The blessed

snowdrunk

GreaterFool Holiday publishing schedule:
Dec 27 - Is F losing his grip?
Dec 28 - The Pathetic 2012 scorecard
Dec 31 - Holy crap: what comes next

In the spirit of charity and seasonal correctness, the following homage is offered in gratitude to the teeming masses who end up at this pathetic site.

Blessed are the mouldy, loser, basement-dwellers for their work in absorbing spores and moisture. But mostly because somebody’s got to help the people upstairs, who know not what they do.

Blessed are all the Boomers, for their efforts in becoming helicopter parents, delaying their offspring’s maturity, and telling their kids to buy houses about the exact time they’ve decided to sell. There’s a special place in irony awaiting you.

Blessed are the renters, who pee their money away each month rather than live in bank bondage. That it takes courage these days to know the price of freedom and mobility is a lesson for all.

Blessed are the Kia owners, who like people buying trash condos outside Miami just because they’re cheap, or go to Costco, believe frugality is a virtue. Actually, it sucks.

Blessed, of course, are the metalheads and doomers, the nihilists and godified right-winger nutbars who descend on this site like crazed dung beetles every time I mention gold or say don’t bet against America. Shaming them has given me no comfort. Alas.

Blessed is Vancouver, that shining city in a ditch where house porn became an art form, went mainstreet and perverted an entire people. With more debt-per-capita, negative savings and downward momentum than any city on the continent, Van makes everyone else feel superior. And it snowed last week. Fail.

Blessed is CREA, all the real estate cartels, their horny chief economists and cute little Frankenumbers, as well as Re/Max and LePage. Without you we would not understand the power of misinformation, doctored stats, misleading media releases or faux reports. Rest assured you changed the lives of countless people who listened, and may even forgive.

Blessed is Global TV, and the rest of the MSM. Without the systematic emasculation and gutting of your news staff, reporters could never have become repeaters. After all, who needs critical thought when the object of life is getting better stuff? For news, there’s always HGTV. Or Diva.

Blessed are the virgins, for they have inherited the amortizations. Banks bow to you.

Blessed is F, plus Sir Mark. Together they took a healthy housing correction in 2009 and turned it into a bloated gasbag proving Canada’s different. With cheap money and zero downs they made real estate an entitlement, goosing prices and turning savings into debt. There’s no longer a need to make fun of idiot American leaders. We rock.

Blessed are the rest of us, the perfect ones. We thank God she gave us this blog.

203 comments ↓

#1 LS in Arbutus on 12.23.12 at 7:35 pm

Merry Christmas Garth. A very happy holidays to you and yours! Blessed is greaterfool.ca!

#2 Randy on 12.23.12 at 7:40 pm

I buy as much as I can thru the Underground economy so that I can avoid taxes…I guess that I’m bad….Government will only piss money away anyways…

#3 mel in victoria on 12.23.12 at 7:42 pm

A Very Merry Christmas to you and yours Garth and all the folks who venture onto this blog…

#4 Eaglebay - Parksville on 12.23.12 at 7:42 pm

Can’t wait for tomorrow night’s post.

#5 T-bone on 12.23.12 at 7:43 pm

Nicely put.

#6 HDJ on 12.23.12 at 7:43 pm

What a sourpuss! Have a happy holiday. Cheers.

#7 Dan on 12.23.12 at 7:43 pm

hi Garth,
merry christmas, by the way, first!

#8 Fire In The Sky on 12.23.12 at 7:43 pm

I want to be the first to say Happy Holidays to everyone :D

#9 Nukester99 on 12.23.12 at 7:45 pm

Blessed is GT for he speaks the truth and yet is demonized from all sides. Sometimes it takes a good person to stand against the wind.

#10 Bill Gable on 12.23.12 at 7:46 pm

Merry Christmas, Mr. and Mrs. Turner, and of course, my best to Bandit and the Amazons.

Thank you for everything you do for our Family.

I live in Vancouver and if it wasn’t for Family ties and my failing health – we would be gone – in a nonce.

Living in the City is like living in a bad movie. Delusional, money grubbing, and pretentious. It rains 340 days a year.

Vancouver = EPIC FAIL. Morons and their million dollar bungs, their huge credit card debt and the leased Beamers.

2013 will be hell for many people. It is not a pleasant landscape.

