT >UBS

– And this is of interest:

“The new normal: portfolio returns of 6%
Diversified portfolios will produce average annual returns of between 4% and 6% over the next 10 years, says TD

By James Langton | October 23, 2012 10:00

The days of double digit portfolio returns are long gone. A new report from TD Economics projects that diversified portfolios will produce average annual returns of between 4% and 6% over the next 10 years.

The report forecasts that cash will likely provide an average annual return of 2.0%, with bonds returning 3.0%, and equities generating 7.0%. Using those projections, it projects an income portfolio with a heavy weighting in cash and fixed income will return just over 4%; a balanced portfolio should return 5.0%, and a growth portfolio, with a heavy weighting towards equities, would return 6.2%.

“While there will certainly be years where these portfolios achieve higher rates of return, they will likely be offset by periods of weakness. The low return on fixed income over the next few years, especially given the potential capital losses on longer-term bonds, suggests that investors may need to have exposure to equities in order to bolster portfolio returns,” it says.

Indeed, the report notes that, based on economic fundamentals a diversified bond portfolio should return close to 5.0% on an annual average basis. However, the current yield curve is close to its historical low, “which presents a material risk to the return on bonds,” it notes.

“When interest rates do eventually increase, the prices of bonds fall – and the lower the current interest rate, the bigger the capital loss is when it increases. Thus, given that rates are so low, the increased rate of income derived from higher yielding bonds is entirely offset by the capital loss on the bond itself,” it says.

While the return on equities is estimated to be roughly 7.0%, the report notes that there will likely be large swings in equity valuations over the next 10 years; that the estimate is conservative and does not include underlying shifts in valuations; and, exposure to sector-based investments or emerging market equities could elicit higher returns, albeit with higher risk.

#6 Ydnew on 10.26.12 at 9:19 pm

………. and a walk score of 12, too. Wow!

#7 25Alpha on 10.26.12 at 9:20 pm

Oh and i would only pay $275,000 for that home. It is Saskatoon after all.

#8 Tim on 10.26.12 at 9:30 pm

Canada close to enacting trade deal with China that will erode our sovereignty

http://elizabethmaymp.ca/parliament/questions/2012/10/26/oral-questions-canada-china-investment-agreement/

Harper is trying to sneak through a secret trade deal with China that would allow Chinese investors the right to sue any level of our government if their ability to make a profit on their investments is affected.

If you care for our sovereignty write your MP and shame the media for not even mentioning this unthinkable trade deal

#9 Tim on 10.26.12 at 9:31 pm

It’s in Saskatchewan, I wouldn’t pay anything for it…lol

#10 Phil Indablanque on 10.26.12 at 9:31 pm

Why do we care about a market with just 235,000 people where wind chills of -60 were once recorded and the river flows the wrong way?

Just for those who don’t know

#11 Marco on 10.26.12 at 9:32 pm

I’d pay 200k at best. The interior is brutal and I’ve seen better in my student housing, the lot really isn’t that big and its Saskatoon. Like you said, why the hell would you want to live there. I’d need to spend 60k on a Harley edition truck, lifted with a gun rack to fit in.

#12 Hearrt on 10.26.12 at 9:33 pm

I’d give them 50K for that house, about what this house would cost in Phoenix a couple of years ago.

#13 Nick on 10.26.12 at 9:35 pm

Great post Garth.

To know the real price of the house, I would take the annual rent you could get from it and multiply it by 15. If you can rent a similar house for lets say 1500$ a month, then the real price is 270 000$. In a few years you’ll be able to buy at 10x annual rent. That’s where in becomes interesting.

People always say “buy low and sell high” but were few realize that in order to do that you have to go against the herd (and against your mother in law).

#14 futurologist on 10.26.12 at 9:41 pm

Only Canadian, with ice instead of brain, could buy for almost half of million dollars small house from plywood (like in the story about “3 pigs”) in the hell hole on the planet named Saskatoon, the Canadian equivalent of Stalin’s “gulag”.

#15 Grim Reaper/Crypt Speculator on 10.26.12 at 9:43 pm

Well..at least the “Ursus arctos horribilis natural security system” will keep David Suzuki happy, …..but $ 1000 of daily protein – based energy supplements ala raw meat makes it a bit pricey to keep Al Gore happy.

#16 Westernman on 10.26.12 at 9:44 pm

You’ve done it now Garth,
We are going to hear some of the most ridiculous statements from the Pilsner-filled, water-mellon wearing rednecks of Sask. how the place is the center of all culture, the weather is so beautiful, everyone wants to move here, we’re so important etc. etc. etc.
Get ready for many new records to be set in the ” I thought I’d heard it all ” field.

#17 Kingarthur on 10.26.12 at 9:46 pm

Here’s a link to G’s house in Lunenburg. Slagging Nova Scotia is not allowed!

http://www.youtube.com/watch?v=zqQJKj7qzL0

#18 Seriously? on 10.26.12 at 9:47 pm

That house sure looks like it backs onto a railway switching yard.

I think that for that kind of money you’d want to have quieter neighbours.

Seriously

#19 phinny on 10.26.12 at 9:47 pm

I would easily pay 420 000 to not have to live in Saska… wait, what was the question, again?

#20 gaspr on 10.26.12 at 9:56 pm

Come on Garth…you can’t have it both ways…at least the global warming should take the edge off the -60…

#21 Toon Town Boomer on 10.26.12 at 10:00 pm

Thanks for the post Garth. Indeed, we are not different here in Saskatoon. I can tell you, I know of a new condo building that the Realtors are trying to sell very quickly holding open house Mon -Sunday because they know the Jig is up. I don’t believe they are half are sold either.
http://www.therealtyconsultant.ca/MyListings.aspx

#22 NKVD Black Raven on 10.26.12 at 10:02 pm

Another realtor whose heritage flag is golden wheat beneath a blue sky… We’ll send Nikita there to steal the grain… you can see the bear market in the back pool.

#23 Hugh Jasz on 10.26.12 at 10:02 pm

What would I pay?

Depends if my livelihood and happiness depended on me being in Saskatoon and what the other modest pressed-cornflake-castles go for…….

If my livelihood and happiness could handle an alternate, less cold, less flat locale……well, I wouldn’t pay quite as much!

#24 a prairie dawg on 10.26.12 at 10:03 pm

http://www.zazzle.ca/not_everythings_flat_in_saskatchewan_t_shirt-235850879914967490

#25 alien88 on 10.26.12 at 10:03 pm

I would never move there.

Join me in Thailand or Vietnam.

No taxes and my penthouse costs CAD$650/month–but seaside condos in Thailand are about CAD$30K.

I spent three days in a private clinic in Da Nang, Vietnam. My bill was $2,500, but no income tax.

A clinic in Pattaya, Thailand, after taking my blood pressure, said it was too high–I had an infection in my foot–and I had to go to the hospital. So, I go and they admit me and take blood work. Half a day costs me CAD$30, and there is nothing wrong with my BP!

Note to big guys–I am 6′ and 210 lbs. When they do the BP in Asia they use a “cuff,” but it is calibrated for Asians. Watch this: http://www.youtube.com/watch?v=P8fTZt4lJrQ

#26 Saskatoon Housing Bubble on 10.26.12 at 10:06 pm

In Jan of 2006 the average house price in Saskatoon was about $160,000 while the average weekly wage was near $680. Fast forward to the spring of 2012 and we see this.

http://2.bp.blogspot.com/-LqkK0h4Nsa8/T8Tru_HEc8I/AAAAAAAADm4/EzUER_65wDc/s1600/Saskatoon+Average+Weekly+Wage+and+House+Price+Jan+2006+%E2%80%93+March+2012,+Index+Base+Jan+2006+=100.jpg

I have not updated this chart but the average weekly wage in March 2012 in Saskatoon was $856 while the average house price was $326,894. ( In June of 2012 the average weekly wage in Saskatoon was $856 as well, this is about $100 a week less than Regina and about $75 less than the province as a whole, even though house prices are more expensive in Saskatoon)

The average weekly wage has increased by 26% while the average house price has increased by 104%.

House prices may have outstripped wage gains 4 to 1 in Saskatoon during the “boom”, but house prices have not outstripped the banks willingness to lend highly leveraged mortgages with CMHC backing. So the “boom” continues. For now.

#27 Kilt on 10.26.12 at 10:12 pm

Hey Garth.
I have been thinking of buying in Saskatoon but I was surprised at the house prices. They are cheap compared to Vancouver, but higher than what I was expected (not like there is a land shortage). So I looked into a couple of houses like the above and then looked up their assessed values. Generally the assessed value is around 200 – 280k, but the price tag is 400+. Wouldn’t there be issues trying to get a mortgage for a 400k home that has an assessed value of $250k with the new mortgage rules?

Thanks
Kilt

No. In most of Canada municipal assessments are not the same as market value. Unlike in BC, where the government gone that ridiculous and dangerous route. — Garth

#28 T.O. Bubble Boy on 10.26.12 at 10:14 pm

I think that the realtor is just trying to get the attention of all the potential buyers from the Netherlands.

#29 Mithan on 10.26.12 at 10:14 pm

Thanks Garth, but you missed Regina ;)

Here are some stats, you can dig up more here (all are sourced from CREA and Stats Canada and no, I am not affiliated with the site):
http://saskatoonhousingbubble.blogspot.ca/

Summary from the site:
-In the last 10 years, home prices have essentially trippled in Regina and Saskatoon.

-In Saskatoon (Jan 2002) you could purchase an “average” house for about $109k. Today, it is about $350k. That is a 220% increase in home prices in 10 years.

-The story is the same in Regina, but Regina was a bit lower but has matched Saskatoon, presenting a higher % increase.

-In the last 5 years, home prices have increased 100% alone. Wages have increased 25%.

-In the last 10 years, Wages have increased about 50%.

You are right, it isn’t different here.

A lot of the people currently buying homes/condo’s are doing so with huge debts. I have several friends in their 20’s and 30’s that went and loaded up on $200k-300k mortgages, many of these people are in the trades, which is a cyclical industry based on housing. When housing slows, they are out of a job, and then their house.

It makes no sense to me and while I don’t want to see them get hurt, I fear that is what is coming and I don’t think it will be in the form of a nice little 10-15% correction, but something much deeper that surprises everybody.

Who knows though, right.

#30 Herb on 10.26.12 at 10:18 pm

Nothing. I would never buy a house having a double garage out front as the dominant architectonic feature.

#31 gladiator on 10.26.12 at 10:21 pm

A house like that in North York would be on the market with an asking price of about a million.
After the rules changed, I haven’t seen much activity around here for plywood boxes above 800k. Crickets are singing their blues, and it’s not because of a warm October…

#32 JW on 10.26.12 at 10:25 pm

The Toon ! Love it Garth, you can’t make this stuff up!

Poor Vaughn, if that house gets 400k, I would be shocked. I agree with #13, Nick, the house is worth relative to the rental price. I think about 300k is just about right, likely what it was worth 5 years ago….and that place certainly needs some work.

#33 happy renter on 10.26.12 at 10:25 pm

For only another $200 000 you can get the same house in Victoria, or even better the same house for $300 000 less in sunny Florida or Arizona.I guess people in Canada can afford the huge difference in price.Talk about inequality.

#34 kreditanstalt on 10.26.12 at 10:32 pm

$160,000.

Small lot.
No jobs.
Lots of lighting bills.
Taxes.
Enormous heating bills.
Likely no tenants.
Middle of nowhere.
No walk-to shopping.
No architectural uniqueness.

Better yet, just buy gold with the cash and SIT.

#35 Glen on 10.26.12 at 10:34 pm

$290,000 for the house. Low 300’s at best.

If that asking price is par for the course for Saskatoon, they are in for a nasty, nasty crash.

#36 picasso on 10.26.12 at 10:34 pm

#17 Seriously? on 10.26.12 at 9:47 pm

In Saskabush this house could only back onto this beautiful…

http://www.google.com/imgres?imgurl=http://upload.wikimedia.org/wikipedia/commons/thumb/5/59/High_Five.jpg/220px-High_Five.jpg&imgrefurl=http://en.wikipedia.org/wiki/High_Five_Interchange&h=293&w=220&sz=28&tbnid=MZn2OfAA80fF5M:&tbnh=95&tbnw=71&zoom=1&usg=__sDMrQO7iAj86xfHYvS9uojPkfWE=&docid=qbw1uTWKaBHAnM&hl=en&sa=X&ei=2UeLUJ3pHci-2gXZ2YCYAw&ved=0CDoQ9QEwBQ&dur=62

#37 Fartweezel on 10.26.12 at 10:36 pm

Maybe Cyndi Lauper will buy it?

#38 Toon Town Boomer on 10.26.12 at 10:37 pm

The dream vs reality
http://saskatoonhousingbubble.blogspot.ca/

#39 george on 10.26.12 at 10:37 pm

The Perils of Bubbles and Speculative Finance

#40 frank on 10.26.12 at 10:40 pm

I remember a fruit stand in the okanagan saying they took saskatchewan money at par.

#41 T. on 10.26.12 at 10:49 pm

Sad part is that when that place was built it probably sold for around $250,000.

When Brad Wall discovered potash in 2007 (and even in 2006) that place and thousands like it would have been trading hands at the $420,000 range. Mostly to twenty someting with minimal down payments and crazy morgatge terms.

#42 g-unit on 10.26.12 at 10:53 pm

At least the dutch auction will get the new owners used to their house rapidly losing value.

To understand that housing is screwed, all you have to do is see no one has any actual money to buy these houses anymore. As soon as the government stops backing banks being your effective landlords (deadbeat landlords) through cmhc and never repayable mortgages, there is no one to buy these places.

#43 JW on 10.26.12 at 10:53 pm

I overlooked that the house is only 1400 sq/ft ! Not too bad from the outside, but small and below average on the inside.

250k at most.

#44 T.O. Bubble Boy on 10.26.12 at 10:53 pm

The Toronto Star (moneyville site) Talks about the disappearing condo investor:
http://www.moneyville.ca/article/1276144–investors-move-to-sidelines-as-toronto-condo-market-cools

The stats in this article are bubblicious:
– 75-95% of downtown condo buyers are “investors”
– up until 5 years ago, less than 30% of buyers were investors
– there are 240,000 condo units currently proposed through various projects, which is more than all the units built since 1968!!!

#45 EIT on 10.26.12 at 11:02 pm

#81 Gunboat denier on 10.26.12 at 1:33 am

I should have never sent those articles, it’s just what I found in two seconds. I should have said ‘read Dying of money by jens o. parsson’.

There are three variables at work on prices: money supply, money velocity, and supply of real value. An increase of 10 percent in the money supply is not inflationary if there is also a 10 percent increase in the supply of real values, or if there is a 10 percent decrease in velocity. (Productivity is a part of velocity thus productivity = deflation, as you said). The only way you halve costs and incomes (prices) directly, as you imply, is by government law. Prices, and thus inflation/deflation, are a result of these three variables (under equilibrium). Inflation and deflation are both negative things, everything else being equal (I’m just going to refer to both as only inflation now). Obviously, having inflation has structural side effects. It’s just about knowing what to do with the tools given to counter uncontrollable variables.
In 1982, Paul Volcker needed to inject liquidity into the bond markets to counteract the inflation (yes it was a ‘deflation’). And he did that. I don’t want to get into this or 1991. Too much. So when you say that inflation is harder to deal with than inflation. All things being equal they are the same thing (see previous sentence for example). The difficulty depends on the structure.

I just try to get a rise out of Garth,…. isn’t this a pathetic blog?

Didn’t work. — Garth

#46 Skatch on 10.26.12 at 11:06 pm

Garth, thank you so much for doing a piece on Saskatoon.

The people here really needed to hear it as they have all consumed the kool aid.

#47 John on 10.26.12 at 11:14 pm

“….. this isolated city provides a great example of how people can bid up the price of homes simply by selling them to each other after watching house porn on Global News. ”
—————
Yep, that explains how Saskatoon is selling an 80,000 dollar property for 420,000. In fact that’s how a credit bubble forms. However, some years it’s rain dances, campfire stories, or throwing dried fruit over your left shoulder. That Canadian real estate thing. What a mystery eh?

Strangely, your explanation is sufficient. Consider what people need to hear and believe.

Nice.

#48 Guy_in_Regina on 10.26.12 at 11:21 pm

That house will easily go for $375K plus.

Seeing some of the ignorant comments on here about Sask is rather sad. No jobs someone said – they’re clearly not in the know. Quit hating on Saskatchewan, especially if you’ve never spent time here.

Sept sales in Regina were down by 32%; but prices up 14.8% (yeah, that’ll last). October is shaping up to be even worse.

http://www.reginarealtors.com/

#49 TOUGH TIMES on 10.26.12 at 11:23 pm

HGTV virgins get out there and start low balling RE by 50%. Now is the time to get your revenge on the realtard, builders and banksters who sold you into debt slavery with HGTV porn.

Reasons why you should be doing this ASAP.

* RE prices and sales in Canada are crashing. It was one big ponzi scam and the victim was you HGTV virgins.

* Baby Boomers are going into retirement with record debts. THEY ARE SCREWED and will need to sell flooding the market. Also many of these fools co-signed for there kiddies Mc Manisons, you now the ones there kids bought for $600,000 to $1,000,000. YUP the banksters will wipe them both out (Kids and parents).