If you are even thinking of selling…..price it aggressively and GET THE HECK OUT OF DODGE.

Oh and one more thing. Smoking Man, get to an AA meeting and get some help. You are a blight on this blog and you making a fool of yourself.

#11 Rasputin on 12.23.12 at 7:48 pm

Merry Christmas to all.

#12 JE on 12.23.12 at 7:55 pm

Ha, ha, ha. Thanks for the great year end laugh. Almost hurt myself reading this; just as I did reading about the “engineers” who “designed” the great, shining Port Mann bridge. A 3 billion piece of crap (like Vancouver housing, only amplified). They must be the same class of engineers as one of the often frequent commenters here who tries to hawk his investment site…

#13 Freedom First on 12.23.12 at 7:57 pm

Bless you and yours Garth! I hope everyone you requested to be Blessed appreciates it as much as I do!

Merry Christmas to everyone, with a special thanks to Garth and all of the blog dogs!

#14 Smartalox on 12.23.12 at 7:58 pm

And Garth, blessed are you for the insight you provide. You’ve helped the innumerable, immeasurably. Merry Christmas and Best Wishes to you and yours in 2013.

#15 Andrewski on 12.23.12 at 8:01 pm

We are truly blessed!

#16 albertaguy on 12.23.12 at 8:03 pm

seasons greetings Garth, Dorothy, bandit and all the blog dogs

best wishes to all and good night

#17 Smoking Man on 12.23.12 at 8:06 pm

If I was to bet on the existace of a God, my money would be on a she god.

Good call hairy face…….. Have good one, but be sure to give your liver a good work out over the holidays.

Well deserved

#18 I'm Dr Wayne & I'm sorry on 12.23.12 at 8:08 pm

Can’t beat ‘em, may as well join ‘em … sorry … FFFUUUURRRSSSTTT!!! Yahoo!
I apologize to all the Waynes of the world because thanks to me, whenever or wherever the name ‘Wayne’ is now mentioned, every hand reflexively begins creeping backwards in a scratching motion. What have I done!

#19 Serge on 12.23.12 at 8:08 pm

Amin.

#20 PermaBear on 12.23.12 at 8:11 pm

Ravens are dominating the Giants and Garth can’t bear to watch anymore.

#21 amazona girl on 12.23.12 at 8:19 pm

BLESS YOU GARTH FOR SAVING ME…MERRY CHRISTMAS

#22 nubbers on 12.23.12 at 8:28 pm

Seasonally adjusted greetings to all.

#23 Min in Mission on 12.23.12 at 8:30 pm

Merry Christams to all.

Thanks for the blog. I have had many great reads here and feel lucky that I purchased before the bloat began.

Just paid off the mortgage, now, hopefully, the place will keep a bit of its value. Not really to worried since we bought what we thought was affordable, not what TNL@TB told us was affordable. Took us just under 8 years. I really feel sorry for the younger people starting a family, in a condo. They may be there far longer than they want.

Anyway, have a great holiday and thanks Garth for the great writing.

#24 Mr Buyer on 12.23.12 at 8:31 pm

Hey, did I mention it now takes about 13 years to add 1 billion people to the world’s population and that is with fertility declining. Soft landings and unicorns.

#25 Maxamillion on 12.23.12 at 8:32 pm

Happy Festivus everyone. Please stop humping the aluminum pole it’s not a house.

#26 DM in C on 12.23.12 at 8:37 pm

Merry Christmas to you and yours, Mr. Turner. And all the best inn 2013 to all denizens of this corner of the ‘net.

#27 Mike P. on 12.23.12 at 8:50 pm

Great year Garth, thank you for helping some of us see the world a little differently.

#28 Frizzzz on 12.23.12 at 9:02 pm

Blessed are the facetious, don’t forget that!

Oh, and Merry Christmas and a Happy new Year too!!

#29 Tiny Tim on 12.23.12 at 9:03 pm

God bless us all, everyone.

#30 Molson Ukrainian on 12.23.12 at 9:07 pm

Blessed is when even a Bush knows when to make the moral decision

http://www.addictinginfo.org/2012/12/22/president-bushs-letter-of-resignation-from-the-nra/

#31 ketch on 12.23.12 at 9:16 pm

hi garth merry xmas. how about emili, cmhc and all the aaci members wow

#32 TurnerNation on 12.23.12 at 9:17 pm

Indeed a miracle: someone posting First over at Smoking man’s.

I’m expecting equities flushing inside Q1 providing a buying op. TFSA time.

#33 DR. WAYNE on 12.23.12 at 9:20 pm

#18 I’m Dr Wayne & I’m sorry on 12.23.12 at 8:08 pm

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

One of the best compliments is impersonation … and, of course, you all realize, I’m ‘not’ sorry.

Happy Christmas …

#34 Holy crap where's the Tylenol on 12.23.12 at 9:21 pm

God bless you Garth, Blessed are the Cheese Makers!

#35 vancouver suburbanite on 12.23.12 at 9:24 pm

Happy Festivus

#36 JSS on 12.23.12 at 9:27 pm

HEY GIVE IT UP WITH THE KIA JOKES

#37 Eaglebay - Parksville on 12.23.12 at 9:39 pm

#12 JE on 12.23.12 at 7:55 pm

The Port Mann bridge is a marvel of engineering. Thank God you weren’t involved. It is probably the widest bridge in the world. Of course it has a few kinks, everything does. Ask Apple or GM or any kind of technology.
You’re just a typical Vancouverite. You must listen to CKNW and their whiny stories.
I wish you plenty of optimism for the new year.

#38 PermaBear on 12.23.12 at 9:40 pm

Merry Christmas to everybody, but especially to Garth – thanks for a great daily read.

#39 MC on 12.23.12 at 9:54 pm

Thank God for those who speak with logic, compassion and reason for they are a dying breed and they need your protection.

#40 blase on 12.23.12 at 9:55 pm

As a foreigner who’s lived in Korea for almost 10 years, I LOVE your shots at KIA Garth. They have a line of cars that came out that are called the K3 and the K5. Then they came out with the K7, and finally, you guessed it, the K9. Gotta love a car company that re-uses the K-car name and that truly is a dog of a company. BTW, BMW and Audi are completely taking over the market here. Koreans are embracing being able to buy cars from outside the pennisula without being hammered on import taxes anymore.

#41 LuckyRenter on 12.23.12 at 9:56 pm

Merry Christmas everyone and Happy New Year.

#42 The blessed — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate « The Affluent Boomer™ on 12.23.12 at 10:01 pm

[…] The blessed — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate. […]

#43 Ken R on 12.23.12 at 10:07 pm

Merry Christmas to you Garth. I visit your site regularly and enjoy your humorous and insightful commentary on all things financial. Have a great holiday.

#44 Chickenlittle on 12.23.12 at 10:18 pm

Merry Christmas Garth! You’re my favorite bearded man this side of the North Pole.
I was watching “Hot Property” this week and some condo guru got defensive when Anne asked him about the drop in condo sales. He said it was the resale condos that were not selling, not the new builds. I think he should talk to his dealer, because with all of the incentives being offered to buy these death traps, I see another side of the coin.

Merry Christmas Smoking Man!

#45 Shane on 12.23.12 at 10:21 pm

It will be a merry Christmas if the housing market in markham tanks 30 percent over the next 1 year or 2

#46 dutch4505 on 12.23.12 at 10:21 pm

Merry Christmas to all the Canadian shoppers in the lower mainland. Thanks for making our sales tax revenue in Whatcom County the highest per capita in Washington state.

#47 T.O. Bubble Boy on 12.23.12 at 10:28 pm

Blessed are the ETFs, Preferreds, REITs, and Bonds. Blessed is a higher TFSA limit.
Blessed are the liquid, and the tax-efficient.

#48 Basil Fawlty on 12.23.12 at 10:36 pm

Merry Christmas, Happy Holidays and Best of the New Year to Garth and his cute little Blogsters.

Basil the Dink

#49 Smoking Man on 12.23.12 at 10:55 pm

#10 Bill Gable on 12.23.12 at 7:46 pm

Oh and one more thing. Smoking Man, get to an AA meeting and get some help. You are a blight on this blog and you making a fool of yourself.
……………………………………………………………

Damn it Bill can’t you read. Is this blog not called the GREATER FOOL.

I WIN

#50 Ben on 12.23.12 at 10:57 pm

Hey, lay off my Kia!

#51 Smoking Man on 12.23.12 at 11:02 pm

#44 Chickenlittle on 12.23.12 at 10:18 pm
Merry Christmas Smoking Man!