* MASSIVE LAYOFFS EVERYWHERE – Just his week Ford cutting 6000 jobs, Dupont 3000 jobs, UBS 10,000 jobs. We are still in a global recession you Canadian Fools.

* Record number of empty condo’s going up in Canada i.e. Toronto, BC, Montreal. They are all empty. CAN YOU SAY CRASH. Once our construction industry crashes we will look like Spain, Ireland and USA. Remember this industry employees a lot of people. No Construction means no Job! These guys can’t go work at the local factory as we DON’T HAVE ANY ANYMORE. They all moved to China or back to the USA.

* Europe, China, USA, Japan still in a mess. Until we start creating HALF DECENT jobs we will be screwed.

* 70% of Canadians living pay cheque to pay cheque and have no PENSIONS. 50% have no emergency funds and would have to eat out of garbage bins if they missed a pay cheque. CAN YOU SAY SCREWED.

* Canada can no longer compete in the Global Economy. Factory workers in the US now make $12.00 per hour and can buy a nice home for $100,000K. In Canada everything is 5x more. Would you as a Corp invest money in Canada if you can get workers at half price down south.

* A home is only worth what a buyer will pay.

* Jobs are hard to find. You can’t guarantee that you will be able to pay a 25yr, 30yr, 35yr or 40yr mortgage. NO ONES JOB is guaranteed anymore.

* AUSTERITY IN CANADA’S AIR – All levels of gov’t are taking the axe at your cushy gov’t jobs. NO ONE IS SAFE ANYMORE.

HGTV virgins, get on MLS and start lowing balling the properties you are interested in by 50%. Just e-mail the realtard (used car salesperson). Don’t waste your time going to open empty open houses etc. Do it from the comfort of your home! Take action and show them that you are not HGTV virgins anymore!!! Realtards all over are in FULL OUT PANIC and don’t want you to wake up.

At the end of the day many of my professional friends have been duped by these realtards, banksters and builders and will be modern debt slaves. I feel sorry for them.

#50 DonDWest on 10.26.12 at 11:27 pm

I would pay $125,000 AT MOST.

-Particle board box, no architectural uniqueness
-Beside the freeway
-Beside the railway
-High heating costs
-12 walk score in Saskatoon
-NDP taxes
-No lakes, water, ocean, etc. within walking distance
-Low paying service jobs
-No women
-No way to convert it into a duplex
-Misplaced large two door garage
-Interior is stale, needs work, most likely 2K minimum every year in home improvements
– Despite being in the middle of nowhere and on the edge of town, we have ourselves a small lot.
-The small lot is well landscaped, too bad in Saskatoon you’ll only enjoy that for maybe two months a year. Summer theme in Saskatoon? Please.
-Before you believe my offer is ridiculous, houses of this design are a dime a dozen in the US where it’s warm, most sell for slightly above my offer.

Throw in the bear and change the landscaping to that which resembles an artic zoo; and I might consider a deal around 200K.

#51 AprilNewwest on 10.26.12 at 11:33 pm

“In most of Canada municpal assessments are not the same as market value. Unlike in BC where the government has gone that ridiculous and dangerous route”
Garth why is this way of assessing property dangerous? I can only guess that it means we are being taxed at a higher level?

#52 A Fan in Van on 10.27.12 at 12:20 am

125k, maybe?

#53 saskguy on 10.27.12 at 12:21 am

Serviced lot – $7,000
1442 sf @$170/sf = $245,140

Total = $252,140

#54 TGS on 10.27.12 at 12:40 am

DonDWest:
NDP taxes? Brad Wall (Sask Party, ie Conservative) has been premier since 2007. The NDP ran balanced budgets there.

In this day and age, if you’re a fiscal conservative, you should be supporting the NDP, whose economic policy is basically mainstream conservatism of the 60s and 70s.

If you like deficits and debts in combination with cutting services, then vote Conservatives all the way.

Who knows why anyone in Canada votes the way they do though. It’s clear virtually no one in Canada actually pays attention to parliament and the parties.

#55 Marcus Aurelius on 10.27.12 at 1:01 am

About 20 years ago I lived in the area where the feature listing is. Actually, a 5 minute walk from Prairie Ave in Erindale. Hope the windows are double glazed, as this place is right near the railway shunting yard.

#56 new canadian on 10.27.12 at 1:15 am

That house should not worth more than 110K, just because it’s relatively new. Now that’s a price correction and we might get there in 2 years!

#57 Canuck Abroad on 10.27.12 at 1:18 am

Hmmm, ugly box with big ol’ garage slapped onto the front of it, dated kitchen and bathroom, whole place needs refurbishment really, in a desolate part of Canada. Would not be willing to live in it myself at any price.

I guess I would find out what the going rents are for such a property and then offer a price that would guarantee myself a yield of at least 10% to compensate for the hassle of such an “investment”. Ugggh. I’m guess like $50k?

#58 Jay Currie on 10.27.12 at 1:30 am

There’s plywood in that house?

Really?

I’m thinking strandboard and lots of it.

#59 Little Saskatoon Disturber on 10.27.12 at 1:30 am

Hey Toon Town Boomer (#20) they only show 4 listed sold properties on the price list at http://www.thevestel.ca/pricing.pdf. I asked for an updated one and the anwser was “Com’ on down to the open house to receive one” Yeah like thats a good way to create a fake linuep. Everybody is there to get a price list. Not there to buy. haha

Thanks for the handle Garth, I love it!

#60 Tim on 10.27.12 at 2:00 am

RE #47
try living somewhere else in Canada and then ask yourself how ignorant those comments are

#61 Johnny D on 10.27.12 at 2:08 am

Another Leader Post article out of Regina Saskatchewan!

I’ll sum it up… They interview a couple virgins and a few realtors… Pretty much says all is good here and now is a great time to buy, even if you have to buy something smaller, or dilapidated or in a neighborhood where you might get shot. Rent out half the place, and get a second job at the new Tim Hortons to help pay your mortgage because owning a house trumps all.

Keep pumping that real estate Leader Post.

http://www.leaderpost.com/news/pulse/Taking+Pulse+Sask+residents+believe+home+ownership+achievable/7449627/story.html

#62 Freedom First on 10.27.12 at 2:08 am

#48 Tough Times

Well said. Most unfortunate, but sadly, most Canadians will not believe it to be true. Like the Americans and the Europeans, the Canadians will have to be personally denutted themselves. Sorry if that language offends anyone, perhaps I should have used the term “Housing vasectomy”.

#63 Johnny D on 10.27.12 at 2:12 am

Love to see a Sask article. Anyone who lives here knows this place isn’t special and if you’re like me, is also sick of all the real estate pumping going on here.

BTW Regina just elected a new mayor… Former President of the Saskatchewan Construction Association. Half our city councilors are either realtors or have a direct interest in real estate and development. Their vested interest in this mess stinks.

Taxes are about to shoot up in Regina to cover the costs of a new 300 million dollar stadium for our 8 Roughriders games per year. And any city plan to address affordable housing is just going to cost taxpayers more, and yet again set people who plan on buying a house the old fashioned responsible way another step behind.

#64 futureexpatriate on 10.27.12 at 2:16 am

How do I get a cute bear in my pool?

#65 Questioning Calgary stats on 10.27.12 at 2:31 am

Clearly, house prices in Canada have doubled over the past decade because of loosening of credit. No question.

Quoting from the article prepared by Whispers from the Village on the Edge of the Rainforest:

Consider how we got here:

•Prior to 1999 you needed 10% for a mortgage and that mortgage had a maximum amortization of 25 years. CMHC also had limits on how much you could buy with their insurance.
•CMHC then lowered the down payment to 5% down with price limits depending on the area. Amortizations were 25 years. There would be no price limit on what they would insure if 10% or more was put down.
•By Sept. 2003 CMHC allowed 5% down on 25 yr amortizations but they removed all price ceiling limitations. Now any mortgage would be insured regardless of the value of home purchased.
•March 2004 CMHC began allowing Flex-Down products which permitted the 5% down to be borrowed and 1.5% closing costs to be borrowed (essentially zero down, but 95% insured.
•March 2006 you had 0% down, 30 yr amortizations. This became 0% down, 35 yr amortizations later in the year. Interest only payments were allowed for 10 years.
•November 2006 CMHC began allowing 0% down, 40 yr amortizations along with interest only payments for 10 years.
•Canadian banks ramped this up by allowing up to 7% cash back offers is you would take on a mortgage with them. You could basically get paid if you bought a house.

All of these were exacerbated by the emergency actions taken during the financial crisis.

As we mentioned earlier, the Bank of Canada moved fast to slash interest rates to unprecedented lows, allowing banks to continue lending to businesses and consumers. The federal government established a $125-billion program to buy mortgages it had already insured from banks and financial institutions, providing even more liquidity. Ultimately the Fed’s bought mortgages worth a stunning $69.4 billion.

Each and every Canadian city will see significant price declines as credit is tightened in various ways. This will last multiple years. As credit is tightened and prices fall, there will be less people interested in buying. As Garth has pointed out many times, this is the way it works in a falling market. Nobody wants to buy something that is losing value, even though there is less risk compared to buying the same asset at peak value.

As well, as house values fall, banks will become more selective which will result in fewer mortgages for less money.

Get ready Calgary, not even CREB’s new (and constantly revised) Frankenumber will be able to stop this.

#66 VMD on 10.27.12 at 2:40 am

Hong Kong government imposes 15% duty on overseas property buyers (including Chinese non-HK residents).

“HONG KONG, Oct 26 (Reuters) – Hong Kong is to introduce new property cooling measures, including a new 15 percent tax on overseas buyers, to curb a rise in prices to increasingly unaffordable levels, Financial secretary John Tsang said on Friday.

It will also raise stamp duty on short-term property transactions to dampen speculation, the first time the government has taken such direct measures to curb what many see as excessive overseas buying, particularly from mainland Chinese buyers, for driving the market beyond record 1997 levels.

Tsang said these were extraordinary measures at an exceptional time, describing the market as “going against the economic fundamentals of Hong Kong”, fuelled by low interest rates, easy credit and a flood of mainland Chinese buyers.”
http://www.reuters.com/article/2012/10/26/hongkong-housing-idUSL3E8LQ5WA20121026

#67 bluethunder on 10.27.12 at 2:58 am

Been reading this blog for three years and I’m a believer.
Everything you’ve said has been so right. Now that’s happening, why keep on every single day? Love you Garth, but you’re getting boring. Isn’t time to to take break, sit back and watch? Let the MSM do the colour commentary.

#68 Charles Ponzi on 10.27.12 at 2:59 am

That house looks quite cheap compared to prices here in Adelaide. I’m impressed it has three bedrooms.

I love the idea of a Dutch auction. Does the vendor stop when they have reached their low limit? It would be fun to watch the price dive into negative numbers like a thermometer on a cold night in December.

#69 Toon Town on 10.27.12 at 3:00 am

That house backs onto rail yard and a highway. My budy paid the same price for a 2,200 square foot house in Calgary, where the wages are far superior.

I make more than 95% of people in Sask / Canada and wouldn’t be caught dead buying real estate anywhere in the province, or the country. Funny how everyone in the family says I am wasting my money on rent. Also funny based on the last post about retirement funds, that by the time I hit 30 I’ll have more retirement money than the poor saps who are ready to pack it in.

This will not end well, anyone that thinks its different in SK, please keep drinking the koolaid so I can make more money on the back end of your stupidity.

#70 Tony on 10.27.12 at 3:10 am

I’d pay about 125 tops but if i wanted to live in a ice cold city i’d much prefer Dawson City.

#71 Free $25 GC in BPOE on 10.27.12 at 3:36 am

Oct 27 MC-2 On Cambie & Marine will stage the much hyped release of the condo towers, rumour has it the 1st 200 suckers in line will get a free $25 gift card.

At least they now admit to paying people to stand in line to create illusion.

#72 groovin123 on 10.27.12 at 3:40 am

Personally, I wouldn’t pay $100 bucks because it’s a bunghole in the middle of Canada’s armpit, but what do I know?

The value of that home (along with the rest of Canada) is about to get trashed as the global economy embarks on the next down-leg, evident now with the majority of corps now missing expectations…. But, wha wha wha happened? Even the staunchest “green shoots” bulls no longer believe the laughable statistics coming out of the US. The recent home-starts number was the biggest joke I think I’ve seen yet, best number since 2008! Well gee, you back that chart back to 1960 and you get “the whole picture”. Unemployment at 7.8%? Funny how the participation rate dropped almost 6% since 2005 would that mean we’re at 13.8% then using the same yardstick?…. And then there’s payroll tax revenues – that sums it all up and it can never be spun which is also why it’s never mentioned.

A small company by the name of Cargill pins the rock and the hard-place to arrive by late 2015…. I wouldn’t give it that long myself. What does that mean? That would be the event where the Fed loses control of the bond market as confidence is lost in the ability to repay sovereign debt and we all get a taste of higher interest rates. Markets are just now beginning to front-run this event, positions yourselves accordingly.

#73 house burden on 10.27.12 at 5:03 am

If I was a FROG I’ll pay a gazillion bucks.

Ever seen the size of those Mosquito and other Monster Bug out there. Its like a infinite buffet!!!

#74 JB on 10.27.12 at 5:20 am

Good ol’ Vaughn… Has a girlfriend… tries to pick up ladies at weddings offering them Dennys… would you expect anything less from a young realtor driving an early 80’s Corvette? Ahhhhh, this guy screams new money… hahah!

#75 JuliaS on 10.27.12 at 6:38 am

BC had a network of computer stores a decade ago called “PC Galore”. Their pricing was based around the Dutch Auction model, where every price tag had an expiry date and prices declining every week the merchandize didn’t get sold. As a result there was enough foot traffic and very few sales. Most would go in, make a list of things they wanted and leave until one week before the item was free.

The stores went out of business pretty quick… for obvious reasons.

That’s what deflation does to buyers (and I’m not criticizing or complaining). As long as there are declines guaranteed down the line, people will wait, and why shouldn’t they?

With housing it makes a ton of sense. If the annual price decline is greater than the amount of money one saves in a year, any person with a brain will be willing to wait.

#76 Regan on 10.27.12 at 6:39 am

I’ve never been to Saskatoon, and therefore can’t figure a price on the house because I’m not a potential buyer for that market. There’s no sense for blog dogs to show their unfair contempt of the city and make unreasonably low fake offers – you’re not in the buying market either. It’s a limited market, but the selling price will be based on those who do actually want to buy. The most we can do from a distance is evaluate it as a rental unit – and this property may not be well suited to that purpose.
There – I think I’ve been about as fair as I can be. My overall reaction is similar to all the other homes I look at – remember the days when a million, or half million, was a lot of money? Oh wait, it still is.

#77 cropgrower on 10.27.12 at 6:49 am

…..boy…..you people in the east are a nasty bunch….

#78 Buy? Curious? on 10.27.12 at 6:52 am

Garth, when you point out real estate agents here on your blog, do they appreciate the new found exposure? Take Kooter here from Remax Sasktoon. Will he see more or less business from being featured here? I’m going to give a call and ask him later today. Can I sing a song for him, from you?

“this shit is homegrown! Don’t come from Hong Kong!”

#79 futurologist on 10.27.12 at 7:29 am

48 TOUGH TIMES on 10.26.12 at 11:23 pm

HGTV virgins get out there and start low balling RE by 50%. Now is the time to get your revenge on the realtard, builders and banksters who sold you into debt slavery with HGTV porn.

Reasons why you should be doing this ASAP.

* RE prices and sales in Canada are crashing. It was one big ponzi scam and the victim was you HGTV virgins.

* Baby Boomers are going into retirement with record debts. THEY ARE SCREWED and will need to sell flooding the market. Also many of these fools co-signed for there kiddies Mc Manisons, you now the ones there kids bought for $600,000 to $1,000,000. YUP the banksters will wipe them both out (Kids and parents).

* MASSIVE LAYOFFS EVERYWHERE – Just his week Ford cutting 6000 jobs, Dupont 3000 jobs, UBS 10,000 jobs. We are still in a global recession you Canadian Fools.

* Record number of empty condo’s going up in Canada i.e. Toronto, BC, Montreal. They are all empty. CAN YOU SAY CRASH. Once our construction industry crashes we will look like Spain, Ireland and USA. Remember this industry employees a lot of people. No Construction means no Job! These guys can’t go work at the local factory as we DON’T HAVE ANY ANYMORE. They all moved to China or back to the USA.

* Europe, China, USA, Japan still in a mess. Until we start creating HALF DECENT jobs we will be screwed.

* 70% of Canadians living pay cheque to pay cheque and have no PENSIONS. 50% have no emergency funds and would have to eat out of garbage bins if they missed a pay cheque. CAN YOU SAY SCREWED.

* Canada can no longer compete in the Global Economy. Factory workers in the US now make $12.00 per hour and can buy a nice home for $100,000K. In Canada everything is 5x more. Would you as a Corp invest money in Canada if you can get workers at half price down south.

* A home is only worth what a buyer will pay.

* Jobs are hard to find. You can’t guarantee that you will be able to pay a 25yr, 30yr, 35yr or 40yr mortgage. NO ONES JOB is guaranteed anymore.