Not going to be Merry Christmas. could not get out of the family thing.

Fake fest is what I call it. Speaking of which

Going to fake food poisoning for an early exit. :) Then watch Die Hard and Lethal weapon re-runs drinking single Malt Scotch……………………….

Have a good one Chickenlittle

#52 Barry Lainof on 12.23.12 at 11:10 pm

Merry Christmas and a Happy New Year, Mr. Turner.

#53 kreditanstalt on 12.23.12 at 11:28 pm

There is no “rest of us”. The first ten “blesseds” cover just about everyone…

#54 Rob on 12.23.12 at 11:43 pm

Hey, I hear that KIA’s have great fuel efficiency rating. Oh yeah, the experts miscalculated.

#55 Molson Ukrainian on 12.23.12 at 11:43 pm

Smoking Man

You stated back on April 30th rates were going to increase.
I appreciate your drunken thoughts, but don’t discredit yourself by making false statements bro!

#56 mac on 12.23.12 at 11:44 pm

it’s true. the correction of 2009, left unmolested, would probably be over by now. but the government just couldn’t resist keeping its dirty little fingers off a majority government. so nubile. so many things you can do with it.

#57 daystar on 12.23.12 at 11:45 pm

Happy holidays everyone, best of luck to you all and special thanks to our host for his tireless energies well spent! Christmas cheers y’all ;)

#58 Holy crap where's the Tylenol on 12.23.12 at 11:51 pm

Hey! If any of you are looking for any last-minute gift ideas for me, I have one.

DELETED

#59 Uwinsome on 12.23.12 at 11:58 pm

Watchyou got against Costco Boy?

#60 Uwinsome on 12.24.12 at 12:02 am

“We thank God SHE gave us this blog.”

Garth, you big suck!

#61 Jordy on 12.24.12 at 12:03 am

Why does Santa have brown eyebrows?? Geez must be a moonlighting realtor.

Merry Christmas everyone

#62 ottawa pete on 12.24.12 at 12:09 am

Merry Christmas and Happy New Year Bill Gable and Smoking Man! I would enjoy drinking with both of you – but perhaps on different days…

#63 will on 12.24.12 at 12:09 am

Thanks so much for all your insights Garth. Merry Christmas and i look forward to another year of your blog. It’s one of the few beacons of sanity we have.

#64 Bob on 12.24.12 at 12:23 am

A Christmas Tale: (share at xmas dinner)

The tulip was introduced into western Europe about the middle of the sixteenth century. The flower became a symbol of wealth, especially in Holland.

The rage for possessing tulips soon trickled down to the middle classes of society — even those of modest means began to compete for the flowers and paid extraordinary prices for the bulbs.
The Greater “Stock Market” Fool Theory in Action

One Dutch trader paid one-half of his fortune for a single root. His plan was not to sell it for a profit, but to keep it for admiration by his friends!

People often become irrationally attached to that which gives them much trouble and pain. This is the most plausible explanation for the nonsensical importance paid to these delicate flowers.

In 1634, the desire to own the precious tulip was so great it directly affected the entire Dutch economy. As the craze increased, and in 1635 it became necessary to sell them by their weight in perits, a weight less than a grain.

Speculators made large profits by buying when prices fell and selling when prices were high; many became extravagantly rich.

People of all classes converted their property to cash and invested in tulips. The operations of the trade became so intricate that a code of law was drawn up to govern the dealers.

Eventually, the more prudent began to recognize this rage could not last forever.

The speculative bubble burst, prices fell, and confidence plummeted.

In the end, many found themselves the owners of bulbs that nobody would buy and victims of irrational speculation!

Manias are a basic part of human nature!

Whether it is a mania for the latest hot rock star singer, or a mania to buy a “really hot and sure thing” financial asset, manias have truly exerted their influence for centuries.

Unlike the ending of the fervor directed towards a rock star, the end of a financial mania can often have devastating effects.

#65 Mark on 12.24.12 at 12:34 am

So I’m admonished for being a 30-something who owns 50% of his home and has savings in a variety of investment vehicles, including gold and silver, because I’m foolish with money not opting to rent substandard digs until 2019. When I save a few bucks at Costco I’m a loser, right Garth?

See Garth, your idea of a life well lived may actually differ from mine.

Blessed are the hypocrites!

And go on, bet against America, don’t let short term noise drown out the long term fundamentals.

Happy Christmas all.

#66 Smoking Man on 12.24.12 at 12:34 am

#55 Molson Ukrainian on 12.23.12 at 11:43 pm
Smoking Man

You stated back on April 30th rates were going to increase.
I appreciate your drunken thoughts, but don’t discredit yourself by making false statements bro!
……………………………………………………………….

Constantly for the last two years I have said rates are going no where but down………………………..

If I said that, I must have been smoking weed.but now screw the shopping I need to go to the archives, but if I find it, will share a god single malt scotch with you…

:) The force

#67 Smoking Man on 12.24.12 at 12:46 am

#29 Tiny Tim on 12.23.12 at 9:03 pm

Their is no god……………………..but then again god could be is a chic.

If that’s the case

Damn good likely hood I have meet her.

I have Been around…………………

Her name is Becky…….My Near death experience.

Turquize eyes……..hypnotic

#68 MrHulot on 12.24.12 at 12:47 am

Garth, you may end up being right or wrong. Doesn’t matter. The most important thing is that your heart is in the right place.
Merry Christmas and a Happy New Year to all.

#69 Grim Reaper/Crypt Speculator on 12.24.12 at 12:57 am

Even I can’t stand this $hmarmy $ugar OVERDO$E……

Now I have to go to Canadian Retread for my Insulin..you A$$Hole ….Ba$turd…. $moking Man …$ter$

#70 Beach Girl on 12.24.12 at 1:13 am

WOW, what a partee. No one woke up till 6 this evening. Hired a DJ, lights, food, At least 100 people, OMG. I have to hire a cleaning crew.

Oh, Westernman, you are a D*INK. But Artucusa, you are one sad woman hater.

Maybe the two of you should hook up.

Stock market will be strange Monday. As the Dairy Board in America deal is over. Courtesy from the Bush Administration.

Going to bed. ZONKED.

#71 Ravishing Rick on 12.24.12 at 1:15 am

Hey beard face,

You forgot blessed are the Ameicans who have already paid their dues and are on their way to better times

#72 Stu on 12.24.12 at 1:16 am

Bleesed are the losers who have missed the home and gold and tangible asset incline over the last decade. Garth u should call this blog “Sour Grapes” and ” Gekko Grabbing”

#73 Podunk on 12.24.12 at 1:17 am

#56 mac on 12.23.12 at 11:44 pm
“it’s true. the correction of 2009, left unmolested, would probably be over by now. but the government just couldn’t resist keeping its dirty little fingers off a majority government. so nubile. so many things you can do with it.”

Well put. Now we just have to sit back with a big bucket of popcorn and watch the events unfold. 2013 will be a very interesting year.

#74 Stu on 12.24.12 at 1:34 am

I think a house is a little bit more necessary in life than a tulip

#75 Tom from Mississauga on 12.24.12 at 2:02 am

I’ll see the be attitudes in the same light again.

#76 Ozy - Merry Khristmas Kanata! on 12.24.12 at 2:21 am

Merry Khristmas Kanata! and Long live the Bay&King !
Are the Kardboard Iglus (aka Mc Mansions) still holding?

#77 Lookoutbelow on 12.24.12 at 2:22 am

It’s the season to be jolly.

Merry Christmas everyone and a Happy New Year!

None of that politically correct Happy Holidays mumbo jumbo, please, we are all Canucks here.

#78 Fodork on 12.24.12 at 2:24 am

Thats you as santa, garth.

#79 ken s on 12.24.12 at 3:08 am

Wishing You and Yours a Merry Christmas, and Happy
New Year 2013. Well Done. Cheers: Ken S in La-La :-)

#80 Soylent Green is People on 12.24.12 at 3:22 am

Shout out to the Prime Minister who has stolen 3 elections now by my count

Steve, go F*35 yourself

P.s. bet he’s too ego to meet Chief Spence, she’s going to die

O
O
O

#81 zoids on 12.24.12 at 3:25 am

Merry Christmas Garth and all the readers!!! Have a nice 2013 everyone!

Even with the price going down… I doubt I will ever afford house ownership in GTA but thank to this blog, renting doesn’t sound so bad anymore!