* AUSTERITY IN CANADA’S AIR – All levels of gov’t are taking the axe at your cushy gov’t jobs. NO ONE IS SAFE ANYMORE.

HGTV virgins, get on MLS and start lowing balling the properties you are interested in by 50%. Just e-mail the realtard (used car salesperson). Don’t waste your time going to open empty open houses etc. Do it from the comfort of your home! Take action and show them that you are not HGTV virgins anymore!!! Realtards all over are in FULL OUT PANIC and don’t want you to wake up.

At the end of the day many of my professional friends have been duped by these realtards, banksters and builders and will be modern debt slaves. I feel sorry for them.
————————–
Absolutely right!

RE prices in Canada will crash very soon, but it’s actually small money, because the whole system: economy and society will be crashed, after USA will be totally ruined by Husain Obama, after 6 of November.

USA is already walking dead.
even if miracle will happened and republican will be next president, he only could slow down the agony of USA.
USA started its way to self destruction from 60-s, with evil ideology of “political correctness”.

#80 Eaglebay - Parksville on 10.27.12 at 7:43 am

#8 Tim on 10.26.12 at 9:30 pm

There’s nothing wrong with a trade (investment) deal
with China.

http://fullcomment.nationalpost.com/2012/10/26/andrew-coyne-state-owned-enterprises-not-the-villains-weve-been-told-they-are/

#81 Stickler on 10.27.12 at 7:51 am

That house is only 1442 sqft.

So 1442sf @ $150/sf = $216,300 + garage $25,000 + lot $30,000 = $271,300. ($188/sf all in)

What did I win?

#82 Eaglebay - Parksville on 10.27.12 at 8:06 am

#48 TOUGH TIMES (depressed) on 10.26.12 at 11:23 pm
“* MASSIVE LAYOFFS EVERYWHERE – Just his week Ford cutting 6000 jobs, Dupont 3000 jobs, UBS 10,000 jobs. We are still in a global recession you Canadian Fools.”
______________

What’s that got to do with Canada?
Why do you think China wants to invest in Canada?
There are winners and losers. Guess which one you are.

#83 live within your means on 10.27.12 at 8:23 am

#8 Tim on 10.26.12 at 9:30 pm

I already have. It’s disgusting that there is no debate on this & the most of the public are kept in the dark. The MSM are doing a lousy job of informing the public about what at least is known about this deal.

#84 Q on 10.27.12 at 8:35 am

Tiny 48′ lot in Saskabush with a boring stucco castle and sprinkler system for the 30 day summers…hot tub extra? Throw in the tub, the bear and whatever drugs you have left…and I’ll take a risk and pay $179,000.

#85 live within your means on 10.27.12 at 8:54 am

#29 Herb on 10.26.12 at 10:18 pm
Nothing. I would never buy a house having a double garage out front as the dominant architectonic feature.

………………….

I was just thinking the same thing &, IIRC, the ‘front’ entrance is at the side of the house. Unfortunately, so many houses in new developments are of that style.

#86 Renting in Regina on 10.27.12 at 8:55 am

Garth,

Thanks for the post about Saskatchewan. Our local media still pushes articles to the masses telling us that what we’re seeing is affordable. This one surfaced yesterday. The article says one thing and the comments tell another story.

Home ownership dream alive and well in Saskatchewan

http://www.cbc.ca/news/canada/saskatchewan/story/2012/10/26/sk-home-ownership-1210.html

“Two-thirds of the people surveyed by the University of Saskatchewan in March said they agreed or strongly agreed with the idea that home ownership is available to everybody, provided they’re sufficiently frugal, thrifty and hard-working.”

In other words, if you find paying $420,000 for a home made of plywood and spit expensive you are either lazy or just stupid with your money.

#87 Nukester99 on 10.27.12 at 8:56 am

This looks like an average family home. I would pay three times the average family income in Saskatoon. Median income was $68K so I am thinking $204K for the house plus maybe a little for the upgrades. The hottub is worth $2K used. So the owner is looking at a 50% reduction.

#88 Beach Girl on 10.27.12 at 8:57 am

Never been there, never will. Why? That kind of housing will be a major effort just to maintain even if you got it for free. I have a vague idea of where that crap burg is. Just laughing.

#89 george on 10.27.12 at 9:05 am

Just recently, in a hearing before the Senate, your senator and my Harvard classmate, Chuck Schumer, told Chairman Bernanke, “You are the only game in town.” I thought the chairman showed admirable restraint in his response. I would have immediately answered, “No, senator, you and your colleagues are the only game in town. For you and your colleagues, Democrat and Republican alike, have encumbered our nation with debt, sold our children down the river and sorely failed our nation. Sober up. Get your act together. Illegitimum non carborundum; get on with it. Sacrifice your political ambition for the good of our country—for the good of our children and grandchildren. For unless you do so, all the monetary policy accommodation the Federal Reserve can muster will be for naught.”

http://www.dallasfed.org/news/speeches/fisher/2012/fs120919.cfm

#90 DUI on Money Road on 10.27.12 at 9:10 am

48 TOUGH TIMES on 10.26.12 at 11:23 pm

U forgot canada corporate income tax rate is the lowest in the G8 thus incentive to invest here

#91 earlybird on 10.27.12 at 9:17 am

I look at this home, and all I see is work….no thanks!

#92 live within your means on 10.27.12 at 9:21 am

What does a 12 walk score mean?

#93 Ken R on 10.27.12 at 9:36 am

Nice big garage as the dominant feature. A tribute to our love affair with the automobile. Ugly.

#94 fred flintstone on 10.27.12 at 9:52 am

Superman in Saskatoon. Is that the Fortress of Solitude?

http://www.musclebymail.com/clients.php?fnct=view&client=47

#95 TurnerNation on 10.27.12 at 9:59 am

How about the Guess Who’s Running Back to Saskatoon? Live.

http://www.youtube.com/watch?v=xY0HIXt5IME

I visited Saskatoon in 2005 and 2011. Huge difference. Reminds me of Calgary 8 years ago. Every green edge is being converted into many sprawling acres of tract housing. The building boom is well underway and noticible. Priced to perfection. Downtown condo infills at Toronto prices (300-350k 1 bedrooms).
You can see a Potash mine just outside of town.
More pickup trucks per capita than Cowtown.
The river with its sprawling flat banks and sandbars is nice; and who doesn’t like the Sask berries?

#96 Don on 10.27.12 at 10:18 am

re-bluethunder on 10.27.12 at 2:58 am
Been reading this blog for three years and I’m a believer.
Everything you’ve said has been so right. Now that’s happening, why keep on every single day? Love you Garth, but you’re getting boring. Isn’t time to to take break, sit back and watch? Let the MSM do the colour commentary.
.

Who is boring Three years and you are a ‘believer’ took long enough.You are right and this blog is so pricey best you cancel your subscription and go away

#97 Jeff in Moose Jaw on 10.27.12 at 10:20 am

Garth, you made it out west!
Hey you are only a couple hours away!
I should try and get your autograph while you are still here.
Hey local advice, at noon most people would call that “Lunch” but here in SK, they call it “Dinner”
So, what most would call “Dinner” is now “Supper” which I only would say if it’s a formal/fancy “Dinner”. And “Lunch” is a light snack after “Supper”. Now that’s a gong show!

#98 Truely on 10.27.12 at 10:22 am

Truely a great post, truely.

Er, truly, trully, truuly, rueal estuate ajents iz smart.

#99 T.O. Bubble Boy on 10.27.12 at 10:25 am

@ #91 live within your means
What does a 12 walk score mean?
———-
It means that houses like this one are the only things you’re going to see if you happen to stroll through the neighbourhood, and there are no amenities within walking distance.

#100 DUI on Money Road on 10.27.12 at 10:29 am

If buyers actuaaly ran all their budget numbers correctly factoring in a 400000 mortgage taxes maintenance etc then that home price is targetting the upper middle class if not ther upper upper middle. Doesmnt look like that type of home to me.

#101 KingBubbles on 10.27.12 at 10:32 am

Sold a condo n Saskatoon a few months ago in April. Market was fairly flat then and I am glad I took my money and ran.

#102 Aussie Roy on 10.27.12 at 10:42 am

Charles Ponzi

on 10.27.12 at 2:59 am

That house looks quite cheap compared to prices here in Adelaide. I’m impressed it has three bedrooms.

A fellow South Australian, thought I was the only one, greetings from the Barossa Valley.

Aussie Update

Safe as houses – Mortgage provider goes bust

Thousands of farmers and other regional Victorians face a nervous wait after the collapse last night of the financing group Banksia Securities, which has put at risk $660 million in savings.

As a non-bank lender, Banksia offers investors high interest on debentures and then lends these funds out as mortgages or commercial property loans

http://www.theage.com.au/business/rural-savings-threatened-after-collapse-20121025-288cm.html

Another Builder bites the dust

A MAJOR construction company with four large projects in NSW has collapsed owing at least 600 creditors millions of dollars.

Uncertainty surrounds $230 million worth of commercial and residential projects in NSW after Southern Cross Constructions (NSW) was placed in voluntary administration

http://www.theage.com.au/business/building-firm-in-230m-collapse-20121026-28acl.html

#103 Timbo on 10.27.12 at 10:51 am

http://truth-out.org/progressivepicks/item/12273-romney-company-shipped-every-single-delphi-uaw-job-to-china

“Bill Press explained it to me when I was on his show this morning: “Sorry, Greg. There’s no more investigative reporting in America. No reporters, just repeaters.”

That’s why I fear Jimmy Carter’s statement that, “The American people deserve a president as good as they are.” Now I’m afraid that’s exactly what we’ll get.”

Makes you wonder if there is a press?…..

http://hongkong.asiaxpat.com/forums/hong-kong-property/threads/148933/timing-the-deflationary-collapse/

Clash of the Titans

Inflationary Force – ECB, BOE, BOJ, BOC and The Fed are all conducting QE, currency debasement to compete with one another for lower cost, higher exports, credit injection plus low interest rate to support the entire banking system from default.

Deflationary Force – Private Sector deleveraging, the enormous debt market or credit bubble, created by all of these central banks in their respectively economies during the boom phase especially the US and China or as Richard Duncan calls it “Creditism”, the debt bubble is now deflating.

Spending power fueled by actual wage growth is the only way to right the ship and that is not going to happen…..

#104 John Prine on 10.27.12 at 10:55 am

#8 Tim on 10.26.12 at 9:30 pm
Canada close to enacting trade deal with China that will erode our sovereignty

http://elizabethmaymp.ca/parliament/questions/2012/10/26/oral-questions-canada-china-investment-agreement/
——————————————————————-
Good post Tim. There are many agreements in place but nothing like this one will be. This country is being sold out quickly…Not the Canada we thought we knew.

#105 Julia on 10.27.12 at 10:57 am

#91live within your means on 10.27.12 at 9:21 am
What does a 12 walk score mean?

A 12 walk score sucks. http://www.walkscore.com/
Means you have to drive to get anywhere.

#106 live within your means on 10.27.12 at 11:00 am

#53 TGS on 10.27.12 at 12:40 am

It’s clear virtually no one in Canada actually pays attention to parliament and the parties.

…………….

Some of us do!! As I’m retarded – oops, retired, I spend at least 3+ hours every morning following political & other news in the eve. The rest of the time I do household chores, buy groceries & have to force myself to go out and shop for other stuff. I hate shopping!! If I miss some news, my DH tells me about it when he gets home from work.

#107 Old Man on 10.27.12 at 11:02 am

I would never buy that area or the home, so offer nothing, as it has no investment quality. I took a drive around and that house is a box built with cheap contruction product; not to mention the major railroad yard and tracks about 1000 feet away which ‘might’ become noisy at night. The nextdoor neighbours are close enough to be called a townhouse. I will take a pass on this dog in Saskatoon.

#108 Islander on 10.27.12 at 11:03 am

#48 Tough times. Much of what you say may be true; it certainly sounds like tougher times are coming. However, all things are relative and what may seem like tough times to some may not to others.

Small point maybe but I think we need to clarify your statement regarding the worth of a home. You may be correct regarding “a house” but if it is truly a home the worth is also in the shelter it provides, the memories it carries, it’s convenience and safety, and unless you are being forced out by circumstances beyond your control, the value requires a means of replacing those particular assets.

From the above you may deduce that I am an older person; born in the 30,s so have seen hard (but good) times, and count myself fortunate to have been born when I was. I feel for the younger generation but believe that Darwinism is alive and well and they will not only survive, but that the energetic, enthusiastic smart ones, will do well.

#109 Steven Rowlandson on 10.27.12 at 11:07 am

By the way, what would you pay for this house?

2 troy oz of silver bullion.

#110 FTP - First Time Poster on 10.27.12 at 11:25 am

#68 Toon Town – The only thing larger than your net worth is your arrogance. I make good coin too, but don’t feel the need to flaunt or brag – clearly a sign of insecurity and feeling inferior. Wait a few years, maybe a decade – by then you’ll have a major life event – a divorce, illness, job loss etc and your arrogant attitude and over inflated self worth will meet the windshield of reality.

#111 Free $25 GC in BPOE on 10.27.12 at 11:30 am

Confirmed Hurry gong Show starts in 30 mins

http://blog.buzzbuzzhome.com/2012/10/buy-vancouvers-cambie-corridor-mc%C2%B2-sales-start-saturday.html

#112 IM in C on 10.27.12 at 11:30 am

Mr. Turner: I find all this bashing of somebody else’s hometown to be tedious and hypocritical. I’d be impressed if I also heard you bash *your * hometown.

#113 kiki on 10.27.12 at 11:35 am

Wow, quite the vitriolic comments about Saskatoon (“armpit”, “bunghole” etc). Those are the kind of ignorant things I’d expect more from, well…Saskatonians. Ridiculing a city doesn’t make you sound smart, it just makes you sound like an asshole.

I’ve lived in 3 very different cities in Canada over the last 4 years, currently Saskatoon. It’s a short term stint for the work, but Garth is so bang on. Every single place, and our friends in other places, insist that “it’s different here”. Totally deluded.

@ #26 Kilt: are you looking on the City website for assessment value? Check out the year…you’re probably looking at the 2006 assessment. Which will probably be the same as the 2013/2014 assessment!

The rental options are dismal in Saskatoon because the populace still thinks that everyone comes here to live forever, that you “of course” buy a house right away, and that “only students rent”. But there ARE places out there, Kilt. Don’t get sucked into buying! Especially not a condo, they’re already crashing hard and fast.

#114 Aussie Roy on 10.27.12 at 11:38 am

Aussie Update

The house speckers favourite tax shelter

Negative gearing, does it really help the housing industry?

No surprise the RE industry says it’s all the govts fault, they need to reduce taxes.

I love the line you can’t compare the 1980’s to the 2012’s, why?, because it’s different this time – LOL.

http://www.abc.net.au/news/2012-10-23/suggestion-for-a-surplus/4330352

#115 live within your means on 10.27.12 at 11:44 am

The inside of that house is not necessarily my style, but I’m really surprised by so many negative comments putting down the interior. Is it because it doesn’t have granite counter tops everywhere, SS appliances & huge bathrooms? If so, we’ve lost our way.

How many of us grew up in huge houses with 3 or 4 bedrooms & bathrooms?

#116 Dave on 10.27.12 at 11:56 am

That house is way overpriced! The interior looks straight out of the 90’s…..outdated to say the least. For that amount of money you could get a way nicer house in Calgary where you can actually make a decent living and where it isn’t -60C.

#117 Spiltbongwater on 10.27.12 at 12:07 pm

I have never been to Saskatoon, and don’t think I ever will go. Garth calls it a flatland, but Vaughn is selling a house on Cathedral Bluffs st. Flatland and bluffs don’t go together.

When I see a house priced at 420K, I think it is a bunch of stoners living there.

#118 Daisy Mae on 10.27.12 at 12:12 pm

#53 TGS: “In this day and age, if you’re a fiscal conservative, you should be supporting the NDP, whose economic policy is basically mainstream conservatism of the 60s and 70s.

If you like deficits and debts in combination with cutting services, then vote Conservatives all the way.”

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

Many, many years ago when the BC’s NDP was in power, we had a standing joke in this province. The NDP catered to the little guy — the working class — so much so, that you could declare the family pet as a ‘dependant’.

There MUST be a middle ground….

#119 live within your means on 10.27.12 at 12:16 pm

Beautiful day here so DH went out with ‘Da Beast’ this am riding with his buddies. May not be many more days that he’ll be able to do that. I said ‘go for it’. He works so hard during the week so I always encourage him to enjoy his passion.

I’m jealous. — Garth

#120 El Padroni on 10.27.12 at 12:25 pm

ha… surprised by the hate given to the prairies. What really don’t understand is… why? seems so unfounded ….

#121 };-) aka D.A. on 10.27.12 at 12:27 pm

#201Bottoms_Up on 10.26.12 at 9:22 pm
#133 };-) aka D.A. on 10.26.12 at 11:46 am
———————————————–
Thanks for answering my question yesterday. Funny about that ‘on’ and ‘in’ the market thing. Over the past 6 months I’ve watched a place go from listing at $520k to $490 and now $440. I would say the sellers have gone through the various stages, and are now ready to sell.