#82 sheik yahboudi on 12.24.12 at 3:41 am

Dear Santa,
I have drawn up a small list for gifts you can give certain people tomorrow if possible:

For Smoking Man: case of non-alcoholic beer and an internet failure

For F: Platform Shoes and a seat on the back bench

For Sir Mark C,: the complete DVD collection of Fawlty Towers and Monty Python’s Flying Circus

For the Bank of England: Soap Solution and a Bubble Blower for the new governor

For the Citizens of England: A new blog called the Greater British Fool

For CREA: a case of sodium pentathol

For Realtors: The new reduced EI benefits

For Gold Bugs: Some Silver

For Silver Bugs: Some Gold

For the Doomers, nihilists: A new Mayan Calendar

For Vancouverites: Winter Tires and some Christmas HAM

For Torontonians: A clue

For Calgarians: $4.00/litre gas

last but not least for Garth: an invitation to Christmas Dinner at Cam Muir or Cam Good’s house, a gold bar and some new internet friends.

Merry Christmas/Insert politically correct term here Everyone.

#83 Jane24 on 12.24.12 at 4:44 am

Happy Christmas to all as they say on this side of the pond.

One plus point of living on the South coast in England is that my daffodils are up. It is Spring!! Well at least until the wind blows from Russia again. Current wind direction is from Spain – very nice.

many cheers to all.

#84 Buy? Curious? on 12.24.12 at 5:13 am

Garth, you forgot “Blessed are Mother-In-Laws” They’re cougars past their best before date. What about all the love and attention they give as to how we should live? “Go on, buy a house. Your Fawther bought me a house. Do you want to look like you can’t prove for our dwaughter?”

http://www.youtube.com/watch?v=32JJeMMhWoA

#85 Garth is at this for 47 months now on 12.24.12 at 6:57 am

“We thank God she gave us this blog.”

Very pretentious, IMO…

#86 betamax on 12.24.12 at 6:57 am

Great pic! Happy Festivus!

Bill Gable — we also live in Van and feel the same way. Most overrated city on the continent.

Everyone I know who owns here is up to their eyeballs in debt, garages filled with junk that they’re still paying for while their vehicles sit in the rain (lately, snow), with no savings for tomorrow, let alone the impeding assessment crisis, and forget about retirement. Rock, meet hard place. Can’t imagine a scenario more primed for a downfall.

#87 TAPPER on 12.24.12 at 8:34 am

There’s always something to be thankful for this time of year. I am thankful for your blog. It adds up the numbers, unlike these clowns, who love to play with math to their advantage…
http://www.moneyville.ca/article/1304443–why-gta-housing-market-will-stay-strong-in-2013#.UNhG_aaYag8.facebook

#88 Julia on 12.24.12 at 9:24 am

And Blessed is Bloomberg for this Christmas Eve story

http://www.bloomberg.com/news/2012-12-24/trump-tower-woes-signal-top-of-toronto-condo-market.html

Happy holidays everyone and wishing you all a lucky 2013!

#89 EIT on 12.24.12 at 9:39 am

BLESSED are the central banks, who have checked us all into Hotel California. Bond voyage.

#90 Retired Boomer - WI on 12.24.12 at 9:40 am

Dear Santa-

I know my letter is late, but deal with it. I have a few requests for 2013. No request for world peace, or anything that extreme. As you know, I live in the US which is recovering from credit & banking madness.

We are also suffering from a government that has a nasty tendency to make war, spend too much, and elected officials who can’t seem to get along. As a little guy here in the midwest, I can’t decide if this is just bad political theaters, or a weird crowd of idiots that want it all for their side!

Can we find the will to turn hearts, and heads to do what is best for the country’s masses, not for anyone’s side? Just asking. We are not actually taxed fairly, or enough.

I know it is late, but is it ever too late? Thanks, for all that you do, and have yourself a Merry little Christmas, Santa.

#91 Dupcheck on 12.24.12 at 10:04 am

Merry Christmas !!! Happy New Year!!! May it be with lower house prices and lots of good news.

#92 Holy crap where's the Tylenol on 12.24.12 at 10:22 am

Thanks for the great insight and wisdom on investment strategies Gath. Have been reading for about six months now. You have confirmed all of my thoughts about investing. I feel much more at ease as I have dispised all of the financial advisers in the past whom invest your hard earned cash and whether you win or lose on your investment they always get paid. I say for a Chritmas present all financial advisors wages should be tied to their customers P&L!
Merry Christmas to all, may you, your families and your investments be blessed!
Please remember if you have been blessed greatly by God then try to pass it on!