Yes they were clearly ‘on’ but not ‘in’ the market. Unfortunately, although well worth it in most every case, an education seems always to come at a cost. That seller will I assure you end up with far less than they would have had they come to terms with the reality of the market to begin with.

In further answer to your question which I answered yesterday such properties as this are the ones you might want to consider if they meet your need. The sellers of newly listed properties tend to be difficult to negotiate with as they are just fresh on the market and typically garnering relatively a lot more attention which makes the sellers think more highly of their property. On another hand properties which have l languished on the market for more than two months without a price reduction tends to indicate a lack of motivation on the part of the seller. And then properties like this one which has reduced their price twice indicates they have the motivation but merely lacked the guidance. Unfortunately for them that lack of guidance has cost them money and you can put that to your benefit. Chances are they are getting few showings now as it has well passed that ‘exciting new listing phase’ and well into the ‘dusty shop worn lackluster “what’s wrong with it?” dog’ phase. Even though it might not be, people are looking at it thinking ‘there must be something wrong with it or it would have sold’. And there was something wrong with it – PRICE.

Always glad to be of assistance Bottoms_Up. Cheers!

#122 Linda Pearson on 10.27.12 at 12:38 pm

#114live within your means on 10.27.12 at 11:44 am
The inside of that house is not necessarily my style, but I’m really surprised by so many negative comments putting down the interior. Is it because it doesn’t have granite counter tops everywhere, SS appliances & huge bathrooms? If so, we’ve lost our way.

How many of us grew up in huge houses with 3 or 4 bedrooms & bathrooms?
*******************************************
Our son-in-law is the eldest of 9 children, one born each year for nine years. He, his parents, and a grand-father all lived in a one-bath, 3-bedroom house. And, the topper, his mom worked full-time as a nurse at the local hospital in the small southwest Ontario town in which they lived. Sometimes, at social gatherings, he and his brother (#9/9) go into their schtick where they describe how poor and crowded their home was -so desperate that they actually ate one of their siblings. You’d have to be there to find this funny, but believe me, it really is.

#123 Old Man on 10.27.12 at 12:54 pm

#111 IM in C – now be patient as there is only so many days in a week, and all must wait their turn to have the beloved hometown being bashed. Garth will not let anyone escape in the end, as there is lots of time left, and am sure his hit list is long indeed.

#124 Kingarthur on 10.27.12 at 1:11 pm

Why is everyone surprised that the one rule of real estate i.e. “Location, location, location…” hasn’t changed, oh, and price too.

#125 TRT on 10.27.12 at 1:14 pm

Hong Kong just imposed a 15% Tax on foreign buyers!

Apparently the Mainland Chinese are buying everything in sight pushing up prices. Now we don’t have this problem in Vancouver say the politically correct haha.

#126 prairie gal on 10.27.12 at 1:17 pm

Yay Saskatoon! I just moved here from Regina. Was expecting native Saskatonians to tell me how much better it is in Saskatoon than Regina. Was not disappointed. Like there’s a big difference.

I’ve lived in many places in Canada and Saskatoon is no better or worse. What matters are the job opportunities and people, most of all. I don’t plan to live out the rest of my days here, but the job opportunity at the largest uranium mining company in the world was too good to pass up. Its amazing.

I am temporarily situated in Stonebridge, a newish suburb complete with big box stores and inadequate infrastructure to handle the car traffic. They are still building more little boxes. They have a “Tuscany” here. No kidding. Super lame.

I was asked by my new work colleagues if I was looking to buy a house. When I said ‘no way’ they smiled and agreed that I was smart to rent. These are smart, well educated people.

I’m looking forward to being able to see more of northern Saskatchewan: Prince Albert National Park, literally thousands of lakes, and very few people. Saskatchewan is cold in the winter but is unparalleled when it comes to untouched wilderness – true beauty. No ski runs carved out or clearcuts. I’ve lived in BC for years and there are lovely places but they are literally overrun with humanity. Mountains are highly overrated. They just block the view.

No, Saskatoon will not become the next Calgary. That is a Good Thing. There are enough douchebags with huge piuckup trucks for a city this size.

#127 TRT on 10.27.12 at 1:23 pm

There are 1,100,000 temporary immigrant residents living in Canadian cities right now…mostly in Vancouver and Toronto. These individuals are not included in annual immigration numbers.

Now tell me this doesn’t have an affect on the housing!

Now also tell me stats Canada is making this up.

And these numbers don’t include those who have overstated as Canada has no exit controls.

http://www.cic.gc.ca/english/resources/statistics/facts2011/temporary/01.asp

This was your last repetitive, inconsequential, xenophobic post on this topic. — Garth

#128 Form Man on 10.27.12 at 1:25 pm

DA

thanks for the graph yesterday. It exactly proves my point.

on another issue you seem to be contradicting yourself:

you claim that prices in Kelowna have flat lined for the last few years proving that they have nowhere to go but up. In the next breath you moan about all these sellers with ‘unrealistically high prices’……….apparently these people need to lower their prices ………..umm…………..ok……….

#129 live within your means on 10.27.12 at 1:37 pm

#104 Julia on 10.27.12 at 10:57 am
#91live within your means on 10.27.12 at 9:21 am
What does a 12 walk score mean?

A 12 walk score sucks. http://www.walkscore.com/
Means you have to drive to get anywhere.
……………….

Thanks Julia. As I don’t live in a ‘downtown area’ I do have have to drive, but most of the necessities I need, are a 5 or 7 minute drive from me.

#130 };-) aka D.A. on 10.27.12 at 1:40 pm

Form Man

Follow this link to a chart showing the past 10 years average monthly and annual prices along with another chart showing the respective monthly and annual volumes for the Central Okanagan.

http://tinypic.com/r/15d428j/6

Dispute that…

#131 };-) aka D.A. on 10.27.12 at 1:55 pm

#127Form Man on 10.27.12 at 1:25 pm
DA

thanks for the graph yesterday. It exactly proves my point.

on another issue you seem to be contradicting yourself:

you claim that prices in Kelowna have flat lined for the last few years proving that they have nowhere to go but up. In the next breath you moan about all these sellers with ‘unrealistically high prices’……….apparently these people need to lower their prices ………..umm…………..ok……….

Yes. What’s your point? Can you not reconcile that in any market there can be sellers who have unrealistically high price expectations beyond what the market will bear?

The market is what it is Form Man. It will change but you can not possibly know what that change will bring and in what direction it will move to arrive there. Best deal with the ‘realities’ of the day or stay away.

#132 CalgaryRocks on 10.27.12 at 2:08 pm

Looks like 400K is the new 200K. Who new Saskatoon was such an booming city.

#133 Kam on 10.27.12 at 2:09 pm

Hi Garth,
You mentioned in Toronto’s seminar that in 2014 prices may come down because 40 yrs/35 yrs mortgages will come for renewal and mortgagees will have hard to to get renewals, but few months ago you also mentioned that 35/40 yrs mortgages will be grandparented.Could you please explain how the holders of mortgage renewals [40/35 yrs] will have hard time even though these mortgages are grand-parented?Is it because of new LTV ratio? Please advise.
Thanks

Rates, and payments, will be higher. — Garth

#134 Blacksheep on 10.27.12 at 2:11 pm

futurologist # 78,

“USA will be totally ruined by Husain Obama, after 6 of November.”

“even if miracle will happened and republican will be next president”

“USA started its way to self destruction from 60-s”
———————————————————-
I believe it started in earnest, in the early 1900s

The right VS left model, is nothing more than a distraction.

The CEO-President / Political party in power, is by and large, not relevant. Which event would have not taken place under the alternate leadership, 9/11, Iraq, Afghanistan, housing crash or trillion dollar bank bailouts? It’s designed to make the Cattle ‘feel’ like they have some control.

Presidents will come and go but the ‘basic path’ the US is on, is decided by others.

take care
Blacksheep

#135 Old Man on 10.27.12 at 2:20 pm

I have travelled from coast to coast in Canada via car, as wanted to see it all, and encourage all to do such one day, if you can take a month off for an adventure of a lifetime. I will be frank, as each town and city in this beautiful country was never a disappointment, as we are all blessed. Go for it some day! I have no place to trash, but just sweet memories of meeting people from all walks of life.

#136 jess on 10.27.12 at 2:32 pm

#8 Tim
eroded connectivity

“President Roh of South Korea was under investigation for corruption. He claimed that he knew his family involvement only after his retirement. He committed suicide by jumping off a cliff. ”

Prosecutors have indicted almost 200 people and ordered at least two jail sentences after uncovering illegal lending and lax oversight among bankers, regulators, politicians and lobbyists. The Financial Services Commission has closed 20 savings banks since January 2011 and depositors and bond holders have lost more than 1 trillion won ($872 million).
======
chinese ‘princelings’
Billions in Hidden Riches for Family of Chinese Leader
By DAVID BARBOZA
Published: October 25, 2012 561 new york times

#137 TurnerNation on 10.27.12 at 3:18 pm

Here’s a decent opinion article, echoing Garth’s comments made during last week’s GarthFest stop (Pathetic Tour 2012).

Track6ers are un-towardly piling into bond funds this year while corporate profits and divdends have never been higher. This said I’m still favouring these funds until TLT.US plunges well below 120.

http://news.investors.com/investing-etfs/102612-630981-bond-30-year-bull-run-ending-badly.htm

Investors who flocked to bond ETFs and mutual funds as a safe-haven are in for a rude awakening because the 30-year bull market in bonds has ended, says Harry Clark.

The chairman and CEO of Clark Capital Management Group, with $3 billion in assets under management, believes interest rates are on the rise and prices are on their way back to earth. He explains how ETF investors can profit from this trend.

IBD: What leads you to believe the bond market is on the brink of disaster?

#138 Bill Gable on 10.27.12 at 3:23 pm

I wouldn’t pay ten cents into anything in this frozen tundra palace.
It is the end of the Grand Supercycle and no time to spend on overpriced, particleboard joints like this piece of junk.
Living next to a switching yard, to boot.

Rigggggggghhhhhht.

#139 jess on 10.27.12 at 3:34 pm

GVA – gross value-added

“This can lead to some surprising outcomes. For example, assume there is an economy-wide increase in the expected level of defaults on loans or in liquidity risk, as occurred in October 2008. Banks will rationally respond by increasing interest rates to cover the rise in expected losses. FISIM will score this increased compensation for expected losses on lending as a rise in output
=====================
14 Jul 2010 – Speech by Mr Andrew Haldane

http://www.bis.org/review/r100716g.pdf

..”Estimating a real measure of FISIM is fraught with both conceptual and computational
difficulties. In the earlier example of the second-hand car dealer, statisticians can use the number of cars sold as an indicator of the volume of gross output. But the conceptual equivalent for financial intermediation is not clear. Would two loans of £50 each to the same
customer represent a higher level of activity than one loan of £100? Methods for measuring FISIM at constant prices are based on conventions. In the UK, real FISIM is calculated by applying the base-year interest margins to an appropriate volume indicator of loans and
deposits. The latter is estimated by deflating the corresponding stocks of loans and deposits
using the GDP deflator. This method means that any volatility in the current price measure of
FISIM caused by changes in interest margins does not feed into the real measure.”

…The productive activity provided by an effectively functioning banking system might be better
thought of as measuring and pricing credit and liquidity risk. For example, banks screen borrowers’ creditworthiness when extending loans, thereby acting as delegated monitor. And they manage liquidity risk through their treasury operations, thereby acting as delegated treasurer. These risk-pricing services are remunerated implicitly through the interest rates
banks charge to their customers….

http://www.golemxiv.co.uk/2012/10/what-the-banks-contribute-to-gdp/

must be that invisible hand?
http://stats.oecd.org/glossary/detail.asp?ID=974
Definition:
Financial intermediation services indirectly measured (FISIM) is an indirect measure of the value of financial intermediation services provided but for which financial institutions do not charge explicitly

#140 TJ on 10.27.12 at 3:51 pm

What would I pay? Well I would do what 75% of Canadians do. I would have my trusted former prostitute/used car salesman mortgage broker plug the amount I presently pay for rent into an online mortgage calculator and tell me the mortgage amount I qualify for at the present “market” rates. Then if my trusted former prostitute/used car salesman realtor tells me the current price of this house house is inline with the comparables they have chosen and my budget, I would buy it. What could go wrong? These people are professionals looking out for my best interests.

#141 daystar on 10.27.12 at 3:54 pm

Yeah. Climate change.

http://www.guardian.co.uk/environment/2012/oct/25/climate-change-david-attenborough

#142 jrochest on 10.27.12 at 4:01 pm

Kiki — I’ve been in Saskatoon for about 7 years — I got a good job, and I work in a field where the job market dictates where you live. :)

The rental market here went mad in 07/08, when all the owners of small three-story walkup apartment buildings sold them to condo developers. There were no rent controls, because there had never been much of a rental market, so rents tripled. The end result, of course, was that units that had rented for 500 a month when I arrived in 2005 now rent for 1200 to 1600, because that’s what it costs to cover the mortgage of the guy who bought the unit as an ‘investment’. This won’t last, as the prices of the condo conversions are already dropping, and rents have to be set based on what people can afford to pay. The current boomlet seems mostly based on inflating housing values (and to a lesser degree on real growth, new businesses and such).

People from Saskatchewan love it here; they are convinced it’s the best place in the world, mostly because it’s their home, and all their family and friends are here. It’s hard to get them to see how it seems to someone from somewhere else, whose family and friends are far away. Saskatoon has perked up enormously economically, there’s quite a bit going on, and the arrival of new immigrants has made for a much more interesting and diverse community, which is a wonderful thing. But it’s still cold, isolated, quite parochial and very, very flat. And buggy. Don’t forget the bugs.

#143 Saskatoon-Living on 10.27.12 at 4:03 pm

Danka Shane Garth! Great post!!

#144 Form Man on 10.27.12 at 4:05 pm

#130 DA

I am going to give you a new name………pretzel…….in honour of the twisted, unfathomable, illogical reasoning that seems to guide your thinking………

I leave you with perhaps the most important phrase in a realtors lexicon………..’MONTHS OF INVENTORY’…………….(MOI)…………..

#145 Gunboat denier on 10.27.12 at 4:11 pm

44 EIT – it is all “good blog”

#146 cynically on 10.27.12 at 4:34 pm

#48 TOUGH TIMES – Well put points that we all can understand but unfortunately won’t. Wake up Canadians and particularly #78 futurologist with his brief rightwingnut rant on US economics and politics which he obviously knows nothing about-read#88 posting, idiot!

#147 Form Man on 10.27.12 at 4:48 pm

re: construction materials

particle board is what the cabinets are made of ( the particle board is coated with a thin layer of melamine)

waferboard ( strand board , OSB ) is what the framing is sheathed with. Some may find this a minor distinction, but they are very different products.

Plywood is a much better ( and more costly ) choice for both cabinets and sheathing……….

#148 jess on 10.27.12 at 5:02 pm

http://www.pbs.org/wgbh/pages/frontline/climate-of-doubt/

watch climate of doubt
especially interesting is all the anon financial persuasion “Donors Trust”

#149 Don on 10.27.12 at 5:04 pm

re-25Alpha on 10.26.12 at 9:13 pm
I am curious to what kind of house you own Garth?
**
A paid for one ,lol

#150 Victor on 10.27.12 at 5:13 pm

#161 Canadian Watchdog on 10.26.12 at 2:59 pm

MOODY’S PLACES 6 CANADIAN BANKS ON REVIEW FOR DOWNGRADE

This is the release. One more reason you want bank preferreds, not common stock. — Garth

When I first saw the headline, I figured it was all the majors, but interestingly as per the link provided by Garth, RBC is not on the list.

http://www.moodys.com/research/Moodys-places-Canadian-banks-on-review-for-downgrade–PR_258611?lang=en&cy=can

#151 Mississauga on 10.27.12 at 5:19 pm

On 2012-10-27, at 1:15 PM, Vaughn Krywicki wrote:

Hi,

The sellers weren’t getting as much activity as they had hoped for. The house has been taken off the market for now. I may be able to still show it to you if you’re interested?

Vaughn

On Sat, Oct 27, 2012 at 5:57 AM, wrote:

Message : Please send me email notification as the price drops.

I’d like more information about MLS® 445993.

#152 Blacksheep on 10.27.12 at 5:26 pm

Daystar #140,

Climate Change IS real, but I don’t believe it is man made (no debate desired). Either way the big corps don’t want to pay pesky carbon taxes.

“Neither Barack Obama or Mitt Romney mentioned climate change in three TV debates, despite a summer of record temperatures and historic drought in the US.”

More confirmation, whether the left or right wins, it matters not, just stick to the plan boys, stick….to….the…plan.

take care
Blacksheep

#153 Victor on 10.27.12 at 5:32 pm

http://www.thestar.com/business/article/1278124–why-canadians-have-record-high-debt

All it took was an illness in the family.

Like many middle-income couples, James Harwood and his wife had almost no savings when they bought their first house, in Cambridge, for $180,000.

The year was 2008. The housing market was booming. Interest rates were low. Mortgage money was cheap and lenders required little or no down payment.

After years of renting, they took the plunge.

“My wife really wanted to own her own place. And there’s the whole idea of building equity,” Harwood said. “The actual cost of the mortgage, with taxes and stuff, was so within the margin of what we were paying for rent anyways, it didn’t make any sense not to try.”

But within months, Harwood’s wife fell ill and was off work. A part-time nurse, she had no sick leave or benefits. Even though Harwood’s job as a warehouse manager for a public utility was secure, they quickly fell behind in their payments.

Within a year and a half, they’d lost the house, which after legal fees and other expenses left them with $70 in their pockets.

They still owed $13,000, including a $7,000 loan with an interest rate so “atrocious,” Harwood was unable to make any headway on the principal.

Harwood’s story is typical of those seen by credit counseling services, which help consumers pay off their debts.

#154 EIT on 10.27.12 at 6:09 pm

I googled dying of money (I have my own hard copy) and the first hit was the book as a pdf lol… and I thought it was hard to come by. Enjoy the read yall!

#155 Junius on 10.27.12 at 6:23 pm

#151 Blacksheep,

You said,”Climate Change IS real, but I don’t believe it is man made (no debate desired). ”

None is needed. 97% of the actual climate scientists believe it is almost entirely man made. There is no real debate.

#156 Westernman on 10.27.12 at 6:32 pm

Guy_in_Regina @ # 47,
If you consider a hard labour chain gang type job out in the middle of nowhere at -40 at slightly more than minimum wage an economic ” prize ” to be bragged about then I guess Sask. is the mother of all booby prizes…

#157 Susan Poirier, (staying a property virgin) on 10.27.12 at 6:39 pm

http://www.realtor.ca/propertyDetails.aspx?propertyId=12491779&PidKey=1597767065

This house in the Birchcliff neighbourhood of Toronto,went up for sale about three weeks ago for $599,000 after three days went to $549,000 now $529,000 either things have changed drastically as houses were selling in less than a week four months ago or the agent didn’t know how to price the house. Either way its quite a drop!

#158 Fort Mac Flatlander on 10.27.12 at 6:59 pm

Victor #149

Maybe they are waiting on RBC for the Libor fallout and civil action suits.

#159 JuliaS on 10.27.12 at 7:14 pm

#152 Victor

Owning a place? How about owning land first! And I’m not talking renting it from the government in exchange for taxes and permits. I’m talking allodial title, baby!

Dream big!

#160 Grim Reaper/Crypt Speculator on 10.27.12 at 7:18 pm

Hey SmoKingKong Man…

I got my Canadian Tire Teleporter on sale today….

Be expecting me to beam down soon to the planet you are transmitting from.

PS bwhahahahhaa

#161 Hoof-Hearted on 10.27.12 at 7:20 pm

#146 Form Man on 10.27.12 at 4:48 pm

THE best sheathing material was shiplap……bar none,…… the comes plywood

#162 cynically on 10.27.12 at 7:20 pm

#81 – Eaglebay – Your two questions,”What’s that(the global problems) got to do with Canada?” and “Why do you think China wants to invest in Canada?” can be answered this way although I’m sure you won’t agree. To the extent that Canada is small and insignificant in world trade except for its natural resources, the symbiosis beween Canada and US is still very close – remember “when the US sneezes, Canada catches cold” but it isn’t only the US in economic trouble but much of the entire world so this country can’t expect to carry on untouched. As for China investing in Canada, I question it from a negative viewpoint. We have very low productivity and relatively high wages, both of which are unknown in China so any Canadian government help will have to be steep unless of course the Chinese are only interested in our underground “treasures” and they are already trying to buy a large Alberta resource company.

#163 Sask Girl on 10.27.12 at 7:34 pm

$250,000. And I’m holding out for houses like this in Regina to go back to that price.

#164 TurnerNation on 10.27.12 at 7:34 pm

Finally, some good news for Track6ers. And S.M. could use them as a booze cache…

(Alternative heading: In Soviet Canada, parcel waits for you!)

http://www.cbc.ca/news/canada/toronto/story/2012/10/26/toronto-parcel-pickup.html?

High-tech parcel pickup stations designed by a Waterloo-based company were unveiled this week at five GO Transit locations.

The bright green kiosks — called BufferBox — offer people an easy-to-use and secure way to receive packages at any time.

“It reverses the currently delivery model, where parcels wait for consumers instead of consumers waiting at home for parcels,” said McCauley, who believes BufferBoxes could potentially eliminate home delivery in the future.

GO Transit riders will now be able to pick up their parcels through the self-serve system at Union Station, and the Burlington, Oakville, Port Credit and Clarkson stations.

#165 Smoking Man on 10.27.12 at 7:36 pm

Funny Gartho how you pick Saskatchewan for yesterdays post.

Thursday night my middle kid (bouncer killer)went west, destination Regina, New Gig, Heavy equipment operator, 3 times the Ontario rate) . He snozzed all day. then got in the car loaded with a good stock of red bull. Was going to stop in North Bay to sleep in morning.

He makes it to just outside of Wawa, raining hard, roads are out, and is turned around, on his was back to the soooo. hydro plane, writes of the car of, he’s out. wakes up in hospital.

So I drive up last night after the hospital calls yesterday afternoon , he’s ok ribs are sore. , I get a room, Today we go to the pound to pick up the contence of car this morning.

shit happens.

Thing I want to know, who in there right mind would live in the Sooooo, or Sudbury. or Wawa.

#166 Mark on 10.27.12 at 7:46 pm

JuliaS #74 – “That’s what deflation does to buyers (and I’m not criticizing or complaining). As long as there are declines guaranteed down the line, people will wait, and why shouldn’t they?

Wrong. You are ignoring the time-value of money. Everyone has had LCD or plasma tv’s for years, yet the prices keep dropping. Why buy now, why not wait? Same with all technology. People who can afford it buy it now, regardless of price. Slight deflation does not change buying habits for consumer goods one bit.

#167 Julia on 10.27.12 at 7:47 pm

Just curious… Who were Garth’s first followers? Watch this and you will know why I’m asking.
upworthy.com/spend-4-minutes-watching-this-weirdo-dance-and-youre-guaranteed-to-be-a-better-l?c=ufb1

#168 Form Man on 10.27.12 at 8:10 pm

#160 hoof-hearted

Shiplap has some good qualities, but you won’t find a structural engineer who will let you substitute it for plywood. 4’x8′ sheets provide much better lateral strength. What I will say is this: shiplap works fine as a concrete form, OSB……….not so much……….

#169 Victor on 10.27.12 at 8:18 pm

#157 Fort Mac Flatlander on 10.27.12 at 6:59 pm

Victor #149

Maybe they are waiting on RBC for the Libor fallout and civil action suits.

———————————————-
———————————————-

More plausible answer = Moody’s had already downgraded RBC two notches earlier in 2012.

#170 Derek R on 10.27.12 at 8:24 pm

#96 Jeff in Moose Jaw on 10.27.12 at 10:20 am wrote:
Hey local advice, at noon most people would call that “Lunch” but here in SK, they call it “Dinner”

Dinner is a 3 course meal which Englishmen generally have at 8pm and Scotsmen generally have at noon. So in Scotland dinner time is midday while in England it’s the evening.

Saskatchewan (and the Prairies generally) was settled by far more Scots than English and as a result the province follows Scottish terminology for mealtimes.

#171 aaci-home dog on 10.27.12 at 8:27 pm

158…Julia

Allodial….thanks for the addition to my vocabulary.
No real estate taxes…not in our time.

#172 };-) aka D.A. on 10.27.12 at 8:42 pm

#143Form Man on 10.27.12 at 4:05 pm
#130 DA

I am going to give you a new name………pretzel…….in honour of the twisted, unfathomable, illogical reasoning that seems to guide your thinking………

I leave you with perhaps the most important phrase in a realtors lexicon………..’MONTHS OF INVENTORY’…………….(MOI)…………..

MOI is a sissy statistic. Are you afraid of MOI? I would never be afraid to compete. All you have to do is build what people want. So many builders miss the boat on where the market is. There are always people buying. All you have to do to be the one they pick is be better than the competition and if you do that well enough there is no competition.

You just gotta know what to build Form Man and if you build it they will come.

#173 neo on 10.27.12 at 8:46 pm

Victor,

When the tide finally comes in there will be those who are surprised how many Canadians are swimming in their birthday suits. You and I won’t be one of them.

#174 Hoof-Hearted on 10.27.12 at 9:05 pm

#167 Form Man on 10.27.12 at 8:10 pm

Pre say “1970’s”…..shiplap was the norm…..

Plywood may have more structural integrity per unit…but we are ignoring the “stickering” effect of shiplap….best of both worlds (I’m confident you know what I mean in context of the leaky condo syndrome).

PS love to see old buildings formed with shiplap….what artistry and skill those trademen had…

#175 Herb on 10.27.12 at 9:29 pm

#164 Smoking Man,

sorry about that, Man.

#176 Snowboid on 10.27.12 at 9:39 pm

#143 Form Man on 10.27.12 at 4:05 pm…

MOI is a difficult concept for some RE agents, I suppose.

I also like the fact that Kelowna SFHs in Sep 2012 based on inflation (actual 2007-2011 and expected for 2012 so far) should be averaging about $ 640,000 – instead they are $ 488,788 (as per published OMREB average SFH price).

Whoops.

#177 Smoking Man on 10.27.12 at 10:00 pm

herb its cool boys good. dont know about dad. grim can take me any time but nof before my kids.

thats my wish. scrrew loto max

#178 Victor on 10.27.12 at 10:07 pm

#172 neo

No blue pills over here ;)

#179 Coquitlam Resident on 10.27.12 at 10:07 pm

Buying a new townhouse last fall worked very well for us. We spent a little over 400k for a new build in Coquitlam. We put 5% downpayment (we could have put a lot more d/p, but that would killed our small business cash flow). We also got a 10,000 cheque from the government! Nice build, granite everywhere. A similar build is rented out at 2K a month in our site.

Late 20s, we are:

1) doubling our mortgage payments every month.
2) both contribute to workplace pensions (mine a DBP, my wife a DCP). We both have secure jobs.
3) We max out our TFSAs, our RRSPs, and buy 10grams of gold every month.
4) We also make approx 2,000 a month from our side business that we keep in our business, in a diversified portfolio of ETFS.
4) Our mortgage will be paid off in just under 10 years.
5) We save 800 a month to our vacation fund and go on 2 nice trips a year.

Do we spend every day whining and complaining that property is too expensive? NOPE. Do we spend every day whining and complaining the world isn’t fair? NOPE. We are too busy living.

#180 Smoking Man on 10.27.12 at 10:09 pm

DELETED

#181 daystar on 10.27.12 at 10:44 pm

#151 Blacksheep on 10.27.12 at 5:26 pm

No debate needed as we are beyond it. The earth was cooling until the industrial revolution. A look into the Milankovich theory suggests that the earths orbital variations have the earth moving away from the sun specifically with eccentricity in mind:

http://en.wikipedia.org/wiki/Milankovitch_cycles

If the chart below is confusing:

http://en.wikipedia.org/wiki/File:MilankovitchCyclesOrbitandCores.png

… then we go back to the 3 main dynamics of earths orbit: eccentricity (100,000 year cycle), obliquity (axial tilt, 41,000 year cycle) and precession (26,000 year cycle). Obliquity and recession influence where ice retreat and formation is taking place (note, both are playing a role in the artic melt) while eccentricity plays the most dramatic role of all in terms of global temperature since eccentricity directly impacts the distance between the earth and the sun but it doesn’t end there. The earth’s orbit is also effected by the gravitational pull of the rest of our planets, particularly the heavy ones and these variations need to be factored in but overall, by far and away earths orbital eccentricity is the main factor on average global temperatures.

Now… we can see this eccentricity impact of earth’s orbit on greenland ice assays here:

http://en.wikipedia.org/wiki/File:Vostok_420ky_4curves_insolation.jpg

… as well as antartic ice epic assays that date back 800,000 years to see the same pattern occuring in the second link above. What I’m trying to say in a nutshell is that the earth’s eccentricity, however minor, is by far and away the largest factor of all in glacial formation/retreat overall and what humanity needs to understand is that the earth is moving away from the sun, not towards it. This planet should be cooling, not heating up and there are no natural phenomenoms around to explain it. Its not volcanoes. Volcanic C02 contributes anywhere from 3 to 5 days of the total atmospheric C02 pumped into our atmosphere in one year. So where is it coming from? Does a rise in temperature alone increase atmospheric C02? Similarly, does a rise in C02 increase global temperatures? According to ice assays and interpreted data from Vostok Antartica, C02 and temp levels feed off each other:

http://en.wikipedia.org/wiki/File:Co2-temperature-plot.svg

… and lets note that C02 has fluxuated, at least according to ice assays between 180 to 300 or so parts per million in the last 800,000 years according to antartica ice assays. Where are we now?
http://en.wikipedia.org/wiki/Carbon_dioxide_in_Earth's_atmosphere

391 parts per million and adding 20+ parts per million and accelerating, per decade. There are those who will attack the Milankovich theory as unsound and if that doesn’t work for them, attack C02 as not being a greenhouse gas and if that doesn’t work, nature is responsible for C02 and the earth has experienced all this before and if that doesn’t work, there is no human footprint on the environment and yet we know where it comes from:

http://en.wikipedia.org/w/index.php?title=File:Global_Carbon_Emissions.svg&page=1

… and if we don’t want to know, we simply attack the data in the way it was attained. Perhaps this is why:

http://www.nytimes.com/2012/07/22/opinion/sunday/were-all-climate-change-idiots.html?_r=0

… but at the end of the day, whether its the science or lack thereof, or the weaknesses within human nature that blinds us from the facts we wish or ignore to seek, one prevailing theme continues on. The planet as a whole is getting warmer and its effects are profound.

http://en.wikipedia.org/wiki/Instrumental_temperature_record

http://news.blogs.cnn.com/2012/09/18/2012-hottest-year-on-record-federal-agency-says/

So what it that has politicians not fearing for their own survival or that of their children. Is it this?

http://www.nature.com/ngeo/journal/v4/n7/fig_tab/ngeo1186_F1.html

Scientist’s hypothesis of C02 parts per million all those years ago over a 1,000 parts per million? Why, just look at these models by 3 scientists and their best guessed estimates of C02 parts per million (except one):

http://en.wikipedia.org/wiki/File:Phanerozoic_Carbon_Dioxide.png

Rothman never projected C02 above 1,000 in his model and his reason was twofold. No scientific evidence to support it and ocean acidification would have been so extreme at 1,000 ppm plus as it was that ecosystems would have been under huge stress in the oceans never mind the dangers of greenhousing our atmosphere away at higher levels. Even so, earth would have been what, 20 to 30 degrees warmer than it is today or more, a climate suitable for large reptiles (cold blooded metabolisms speed up in warmer environments encouraging growth. Couple that with increased food supply and the age of large reptiles are reborn), not mammals.

What bothers me with all this is why the federal government axed ELA. We could have created living models of modern ecosystems and their tolerance to ocean/freshwater acidification. Now we will never know because, as a reason given, the government supposedly already knows these answers to human pollution (without doing the studies apparently). Thats the reason we were given, anyhow. I guess we have a know it all for a PM who understands very well, the corporate bottom line of his lobby interests and thus, ignorance is bliss.

Ah, but I digress. We should be, after all, on the topic of the day being why Saskatchewan is so similar, yet “different” :)

#182 cynically on 10.27.12 at 10:55 pm

#169 Derek R – So that nobody thinks that the Scots are the only ones who eat their dinner(haggis) at noon, the French do also and the Spanish eat at midnight , or so it seems.

#183 45north on 10.27.12 at 11:16 pm

Hoof-Hearted: THE best sheathing material was shiplap……bar none,…… then comes plywood

http://en.wikipedia.org/wiki/Shiplap

my brother-in-law faced his house with white pine which he and I logged. He sawed the boards himself but then took them into the mill to create tongue-and-groove.

#184 JuliaS on 10.27.12 at 11:22 pm

#165 Mark

I specifically said that people wait what if offers greater savings than the amount of money they would’ve otherwise accumulated in the same period of time. If a mortgage delayed by 1 year trims 2 year on the back, it’s a better mortgage – the one that consumes 1 year less of your life.

People that can afford to buy at any price? Well, we’ve had them before and there are fewer of them now. They ain’t gonna be hauling lifeboats to the crash, rescuing passengers. They’re in a mess themselves. Lots of “rich” folks were paper rich and to their necks in debt.

As for slight deflation not affecting moods – you’re a different kind of person than. In my case any price change, even the slightest affects my spending and shifts my priorities. On top of that, we’re not in a slight deflation. We’re in a mother of all sh*t storms that will make GD1 look like a picnic.

#185 Form Man on 10.27.12 at 11:28 pm

#171 DA ( pretzel )

pretz old buddy !

how are you doing with those pesky sellers who won’t lower their prices ? are they sissies ? not man enough to lower their expectations ? you go out there and show them brother !

#186 Form Man on 10.27.12 at 11:36 pm

#172 Hoof

good point about shiplap and breathability.

agree with you about the snazzy designs those old carpenters could produce when sheathing with shiplap

#175 Snowboid

Simple math is a concept that DA struggles with. Good point about factoring inflation into present prices. Another issue that needs to be remembered is population growth;
Kelowna is selling about the same number of houses per month right now as in 2001, when the population was 15% less……..