No Tylenol tonight, just a warm fireplace with the family!

Bad idea. Compensating advisors based on hurdles encourages them to take risks. An advisor’s first job should be to preserve capital. You really want to hire a cowboy? — Garth

#93 TurnerNation on 12.24.12 at 10:31 am

“The Financial Post reports in its Friday edition RBC Capital Markets has released its top global stocks for 2013. The Post’s Jonathan Ratner, writing in Trading Desk, says among RBC’s Canadian picks are Brookfield Asset Management, Dollarama, Magna International, Silver Wheaton, TD Bank, Telus, TransForce and Valeant Pharmaceuticals International. In 2013, RBC economists expect a slight improvement in global growth, with a weak first half giving way to a stronger second half of the year. “In this environment, we believe equity investors will be rewarded by investing in well-capitalized companies exhibiting a combination of above average growth and visibility,””
© 2012 Canjex Publishing Ltd.

#94 House on 12.24.12 at 10:53 am

Blessed are those that live in Taranta who think they live at the Centre of the Universe

#95 Trailer George on 12.24.12 at 10:53 am

Merry Christmas Garth.
This may be my favorite post of the year.

Blessed are those who live within their means.

#96 TurnerNation on 12.24.12 at 10:58 am

Infill McMansion in need.

As per Guava.ca

Was:
$999,800
$979,800
$949,900
$899,000
$799,000.

http://www.realtor.ca/propertyDetails.aspx?propertyId=12636022&PidKey=-876515889

#97 CrowdedElevatorfartz on 12.24.12 at 11:18 am

@#51 Smoking Mensch

“gonna fake food poisoning and go home and watch Die Hard and Leathal Weapon reruns while drinking single malt scotch”.
Best way to fake food poisoning, drink several quart cans of Clamato juice in rapid sucession just before the meal starts. Fill your plate like Richard Dreyfus in Close Encounters of the Third Kind. Gobble all the food as quickly as possible. Let nature take its course.
( make sure you have a direct path to the loo…trust me).

Hmmm let me save you the wasted tv rerun time. The heros both live and get the girls.

Now back to that scotch, I prefer a 25 year old single malt from a distillery that no longer exists( the last bottle i have is only 1/4 empty). I snafu’ed that bottle from an obscure collection several years ago. I have a drink at Christmas and one at New Year then put ‘er back in the cupboard.
Merry ….Bah Humbug!

#98 Gunboat denier on 12.24.12 at 11:32 am

Merry Christmas Garth and all dawgs.

84 BC – Garth deleted my youtube of Alenka Bikar.

#99 Angela on 12.24.12 at 11:33 am

Merry Christmas, Garth. Thanks for the bedtime story every evening. I appreciate what you do.

#100 Edmonton Guy on 12.24.12 at 12:13 pm

In Edmonton here I am seeing a lot of nice deals popping up, as many start to panic do to a recent announcement from the Provincial Finance Minister the Oil & Gas revenues are collapsing as sales prices have had to be slashed to keep any movement of oil down south (US demand is plunging much faster than China’s demand).

#101 A visitor from Mars on 12.24.12 at 12:14 pm

Merry Christmas/Joyeux Noel,

A funny story. I often bring the Globe to work to read on breaks. Brought up the article on housing, a colleague refused to believe that it could go down. Rhymed off a list of reasons.. immigration, interest rates etc.

It was like I had come from Mars and didn’t understand anything about how things worked. I argued that longer amortizations are in the banks favor, was rebutted with the argument that it is the only way that people can afford a house. I asked them if they knew how much more interest you pay on a 35yr loan than a 25 yr loan. No one had a clue. THIS RIGHT HERE IS OUR UNDERLYING PROBLEM. A complete lack of financial knowledge that affects our everyday life. I asked if they think housing should double every 10 years, they replied yes, why not.

Its a mentality that needs to be addressed. Were trully are no different than our neighbours to the south. Oh well that’s my rant. My wish next year is people learn that there is more in life than physical possessions, and that we really are lucky to have the lifestyle we do, as the other 90% on the planet struggle everyday just to survive.