#187 Mister Obvious on 10.28.12 at 12:01 am

#178 Coquitlam Resident

It sounds like you are in a good position to risk some serious borrowed cash at the top of the market and I suppose that’s entirely your own business.

There were probably some who lost big on Nortel but had plenty of other investments to keep them afloat.

What’s foolish is having all your eggs tied up in a few pieces of granite. Clearly, you’re smarter than that.

#188 Blacksheep on 10.28.12 at 12:17 am

Daystar #180,

So what’s the answer?

take care
Blacksheep

#189 Mark on 10.28.12 at 12:38 am

#183 JuliaS

Actually your tale was about a computrer store that regularly lowered prices. I pointed out that we have deflation in technology and it isn’t slowing sales any.

As for your buying habits, if you’re in the market for a washing machine, you buy it now (or within a few weeks) you don’t wait a year to save a $150. You are ignoring the “time-value”.

Now you and Garth see deflation. How has that bet played out for you? If it’s deflation why is gold at $1700? Wide scale deflation is NOT in the cards because central banks the world over will not let it happen.

Nearly 100 years ago the US Federal Reserve was created, an ounce of gold and $20 were of equal value. As recently as the early 70’s an ounce and $35 were of equal value. Today you need 1700 of those same dollars to buy an ounce of gold. So the 100 year trend is INFLATION but this time is different, right?

#190 Albert on 10.28.12 at 12:54 am

vancouver earthquake with lovely condo

#191 ozy - Facts not talk on 10.28.12 at 1:03 am

Facts not talk, GTA.

Market is softening but not fast, be patient, especially for good detached/semis, I think they (the valuable ones) still have to go a bit up before reaching the ceiling, as for the rest (unworth detached/semis + all kind of condos&townhouses) they started the decline (3%) already and have 7% more to go in next 3 months. Tears don’t lie.

http://www.youtube.com/watch?v=JKGbTGl6d1g

#192 BCREA admits foreign buyers a hoax it was just a ploy to get Vancouverites to buy houses on 10.28.12 at 1:10 am

The perception of offshore money pouring into the area to acquire properties without foreigners even visiting them has been overstated, said Cameron Muir, chief economist at the B.C. Real Estate Association.” – from

‘UniverCity condo project feels market chill’, G&M, 23 Oct 2012

The media is the message … CREA was fibbing before about foreign buyers in Vancouver.

#193 Gregor Samsa on 10.28.12 at 1:48 am

RE: climate change, Daystar (as usual) is correct. The earth is currently warming. That is undeniable. So it comes down to two main camps: man is doing it, or nature is doing it. If you think that puny man can’t change the climate and must be nature, then could you please point out what natural phenomenon are causing the warming? Because when you dig into the science of it, you will find what Daystar said: the earth should actually be cooling.

http://scienceblogs.com/illconsidered/2008/07/how-to-talk-to-a-sceptic/

http://www.skepticalscience.com/argument.php

To tie this into Saskatchewan, the end of this interesting video on youtube claims that one of the factors of global warming is drought, and that the last time the earth was this warm, during the Medieval warm period, there was a massive drought in North America. And it might happen again.

http://youtu.be/CY4Yecsx_-s

I’ve heard about Saskatchewanites chuckle about global warming and how they will take the nice winters, but when their province turns into a dustbowl, they may not be chuckling so much… but hey, they’ll still have their $400,000 houses…

#194 rp1 on 10.28.12 at 2:32 am

#101 & 113 – Aussie Roy. I always tune in to see your posts. Thanks!

#195 Eaglebay - Parksville on 10.28.12 at 6:53 am

#132 Kam on 10.27.12 at 2:09 pm
“but few months ago you also mentioned that 35/40 yrs mortgages will be grandparented.Could you please explain how the holders of mortgage renewals [40/35 yrs] will have hard time even though these mortgages are grand-parented?”
_________________

‘grandparented’
An attempt to be politically correct.
Brainwashing I would say. You must be a younger ‘person’. In my younger days, schools didn’t do much brainwashing. Girlie.

#196 live within your means on 10.28.12 at 6:54 am

#134 Old Man on 10.27.12 at 2:20 pm
I have travelled from coast to coast in Canada via car, as wanted to see it all, and encourage all to do such one day, if you can take a month off for an adventure of a lifetime. I will be frank, as each town and city in this beautiful country was never a disappointment, as we are all blessed. Go for it some day! I have no place to trash, but just sweet memories of meeting people from all walks of life.
…………..

My DH & I had planned to do that someday. A girlfriend of mine drove across Canada & loved it. Re the trashing of S’toon, my eldest bro & his family lived there eons ago & enjoyed it – said he met some of the friendliest people ever. If you look for the negative you’ll always find it. Better to appreciate the positive. I’ve traveled extensively (mostly Europe) and each time I fall in love with a new place.

#197 Pr on 10.28.12 at 6:55 am

When the average joe understand this housing bubble was made by the government Du Canada in unison with Bank of Canada, the price will tumble down. Like any other country.

#198 Eaglebay - Parksville on 10.28.12 at 7:14 am

#154 Junius (not genius) on 10.27.12 at 6:23 pm
#151 Blacksheep,
“You said,”Climate Change IS real, but I don’t believe it is man made (no debate desired). ”

None is needed. 97% of the actual climate scientists believe it is almost entirely man made. There is no real debate.”
________________

Man made…ha, ha, ha…
The climate has been changing for millions of years.
Who do we blame before Homo sapiens? Neanderthals?
Dinausors?

#199 Eaglebay - Parksville on 10.28.12 at 7:21 am

#158 JuliaS on 10.27.12 at 7:14 pm
#152 Victor
“Owning a place? How about owning land first! And I’m not talking renting it from the government in exchange for taxes and permits. I’m talking allodial title, baby!”
_________________

Allodial title doesn’t exist in Canada, baby. It’s only freehold or fee simple.
The land is owned by the Queen.
Check out the Canadian Constitution especially the part about property rights.

#200 Eaglebay - Parksville on 10.28.12 at 7:31 am

#161 cynically on 10.27.12 at 7:20 pm
“Chinese are only interested in our underground “treasures” and they are already trying to buy a large Alberta resource company.”
______________

Nexen produces 3% of Canada’s oil.
15.1 billion dollars to be invested in Canada.
Welcome Mr. China.

#201 live within your means on 10.28.12 at 7:36 am

#169 Derek R on 10.27.12 at 8:24 pm
#96 Jeff in Moose Jaw on 10.27.12 at 10:20 am wrote:
Hey local advice, at noon most people would call that “Lunch” but here in SK, they call it “Dinner”

Dinner is a 3 course meal which Englishmen generally have at 8pm and Scotsmen generally have at noon. So in Scotland dinner time is midday while in England it’s the evening.

Saskatchewan (and the Prairies generally) was settled by far more Scots than English and as a result the province follows Scottish terminology for mealtimes.
…………..

We’ve Scottish neighbours & dinner is in the eve. Maybe it’s because they’ve lived in Canada for so long. Traditionally, in France, the big meal was at noon or later. But that has changed over the years with 2 parents working. My PIL’s normally have their main meal around 1 pm then a small meal at 7 pm. During weekends at their place, with other family members present, we might eat at 2 pm. At my BIL’s family & my sis in Mtl. it could be much later.

#202 Herb on 10.28.12 at 8:32 am

#163 TurnerNation,

love those cost-cutting “improvements”!

#203 Bottoms_Up on 10.28.12 at 8:43 am

If that house (and lot) was downtown Hong Kong I would pay $1.5 million for it.

#204 Eaglebay - Parksville on 10.28.12 at 8:46 am

#196 Pr on 10.28.12 at 6:55 am
“When the average joe understand this housing bubble was made by the government Du Canada in unison with Bank of Canada, the price will tumble down. Like any other country.”
_______________

Who’s signature is on the mortgage agreements?

#205 Bottoms_Up on 10.28.12 at 8:49 am

#192 Gregor Samsa on 10.28.12 at 1:48 am
———————————————-
There’s a theory about the sun causing it (that’s a pretty big natural phenoma, that actually does warm our planet–think equator vs. the arctic, so changes in it could obviously change our climate). The sun is cycling into it’s active phase, more solar eruptions etc. There’s a theory these solar eruptions are causing less cloud formation on earth, and thus less protection, allowing more heat down to the surface and voila, incubator effect.

#206 Grantmi on 10.28.12 at 9:17 am

#111 IM in C on 10.27.12 at 11:30 am

Mr. Turner: I find all this bashing of somebody else’s hometown to be tedious and hypocritical. I’d be impressed if I also heard you bash *your * hometown.

IM…. It’s called entertainment!,, I don’t think there is one town in Canada on this pathic blog that hasn’t been locked in a school locker and not found the next day by the janitor.

Grow some skin.

(PS: … And just so you know.. Winnipeg is a lot worst then The Toon!)

#207 Uki on 10.28.12 at 9:29 am

“97% of the actual climate scientists believe it is almost entirely man made.”

Ha-ha-ha !

9 out of 10 dentists ….

You are so brainwashed people.

#208 John on 10.28.12 at 9:40 am

Eaglebay-Parksville wrote:

“#132 Kam on 10.27.12 at 2:09 pm
“but few months ago you also mentioned that 35/40 yrs mortgages will be grandparented.Could you please explain how the holders of mortgage renewals [40/35 yrs] will have hard time even though these mortgages are grand-parented?”
_________________

‘grandparented’
An attempt to be politically correct.
Brainwashing I would say. You must be a younger ‘person’. In my younger days, schools didn’t do much brainwashing. Girlie.”
————-
Eaglebay-Parkesville you nailed that one. Although this might seem impossible, the people who get busted for brainwashed language ( and this is the vibe that allowed Canada with it’s obligated household double income situation to get railroaded by international Goldman Sachs et al cheap money) think you’re being “picky”.

Government and business do not care about equality in the least. It’s a means to an end, as the real estate debacle demonstrated. Without the “laydown hand’ emasculated Canadian male and a “partner” matching his dough, how many suckered property virgins would there have been? A fraction. Take gender out and the resulting dehumanization means it’s much easier to sell debt. If you don’t know who you are, it’s easy to make decisions based on what you aren’t. Thus all the debt.

Someone here was bragging about being a 20 something paying down a 400,000 house…because he earns and saves and plans and consumes well with his “partner”. The “problem” was that others aren’t focusing on “living”. This kind of insane rationalization comes from a guy who wouldn’t think there was “much wrong” with using the word “grandparented”.

Wow…out of control brainwashing indeed.

#209 Junius on 10.28.12 at 9:51 am

#197 Eaglesbay – Parksville,

You asked, “The climate has been changing for millions of years. Who do we blame before Homo sapiens? Neanderthals? Dinausors?”

That is your argument? The comment of an illiterate.

The science is clear that the changes are complex and they include the composition of the atmosphere which has been primarily influenced by plant life and the earth’s changing positions to the sun.

We should be going into a cooling phase because of the axial changes but we are warming instead. 2012 will be the hottest year in history. Every legitimate scientist in the field agrees that man is the main cause. Even some of the old skeptics have now changed their mind.

What is interesting but so tragic is that people you can read the Real Estate and Bank economists with all their drivel and dismiss them but you can’t see through the stooges and shills that pimp for the oil industry in the same light.

Those who don’t believe in man made climate change will one day make the flat earth society look like a mensa group in comparison. A tragedy for us all and those yet unborn.

#210 Timbo on 10.28.12 at 10:02 am

http://www.nytimes.com/2012/10/28/world/europe/list-of-swiss-accounts-turns-up-the-heat-in-greece.html?_r=2

“The Greek magazine, Hot Doc, published the list on Saturday, raising the stakes in a heated battle over which current and former government officials had seen the original list passed on by France two years ago — and whether they had used it to check for possible tax evasion. ”

desperately trying to keep the skeletons in the closet…

http://www.cnbc.com/id/49578351

“Rise in Household Debt Might Be Sign of a Strengthening Recovery ”

lol! Debt is good………………….

#211 Karie on 10.28.12 at 10:08 am

#134 – Old Man – we have thought about that with our family. The one area of Canada I haven’t been is Eastern Canada. We are thinking of going to that region sooner than later. Maybe renting a house for 2-4 weeks in the summer?

I have been to Saskatoon once to watch my brother play hockey a long time ago and I thought it was beautiful.

#178 – What a refreshing post! You sound very much like my husband and I in our twenties. Travel is still a passion of mine. We did move to a bigger house and had 3 kids and don’t have that same kind of disposal income anymore but we try to keep life interesting and fun and full of experiences and still invest some cash too.

#212 Bottoms_Up on 10.28.12 at 10:15 am

Heard some of the blog dogs got quaked last night, I hope everyone is OK.

#213 Timbo on 10.28.12 at 10:19 am

http://www.businessinsider.com/latest-weekly-indicators-october-28-2012-10

“Positive comparisons continue to outweigh the negatives. Rail loads are down, but only because of coal. Harpex container ship traffic remains at a low, but open ship traffic continued to rise to nearly a yearly high. Commodities are weak, but this is largely because the Oil choke collar has loosened again. Housing continues to be improved, money supply is positive as are bond rates and credit spreads.”

Sputtering but far from stalling…………

http://www.usnews.com/news/articles/2012/10/25/experts-team-obama-should-root-for-hurricane-sandy-to-interrupt-election

” Voting during a storm is also easier for urban voters—a group that overwhelmingly supports Obama—who often have a shorter distance to travel to polling sites than rural voters. “It would certainly set up a benefit to the president if a natural disaster did interrupt voting.”

Weather wins election by showing how well the government responds to problems. Democrats are praying for rain………..

#214 Not 1st on 10.28.12 at 10:53 am

Before you trolls go bashing sask just keep in mind that a million industrious people keep a province this large going and have for 100 years. The settlers that came here made something from nothing. People rarely complain about too much unlike our eastern brethren.

#215 Junius on 10.28.12 at 10:54 am

Even the right wing and Koch brothers funded CATO institute admits that man is having an impact on the climate. However that still doesn’t stop them from trying to pass off a fake report on the issue.

See here:

http://wonkette.com/487796/cato-institute-helpfully-makes-its-fake-climate-report-look-like-actual-government-climate-report-except-fake

#216 Daisy Mae on 10.28.12 at 10:54 am

WIKIPEDIA: Homestead vs Allodail — Homestead Act, managed by the CPR railway at the end of the 19th century and into the 20th century in Canada. Immigrant settlers could homestead 160 “surveyed” acres of fertile Crown Land for agricultural purposes provided the homesteaded land was worked and improved with homes, etc. The land grant was lost if the improvements were not made or the settler
abandoned the land. Ended in the ’60’s with the last homesteads in northern Alberta.

Allodial Title is rooted in 14th century English Law and means Sovereign Title gained by conquest. The Monarchy, Republic, etc. government “owned” the land of the country.

#217 IM in C on 10.28.12 at 10:54 am

@205 Grantmi
Like I said, it would be entertaining if Garth , and others, cheerfully bashed *their* home town. Interesting how hey never quite do that

#218 Daisy Mae on 10.28.12 at 11:02 am

One of my uncles road on horseback from Winnipeg to Deadwood, Alberta to homestead two sections. In the early 1900’s. Interesting way of life. Trapped during the long winters….

#219 Form Man on 10.28.12 at 11:09 am

#215 Daisy Mae

the homestead act still applied in Northeastern BC in the late 1970’s. A cousin of mine ‘proved up’ more than a section near Hudson Hope during that time. He had to clear and plant a certain percentage of the land each year to meet the criteria.

#220 Eaglebay - Parksville on 10.28.12 at 11:15 am

#208 Junius (not genius) on 10.28.12 at 9:51 am

Some areas of the planet are warmer some years and others are cooler some years short term.
We’ve had ice ages and warm periods. This will go on long after mankind is gone.
There has been 5 major extinction periods over billion of years. There will be more. Man cannot change nature. Genius.
Beside, Canada should be warmer. It wouldn’t hurt my feelings. The prairies could grow corn.

#221 Toronto on 10.28.12 at 11:17 am

I 100 % agree with you TJ #139. Pros and real estate agents have a lot of things common. both makes a lot of money with little or no qualification.

#222 Eaglebay - Parksville on 10.28.12 at 11:23 am

#211 Bottoms_Up on 10.28.12 at 10:15 am

A tsunami hit Prince Rupert. Frightening 2 inches waves.
How do they measure this stuff. The wind could do that.

According to ‘genius’ it’s probably man that cause this.
7 billion people is a heavy load on the earth’s crust.

#223 Eaglebay - Parksville on 10.28.12 at 11:27 am

#216 IM in C on 10.28.12 at 10:54 am
@205 Grantmi
“Like I said, it would be entertaining if Garth , and others, cheerfully bashed *their* home town. Interesting how hey never quite do that”
________________
Toronto sucks.

#224 };-) aka DA on 10.28.12 at 11:32 am

#219 Eaglebay – Parksville on 10.28.12 at 11:15 am
#208 Junius (not genius) on 10.28.12 at 9:51 am

Some areas of the planet are warmer some years and others are cooler some years short term.
We’ve had ice ages and warm periods. This will go on long after mankind is gone.
There has been 5 major extinction periods over billion of years. There will be more. Man cannot change nature. Genius.
Beside, Canada should be warmer. It wouldn’t hurt my feelings. The prairies could grow corn.

Of course man, the dominant species on this planet, is having an impact on the environment. But it is his own environment which he reeks havoc upon. Eventually the planet will heal itself. Man may no longer be here to witness it but, you can rest assured, this planet is far more resilient than man and will still be around to host life in one form or another.

#225 Eaglebay - Parksville on 10.28.12 at 11:33 am

#213 Not 1st on 10.28.12 at 10:53 am
“Before you trolls go bashing sask just keep in mind that a million industrious people keep a province this large going and have for 100 years. The settlers that came here made something from nothing. People rarely complain about too much unlike our eastern brethren.”
_______________

Vancouver Island has about the same population as Saskatchewan. We don’t pretend to be a province, yet.

#226 Form Man on 10.28.12 at 11:41 am

#221 eagle idiot

for those who dismiss science, I suggest you abandon all forms of communication that use satellites, go back to travel by horse, give up refrigeration, etc………

after all, science is something to be scoffed at. be a greedy self-absorbed exploiter……. nature will look after you………it is in God’s plan……….

#227 };-) aka DA on 10.28.12 at 11:43 am

#184 Form Man on 10.27.12 at 11:28 pm
#171 DA ( pretzel )

old buddy !

how are you doing with those pesky sellers who won’t lower their prices ? are they sissies ? not man enough to lower their expectations ? you go out there and show them brother !

At this stage in my career Form Man, I am only willing to go so far to help such people come to terms with the realities the market is telling them. I am not the right agent for everyone and fewer than you might think are the clients for me. I don’t need to prostitute myself, needily taking the too high priced listing of a belligerent seller, wasting my time and resources to no avail.

#228 Booby on 10.28.12 at 11:44 am

#155Westernman on 10.27.12 at 6:32 pm

If you consider a hard labour chain gang type job out in the middle of nowhere at -40 at slightly more than minimum wage an economic ” prize ” to be bragged about then I guess Sask. is the mother of all booby prizes…
———————————————————

Not everyone gets the opportunity to manage a McDonalds outlet in Surrey like yourself Westernman.

#229 Gunboat denier on 10.28.12 at 11:45 am

188 Mark – if you felt your income might be 20% lower in a years time, how might it affect your spending habits?

#230 House Horny Housewife on 10.28.12 at 11:48 am

Garth,

I think it is the realtor we should be attacking and not the property. Is he nuts with the dutch auction crap ? I my realtor had made that suggestion, she would have been fired immediately.

You need two things to sell your house:

1. a reasonably priced listing
2. a buyer who fits the property

Even if a property is reasonably priced, it will not sell if you don’t have someone who can benefit.

For example, even if you listed this property at $100,000.00, I would not buy it because it is neither my style nor in my ideal location. It seems like a decent house that would work for someone but not me.

Therefore, asking people what they would pay for this house is irrelevant because they are not looking for a house in this neighbourhood.

To see if it reasonably priced, you need to see what other comparables have sold for in the past months. If comparables sold for something in this pricerange then I think the seller is not being unreasonable by asking the same. Of course you also have to see how long those other homes took to sell at that price and if you wish to sell faster, go under.

Ultimately a house is worth what a buyer is willing to pay for it. Value can be quite subjective after all. When I see what Torontonians are willing to pay to get a cardboard box with a bed that folds out of the wall and a view of the 401, I am truly amazed.

People are not rational beings and they seldom behave logically … both women AND men !

HHHW

#231 };-) aka DA on 10.28.12 at 11:54 am

#175 Snowboid on 10.27.12 at 9:39 pm
#143 Form Man on 10.27.12 at 4:05 pm…

MOI is a difficult concept for some RE agents, I suppose.

I also like the fact that Kelowna SFHs in Sep 2012 based on inflation (actual 2007-2011 and expected for 2012 so far) should be averaging about $ 640,000 – instead they are $ 488,788 (as per published OMREB average SFH price).

Whoops.

Give people access to a little bit of information on the Internet and suddenly EVERYBODY’S an expert at everything.

“MOI” (months of inventory) is a nebulous statistic without due consideration of a number of other far more important measurements of the markets dynamics. But congratulations to Form Man for learning this new term and being so enthralled with it until the next new one to him comes along. Gawd forgive that we should let him get hold of a can of spray paint.

#232 Junius on 10.28.12 at 11:58 am

#219 Eagles-view-Parksville,

You said, “Man cannot change nature.”

The opposite is true from history. Man has changed nature in many parts of the world and throughout history. Read Professor Jared Diamond’s work, “Collapse” which clearly documents the many times human civilizations have collapsed their societies through destruction of their local ecosystems. From the ancient Middle East to the Native tribes of the US Southwest it is a pattern we keep repeating.

The difference this time is that we will have no where to move to as we are doing it on a global scale.

#233 Junius on 10.28.12 at 12:02 pm

#221 Eagles-Parksville,

I see you quickly revert to developing straw man arguments when you can’t deal in facts or reality. The typical approach of those who refuse to think or attempt to cope with complexity.

#234 Grantmi on 10.28.12 at 12:06 pm

#211 Bottoms_Up on 10.28.12 at 10:15 am
Heard some of the blog dogs got quaked last night, I hope everyone is OK.

Nah. That was shifting of HAM leaving the lower mainland Hongcouver real estate market to back home!!

#235 Timbo on 10.28.12 at 12:11 pm

http://forums.accuweather.com/index.php?showtopic=30127&st=1180

Just passing a live blog Garth. Sandy is already causing havoc.

http://www.heraldsun.com.au/news/breaking-news/new-york-transport-shut-down-due-to-storm/story-e6frf7k6-1226504979252

New York orders 375,000 storm evacuations

This is going to get ugly. If your on the east coast ,stay safe and lets hope this epic storm turns out to sea.

#236 a prairie dawg on 10.28.12 at 12:49 pm

You’re richer than you think, so your taxes are going up.

http://business.financialpost.com/2012/10/26/toronto-homeowners-face-property-tax-hike-after-home-values-gain-22-8/

#237 DM in C on 10.28.12 at 12:56 pm

Before you trolls go bashing sask…

Uhhh way too late for that. Go put a watermelon on your head and cheer for the 13th man.

#238 Coquitlam Resident on 10.28.12 at 1:05 pm

@210

We are hoping (perhaps naively) that our 3bd, 3bath, townhouse, will allow us to raise a family.

We aren’t really interested in detached housing. Far more interested in having the mortgage paid off in 10 years and spending Nov-Feb every year in the tropics in a nice rental :-)

#239 Gregor Samsa on 10.28.12 at 1:06 pm

#204 Bottoms_Up, RE: the sun

Take at look at look at this, including the video there, as it completely destroys the sun / sunspots is causing warming argument:

http://www.skepticalscience.com/solar-activity-sunspots-global-warming.htm

The cosmic rays / cloud formation theory has also been mostly debunked:

http://blogs.telegraph.co.uk/news/tomchiversscience/100136713/cosmic-rays-not-causing-global-warming/

People can claim that “man can’t change nature” but they have NO evidence of what is causing the current warming period other than “mystical non-understood forces of nature.” That’s not science, that’s called faith.

#240 OogaBooga on 10.28.12 at 1:06 pm

Haha! It’s 1400 square feet? Maybe, if work prospects were out there $125k would be fair… Geez if you can get 400+ for 35k of building material in Canada’s armpit, stuff it into a T-Bill and buy a Florida mansion for 1/4 your asking price.

People are fools. Are Canadians supposed to swallow the doggerel that we are to become wage slaves, paying corporate financiers double property value to have a place to recline before heading back to the salt mines?

Re-adjustment is not only in the cards but necessary. Unfortunately with CMHC “pay it forwards” from the banks Canadians will wear the custard… It’s no different in Saskatchewan or anywhere else in Canada.

Your properties are not worth what you’ve been told.

#241 Click Here, its different on 10.28.12 at 1:07 pm

#178 Coquitlam Resident

Im happy for your success.

But im sure you cant be short sighted as you state in that post. Its impossible that everybody have two incomes and a small business on the side. Some cant. And some are community workers with very small to no income. Some are unpaid volunteers a few days a week, giving time to others in need.

Its not everybody who want to sell stuff to their neighbors for their own profit. Some will refer to “living” by being in contact with others instead of building a fence of comfort around them.

I really hope you know that about nobody in this world can put 800 dollars a month aside for travels and leisures expenses. Dont brag about this too much.

Life can be something else than having 2 incomes and a business in order to afford a house and some spare time. It can be much simpler than that.

#242 Form Man on 10.28.12 at 1:14 pm

#223 DA

well I have to give you credit when it is due. good post DA. I agree.

#243 HD on 10.28.12 at 1:18 pm

#221Eaglebay – Parksville on 10.28.12 at 11:23 am

#211 Bottoms_Up on 10.28.12 at 10:15 am

A tsunami hit Prince Rupert. Frightening 2 inches waves.How do they measure this stuff. The wind could do that.

According to ‘genius’ it’s probably man that cause this.
7 billion people is a heavy load on the earth’s crust.

—————————————————————–

Straw man argument….classic.

You’ve totally lost credibility…..give it up.

Best,

HD

#244 Old Man on 10.28.12 at 1:30 pm

Those that own a deflationary asset called a home better get ready to sell in certain areas of Canada; some will weather the storm, and others will crash. Sit down one night and add up all costs of what is called the glory of home ownership be it a condo or otherwise.

Forget capital gains going forward, as that for the most part is history, as it will be raining capital losses. Now do some costing as to renting vs owning, and for those that have tax free equity to be recaptured on a sale think about earning 5% with a tax advantage, and net that out. Oh for those that own a non-condo scenerio do not forget in your costing the contingent liabilities such as a much needed new roof or something else. It is now or never to do your homework, because the bell tolls for thee in the very near future.

Church is out, and that is my sermon for today :)

#245 Silver on 10.28.12 at 2:15 pm

My property tax is now 3 times my yearly mortgage payments.
$7,200.00 a year for mortgage payments
$24,000.00 a year for property tax

Property Equity destroyed each year… $14,000.00 a year.

small business owner.

and not… “One”, “Zero” comparable properties to compare it against.
That’s over 4 years…. of asking for the documents to back the tax value claim.
no Improvements, no changes to the property. and no useful city service improvements.
Except raises for the “Public Servants” who now think they are Administrators rather than Public Trustees/Employees. 30% raises come to mind.

but somehow…
I’m richer Than i Know.apparently there is $630,000.00 in new yearly created taxable value on my property from putting new windows in and painting my walls….
This is also presented as a market value by B.C. ASSessments published documents,
…. driving the public perceived community property values higher by increasing the perception that the base value is higher than the actual commitment.

It hides the True Bill of Sale Value… which shows the real base value of the “actual money” put on the table.
I’d like to know Who holds the signed “Promise to “Pay on the value on the property?

Take a look at how many $Million dollar plus properties get a discount on their mill rate base by not paying the full value of the “purchase price” as property tax.

any ideas…

And I can sell way below or 66% of the Assessment and 1/3 rd of the claimed value. If I had to.

And can think of no reason not to sell right now.

So now that’s now 4 business’s on my block selling now over property tax increases.
that’s 1/3rd of the block. I personally know at least 10 other business owners starting to prepare to sell as well on commercial st and that area in Vancouver
no new business will be set up in Vancouver or the lower mainland..we have all quit.
No new business venture…we are taking the profit and quitting. costs to much to earn the tax revenue these days…
… and then its all given as public tax breaks for labor costs(40% in some cases) to highly profitable multinational companies anyway…

35 skilled jobs going away now.

… or about a $million and a half in wages a year at $4000.00 a month… going away with the jobs in vancouver…and that’s way low balled by the way.
Anyone know where they are going to get replacement jobs?????

We are all watching the drop in investment, ranch, and rec. property in the interior…

my fav. has 200 acres, 2 well built log lodges -off grid, 2 full water licience’s, one deep well, pasture, and farmland, and a trout steam running throw the whole center of the property….. and 3.5 hrs from van by highway. the main lodge has at least $350,000.00 dropped into it. 5000 sq ft.

under$ 450 thou. and dropping….$350,000.00 drop from the starting price already…4 months…. and no… I won’t tell you where it is…
I guess that I am richer than i think if i take the money and run,

… cause if I stay the completely fabricated property tax increases… compounded at the current rate of increase of 27% a year will destroy my business
in about 5 years… anyway.

Silver

#246 Saskatoon Housing Bubble on 10.28.12 at 2:15 pm

Garth,
you might be interested in how some Governments are subsidizing some new home buyers with free down payments but ALSO with monthly payments just so these buyers can enter into home ownership.

Some have all heard about the Mortgage Flexibility Support Program http://www.saskatoon.ca/DEPARTMENTS/Community%20Services/PlanningDevelopment/NeighbourhoodPlanning/Housing/Pages/MortgageFlexibilitiesSupportProgram.aspx

but there is also The Tax Sponsorship Program and the NAHC Assistance Program which subsidize monthly payments as well if buyers qualify.

The tax sponsorship program provides up to $175.00 a month for 8 eight years while the NAHC Assistance Program provides up to $525.00 a month for the first year and provides monthly assistance for 8 years. Each year the amount that these homeowners are subsidized lessens. So in 8 years, these homeowners would be paying near $1800 and that is if they still have a mortgage rate of near 3% and condo fees have not increased. More realistically, these homeowners will be paying a monthly payment that will be almost double in eight years compared to what they are paying today with a ( mostly likely) higher interest rate and increased condo fees.

So there are programs which help new home buyers who can not save for a down payment and also help with monthly payments and we call this prudent? How is this thinking any different than what George Bush said.
“…if you own something, you have a vital stake in the future of our country. The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country. – President George W. Bush, June 17, 2004

We’re creating… an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property. – President George W. Bush, October 2004.

Next time someone says that the recent tightening mortgage rules have gone to far, tell them about this. If these people still don’t get it that we have too many people in home ownership that shouldn’t be, these people are lost. Move on.

#247 Jim on 10.28.12 at 2:16 pm

The new pre-fabs might be built like crap but once you’ve seen the hack job renos done on old houses in Saskatoon those pre-fabs start looking solid. It’s like water in the basement and plastered over basement windows are considered an asset in that city.

Having spent considerable time looking for property there I think it’s safe to say there is nothing worth more than 350k. Glad I took my cash elsewhere.

#248 Coquitlam Resident on 10.28.12 at 2:16 pm

#240 Click Here, its different on 10.28.12 at 1:07 pm

Well said.

Of course it can be simpler. One can rent a place near the downtown for 1K a month, walk to work, eat and drink at convenient cafes/restaurants, and use excellent public transit. I think these people have rich lives.

Everything I make is budgeted out into investments, expenditures, and debt servicing as its made. It’s obviously not for everyone.

We don’t even make a lot of money. In today’s economy, family gross +200K a year is LOT OF MONEY. 150K gross is basically just comfortable middle class.

As an aside, I personally see diet habits as the biggest threat in Canada. Go a grocery store and see what people are buying. One can base an individuals mental capacity/health/financial status on whats in their grocery cart.

#249 Saskatoon Housing Bubble on 10.28.12 at 2:18 pm

Sorry forgot to add the link to the Monthly Assistance Programs here in Saskatoon. I should also add it is just for a few select properties and people have to qualify, namely low income earners.

http://innovativeresidential.ca/assistance-program/monthly-assistance-programs/

#250 Eaglebay - Parksville on 10.28.12 at 2:26 pm

#242 HD on 10.28.12 at 1:18 pm

Sense of humor? Straw man…ha, ha, ha.

#251 Dee on 10.28.12 at 2:38 pm

431 Buckwold Cove Saskatoon S7N 4V9
The listing you are searching for is no longer available.
It may have been sold or is no longer available.
or this listing is an example of False Advertising
Thank you Garth for showing how desperate Real Estate agents are

#252 Eaglebay - Parksville on 10.28.12 at 2:41 pm

#225 Form Man on 10.28.12 at 11:41 am

Not against science at all. Love technology.
I have it all.
Look at nature. She has solutions for most problems
including overpopulation.
Science tries to solve many problems including cancer.
Now there’s a cancer for about everything in the body.
I take it humor isn’t your forte. Careful now, you’ll give yourself a heart attack.
I’m off for a ride in the mountains, Mount Arrowsmith area, to feed the trees with CO2 and possibly bring back a deer.
I enjoy the views and like the meat.

#253 Junius on 10.28.12 at 2:43 pm

#223 DA,

You said, “Of course man, the dominant species on this planet, is having an impact on the environment. But it is his own environment which he reeks havoc upon. Eventually the planet will heal itself. Man may no longer be here to witness it but, you can rest assured, this planet is far more resilient than man and will still be around to host life in one form or another.”

Not very a comforting thought. A little like “in the long run we are all dead.”

I find the nihilistic and fatalistic position many people take on this issue to be morally reprehensible. The starting point is that myth that we tell ourselves that we or masters of the universe and can exploit and denigrate the planet at our whims. Or worse, the fundamentalists who believe God will come down and save us or that we will be saved by science.

#254 Penny Henny on 10.28.12 at 3:00 pm

#216 IM in C on 10.28.12 at 10:54 am
@205 Grantmi
“Like I said, it would be entertaining if Garth , and others, cheerfully bashed *their* home town. Interesting how hey never quite do that”
________________
Toronto sucks.

————————–
Hey!! Toronto doesn’t suck!!

It’s just the people.
Penny Henny

#255 John on 10.28.12 at 3:04 pm

Coquitlam resident wrote:

@210

“We are hoping (perhaps naively) that our 3bd, 3bath, townhouse, will allow us to raise a family.

We aren’t really interested in detached housing. Far more interested in having the mortgage paid off in 10 years and spending Nov-Feb every year in the tropics in a nice rental :-)”
——–

When I read these kinds of posts, I really get the “Canadiana” feel. There’s no need whatsoever to have an identity, a service, a community…you could go on at length and none of that comes up. Just a maliable pseudo-male vibe that is all about “working the system”, and then being “proud” for doing “it” ( whatever that is) right.

Suddenly out of the blue comes the sacred cow that wipes the slate of irresponsibility clean: “Raising a family”. It lacks substance and sounds hollow. I mean, why bother?

Why would you talk about “living” when your main hand seems to be about invisibility and isolation.

Once again, the vibe of Canadian living…which is how the cheap money sellers and complicit governmen swept through the country without notice. You still don’t know what happened…and even think you can continue to live in the bubble you’re describing.

#256 Coquitlam Resident on 10.28.12 at 3:05 pm

#243 Old Man on 10.28.12 at 1:30 pm

Don’t really understand your argument.

For all you know, right now could be the best time to enter the market.

One thing I have noticed about this world is that its never fair – trying to time a market is for insiders.

What l I know is for my place I bought back in Feb, I dumped my 5% downpayment into the RRSP FTHB, waited 90 days, used the tax return money as 50% of the downpayment, then received a 10,000 cheque from the governmetn for their current bonus program that worked out to about the other 50% of the d/p.

All in, I paid close to ZERO for my 5% downpayment, and live in a place that costs approx the same as my former rent, but is WAY NICER. I also have a locked rate at 2.99%.

The best thing is I don’t need to study the market and wait years wondering when the best time to enter the market is. I can get on with life with a happy wife :-)

#257 Grim Reaper/Crypt Speculator on 10.28.12 at 3:14 pm

#176 Smoking Man on 10.27.12 at 10:00 pm

herb its cool boys good. dont know about dad. grim can take me any time but nof before my kids.

thats my wish. scrrew loto max
===================================

The Boss and I figure that as long as you live in Eastern Canada, that’s punishment enough for ya…..

Who’s loto max…..sounds Newfie?

#258 Juniass on 10.28.12 at 3:19 pm

Facts:
1. Polar bears are dying
2. Ice is melting
3. Humans are bad.
4. I’m a dunderhead

#259 Coho on 10.28.12 at 3:28 pm

RE Climate Change,

1) Hotter Sun
2) Weather Creation/Manipulation Technology

Science likes to ‘prove’ its own theories based on many assumptions and yet more theories. Much of our ‘reality’ and our understanding of it is based on theories which have never really been proven but have eventually morphed into facts. It’s a case of if you repeat something often enough it becomes ‘common knowledge’ and ‘common sense’.

Our science is infantile in the scheme of creation. It has very little true understanding of our ‘reality’ yet comes up with often very absurd explanations as to the why of things. It is loathed to say “I just don’t know’.

Yes, the planet is warming which is contributing to extreme weather events and weather anomalies which are becoming more common and thus accepted as the new normal by average folk and even scientists.

Of course to suit the agenda of those pushing a one world government, man is to blame which means that man needs to make certain sacrifices–like always. Translation: We must pay more carbon taxes and give up yet more liberties to ‘save’ the planet. Imagine eventually needing permission or paying user fees for anything related to releasing carbon emission, which is damn near everything. Even if we were to swallow this BS, it could be described as big business with the blessings of big government crapping in our back yard and asking us to pay them to clean it up, which they can’t or won’t. This is another cash grab without any real benefit or service delivered. It’s an exercise of a dollar paid and a penny returned.

The puppet masters never miss an opportunity to strip people of their money and liberty under the guise of pursuing the common good. Between the war on terrorism and soon to be war on carbon emissions the leash around our neck will be reeled in to the point where soon we won’t even be able to turn our head. It’s about time us fools sit up and start paying attention and for God’s sake stop regurgitating one world government propaganda.

#260 Form Man on 10.28.12 at 3:43 pm

#251 eaglebay

it is almost November and you still haven’t got a deer yet ?

you might be better off spending some time at target practice…….

#261 Old Man on 10.28.12 at 4:00 pm

I saw something today for the first time in my life which supports what Garth has been saying, as had a bill to be paid, but from a logistics point of view was toast, as have more than one residence, and all the mail goes to one. Today was the 28th, and have never been late in my life to pay a bill.

Ok, so did a first by going to my creditor bank which was open, and threw done my passbook, and credit card to pay in full without a statement. I said can you pay without my billing statement, and the babe just laughed, as said if you owe us money we can do all; it was done, and asked for some cash too.

Now, I wanted to do some shopping, but everywhere I went looked like a rock concert with nowhere to park, and realize that the government pension cheques have hit the banks, but this was different, and this was too early for the church crowds to shop. I drove by Costco, and the parking lot which was two football fields in size was filled with cars with no where to park.

People are broke and all are discount shopping to save money; never seen this before in my life, as watch the signs in life, so the writing is on the wall, as something is wrong with this equation as all are running to save money – why?

#262 Hoof-Hearted on 10.28.12 at 4:06 pm

Global Warming

ahahahahahahahahahahahahahahaha

After the ponzi scheme that is the fiat currency system, the next biggest scam is junk science by PhD’s and other “grant $$ hungry” experts to promote their thesis to gullible people or paid off by those that benefit.

Many PhDs should stick to what they do best..drive cabs….as they must be running out of new scams pretty soon. Anybody remember Acid Rain…?

Follow the money ya gullible twits.

#263 Hoof-Hearted on 10.28.12 at 4:10 pm

Deer Hunting ? No luck ?

C’mon….you need this chick as a guide…

http://www.youtube.com/watch?v=CI8UPHMzZm8

#264 Hawk on 10.28.12 at 4:14 pm

#198 Eaglebay – Parksville on 10.28.12 at 7:21 am

=================================

You are correct, but that is something that will have to change one day, particularly as Canada’s population grows more diverse.

The queen and crown are fine as figureheads, but when people have shelled out 100’s of 1000’s of dollars they own the land in every moral sense of the world. I think if in practice the government sought to seize it there would be civil war, beyond a point

#265 Old Man on 10.28.12 at 4:24 pm

#255 Coquitlam Resident – I have no arguement, and am glad that you did well to make your wife happy, so wish you the best of luck, as in life we all have to make choices, and if you believe that the best time to enter the market might be now I will accept your opinion, as know nothing.

#266 Steven Rowlandson on 10.28.12 at 4:27 pm

Did they find the 2 oz offer discouraging or just shocking? Global financial assets divided by a billion ounces of silver bullion times 2 oz is half a million dollars. Perhaps 2 oz of silver is too much.

#267 live within your means on 10.28.12 at 4:29 pm

#181 cynically on 10.27.12 at 10:55 pm
#169 Derek R – So that nobody thinks that the Scots are the only ones who eat their dinner(haggis) at noon, the French do also and the Spanish eat at midnight , or so it seems.
/////////////////

From my travels in Spain, they eat around 10 pm.

#268 live within your means on 10.28.12 at 4:35 pm

#264 live within your means on 10.28.12 at 4:29 pm
#181 cynically on 10.27.12 at 10:55 pm
#169 Derek R – So that nobody thinks that the Scots are the only ones who eat their dinner(haggis) at noon, the French do also and the Spanish eat at midnight , or so it seems.
/////////////////

From my travels in Spain, they eat around 10 pm.
……………..

I was too hasty. I spent time in Spain about 28 yrs ago & dinner time may have changed since then.

………….

#269 picasso on 10.28.12 at 4:39 pm

Just an example… needs $20G of TLC but you’d get it for $100G or less.

http://www.realtor.com/realestateandhomes-detail/6336-Knoll-Ridge-Dr_Dallas_TX_75249_M80012-47928

#270 live within your means on 10.28.12 at 4:42 pm

#261 Hoof-Hearted on 10.28.12 at 4:06 pm

Your are quite the piece!!!!!!!!!!!

#271 coquitlam resident on 10.28.12 at 4:49 pm

@186. A primary residence is not an investment. It’s a home. Just do not spend more than three or four times annual income.

#272 coquitlam resident on 10.28.12 at 4:51 pm

@264. Thanks. I’m sure you will be fine too

#273 coquitlam resident on 10.28.12 at 4:56 pm

@254. Are you high? If you really want to be insulting, try another shtick, as I do not understand anything you just said. Anyway if you knew what I do for a living you would realize I’m highly committed to our civil society. I hope you are as well – beyond just talking about it that is…

#274 Tony on 10.28.12 at 5:25 pm

Re: #255 Coquitlam Resident on 10.28.12 at 3:05 pm

Soon the bank will come calling for more money your property will keep falling in value. Want some good advice do the smart thing the right thing declare personal bankruptcy it’ll be the best investment decision of your entire life i guarantee it. First you have to admit to yourself you made a serious mistake but by declaring personal bankruptcy your house won’t ruin your entire life because you’re going to hand it over to the bank.

#275 Eaglebay - Parksville on 10.28.12 at 5:32 pm

#259 Form Man on 10.28.12 at 3:43 pm
#251 eaglebay
“it is almost November and you still haven’t got a deer yet ?
you might be better off spending some time at target practice…….”
_______________

What do you know?
I also hunt moose, elk and whitetail in Alberta and Northern BC.
Running out of freezer (2) space.
Don’t forget the grouse and quails.
No geese or ducks, they taste like fish here on the Island.
How’s your sense of humor. I spell it this way on purpose.

#276 PoorgEoisie on 10.28.12 at 5:34 pm

What I love about science is that it is more apt to admit it’s mistakes than other belief structures. However, it certainly has an equal number of fanatics unwilling to accept any challenges to contemporary thoughts/ interpretations of data. Such challenges and attempts to falsify claims were the the supposed duty of scientists in the days of Karl Popper but sadly it appears that line of thinking has been abandoned.
Now increasingly we conform to theories to evade ridicule from their proponents. This applies to both sides of the climate debate. My personal view is that pumping crap loads of stuff that we cannot breathe in the air can’t possibly be good but giving money to mr Gore for credits will do little more than alleviate some guilt.
I sincerely urge anyone who claims to believe in science to welcome challenge and avoid that sort of virulent dogmatism that will only keep us further from the truth.
For reezy.

#277 Eaglebay - Parksville on 10.28.12 at 5:49 pm

#262 Hoof-Hearted on 10.28.12 at 4:10 pm

Funny video.
As for luck I don’t need it.

#278 Hoof-Hearted on 10.28.12 at 6:22 pm

#276 Eaglebay – Parksville on 10.28.12 at 5:49 pm

I have a secret spot I go hunting….never come back empty handed

PS What does the letters “Z” ” O” “O” mean ?…
I get dirty looks…probably jealous.

#279 Tony on 10.28.12 at 6:32 pm

I hope this is the right place but for people who invest money get 100 percent out of stocks as of 4:00pm November the 2nd this year. I know how America runs and the jobs report that day will be the last in a whole slew of lies.

#280 daystar on 10.28.12 at 6:38 pm

#187 Blacksheep on 10.28.12 at 12:17 am

What is the answer… an excellent question.

Concerning Saskatchewan, is it the same or different? Oh my, heavens yes, us flatlanders are most definitely different. :)

Assuming the question relates to climate change (all jokes aside), the answer rests with accurate information and awareness, not simply with man made global warming but what the consequences will be if we ignore or refuse to accept human effects of pollution on our environment but still choose to do nothing. If we can at least get that far, humanity will have had a choice in the matter but we don’t have that collective choice right now so the very first thing we push for is awareness specifically within our leadership of governments and education systems world wide.

I had an old saying oh… 15 years back when I was still progressing (regression is such a terrible thing, I suggest readers strongly avoid it). “Be aware, understand, accept, forgive and heal, all within the common denominator of love”. You know, let love be your motivator to all of our actions/inactions (there’s a trick to that. Don’t expect anything in return as true love is a gift). So there is a sequence to it and it begins with awareness not just of what love can do within and outside one’s self, but of all things that keep our systems in and out of balance.

http://en.wikipedia.org/wiki/File:Carbon_Dioxide_400kyr.png

We can tackle the climate change issue by being aware of its causes, that C02 IS a long term greenhouse gas that will acidify oceans as it falls out from the atmosphere outside of warming the globe and that humanity is responsible for the increased atmoshperic levels that we are seeing in the modern age. Our work that lies ahead of us in trying to accomplish this alone is… well… try the video:

http://environment.yale.edu/climate/multimedia/how-americans-view-climate-change-an-interview-with-anthony-leiserowitz-of-/

Globally, 4 out of 10 people on earth have never even heard of climate change. 75% of Egyptians have never heard of climate change. In India, its 65%. In Bangladesh a city under the greatest threat of flood relating to climate change, its 75%. In the whole of Africa, its similar. In China, the coal burning capital of the world, its 40%.

In the U.S., since the fall of 08′ (’til the summer of 2010), there was a 14% drop in the belief of man made climate change. Its almost as if the concern of jobs and the economy has created a fear that the economy will be hurt if the belief in man made climate change is embraced. Whether or not that fear is justified, its changing the behavior and choices of people who’s first priority is monetary stability or freedom but it comes at a great price as we should be much more afraid of what will come if we do nothing so we don’t need to fear monger persay, but listen to what our true fears are telling us and we can start by reading links like this one:

http://en.wikipedia.org/wiki/Ocean_acidification

Lets look beyond awareness for a moment towards understanding what evidence is telling us and its quite simply telling us to change our ways or face the consequences and those consequences will be extreme weather on both spectrums and if that doesn’t open our eyes, mass global extinction that begins first with the oceans and then land. This is the end game of doing nothing.

The solutions, while some say its too expensive, will not change. Its not carbon tax, its carbon capture and while some fear unemployment from carbon capture, how can constructing and maintaining carbon capture not create jobs? Or what banks love in the form of new debt? Housing is exhausted, greedy CEO bankers, open your eyes. I suppose HMO’s would be against it, less customers with diseases caused by man made global warming particularly with smart gases but you get my point. There are business positives to consider here. Capturing carbon:

http://www.pembina.org/

Is doable. The question from there is “who pays for it” and that’s what it really comes down to. No one wants to pay. Oh, the majority of us (who are aware) realize something has to be done but its the minority of us that want to pay for it. It would be a shame if humanity was found to be too greedy to want to save their future generations from the experience of mass extinction but that could be the case. (and I need folks to use their imaginations. This is not the only world that is experiencing this phenomenom. The effects of ignoring the health of environments that sustain life is a universal reality)

Knowing what I know, there should not be one power plant or refinery in existence that shouldn’t be capturing its C02 and we need to begin with coal plants specifically. Industry says the cost is too great or the cost, passed onto consumers will be to great. We’ve heard industry say this before from the installation of catylytic converters in cars. Anyone remember what the auto industry had to say about emission controls back then? “too expensive, can’t be done”. Polluters have always said this, from clean air emission controls to dumping factory wastes up stream. “Its always too expensive to not pollute”. I say the cost is too great not to and I know I’m not alone.

We need to collectively realize that what is happening at the rate its happening, if left unchecked, is likely to lead to mass extinction of a wide variety of species and we are at the top of the chain. Even if we survive it, we’ll have to live with knowing that we had the choices to prevent disaster but didn’t because we were too selfish or too… weak to try. Our leaders are failing us now. Sometimes… its up to the sheep, perhaps even the blackest of sheep to step up and replace the sheppards that either can’t or won’t do their jobs protecting the herd.

#281 Coquitlam Resident on 10.28.12 at 6:53 pm

@273 – Tony

If anything, having a mortgage with the bank helped me increase my small business line of credit – amazing how the banks treat you different when you have a mortgage….

#282 cynically on 10.28.12 at 7:36 pm

To #266 live within your means – It’s called exaggeration – for effect! You’re 10 o’clock is probably right.

#283 Form Man on 10.28.12 at 7:41 pm

#274 eaglebay

my sense of humour has perked up at the thought of you and your bad hunting luck.

by the way, deer isn’t actually worth the bother. too small and poor tasting. stick with moose and elk.

#284 Daisy Mae on 10.28.12 at 8:29 pm

#225 Eaglebay: “Vancouver Island has about the same population as Saskatchewan. We don’t pretend to be a province, yet….”

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Hey! Very interesting concept!

#285 InLimbo on 10.29.12 at 12:07 am

I know someone who purchased a house that looks very much like that in the GTA, not sure but I think it’s 2,000 sq ft though…around $600k I think?

#286 willworkforpickles on 10.29.12 at 1:57 pm

They should have rolled saskatoon up and smoked it a hundred years ago.