My wish is we remember that.

#102 Timing is Everything on 12.24.12 at 12:26 pm

Blessed is ‘The Centre of the Universe’ [T.O.]. They suck so hard, they’re creating their own inescapable black hole.

Clue: If Vancouver’s thick…What’s your excuse?
———————————————–
Garth, keep practicing that swing. Your timing’s still a bit off.

For Garth and all the dogs. All the best in 2013…It’s never too late to make a better decision.
———————————————–
‘So you ride yourselves over the fields and
you make all your animal deals and
your wise men don’t know how it feels to be thick as a brick.’ – I.A. [J.T.]

http://tinyurl.com/cadzpdr
http://tinyurl.com/crotjh3

#103 Mad Scientist on 12.24.12 at 12:43 pm

All the best to everyone this holiday season –

And for those who sit on their hands waiting for the housing market to drop like a frozen turkey – good luck with that –

In 2001 we knew prices in Toronto were out of our comfort zone – if we are the typical family income bracket – prices are gonna need to drop to 1998 prices for the average shmuck to afford.

Stop waiting and buy outside the circle of evil (GTA) live where the air is cleaner, less traffic and where your kids can actually go out and play..yes, you add to your commute – but in time you’ll find employment within your community and life is ohhh so sweet…

#104 cramar on 12.24.12 at 1:10 pm

” … believe frugality is a virtue. Actually, it sucks.”

KIA bashing aside, I think you had better explain this one. If frugality sucks what doesn’t? This opposite? The majority of the Canadian population agrees that frugality sucks and debt is better otherwise they would not spend 163% of their income on “stuff” they think they need for a good life. Renting today verses a large mortgage on an oversized and overpriced castle IS an act of frugality.

#105 futurologist on 12.24.12 at 1:32 pm

pessimist: next year will be much worse than the current one.

optimist: despite current year was much worse than year before,
but it will be much better than new coming year.

happy new year!

#106 Red Deer Cave Man on 12.24.12 at 1:39 pm

LOL!!! I can relate to at least 4 of those!! Im no longer ex bc boy- its red deer cave man.! My ex in Edm. is all bothered I contacted an ex BIL. Thats 3 sisters -4 divorces!!-huh? -lol!! … awsome Garth. Your not only informative ,your entertaining,insightful and reassuring … most times anyway. Always a great way to end my day…. In the words of George Baily, that great loser I admire… “Merry Christmas everyone!!”

#107 happy renter on 12.24.12 at 1:39 pm

With prime rate under 3% for the next few years ,Canada and U.S. will follow Japan’s route.U.S. can’t raise rates because the interest on their debt would be suicide.So keep borrowing cheap money and buy gold and silver and then declare bankruptcy.Precious metals for 2013.

#108 hangfire on 12.24.12 at 1:42 pm

My Christmas wish is that every Christian who’s sick of the politically correct evisceration of Christmas stops shopping in Canada at Christmas time……lets see how all the PC’s like it when we carve up the economy instead of a turkey……lets see what the GDP figures are on say…ghee sweets…..or….moon cakes….screw everyone who disagree’s…….humbug!

#109 DON on 12.24.12 at 1:57 pm

“also applies to boys too. I’ve seen guys who are obviously overdressed or possessed in looking like the GQ guy and don’t have
much smarts when it comes to business operations, or other things.

We’ve seen that type before. And will again.”

Ouch, not-Blessed are those who are about to learn what happens when nobody wants yours house>>>The herd is about to run off the cliff. Watch out below. I mean really, who buys an over priced cheaply built or old asset and expects it to increase in value forever. Beware of the HERD!

#110 DON on 12.24.12 at 2:09 pm

“#86 betamax on 12.24.12 at 6:57 am

Great pic! Happy Festivus!

Bill Gable — we also live in Van and feel the same way. Most overrated city on the continent. ”

I was able to get out of the Vancouver culture – it took a bit to leave as the delusional lifestyle is addictive to a point. But years later, I am loving it. What really forced my hand was the bad traffic and 24/7 RAIN. I never want to go back!

Merry Christmas Garth and Blog dogs. This blog has provided sensibility and vetted information. It is truly Priceless. To 2013, the end of housing, once again. Will people ever learn to look up the word PONZI – First in First out.

#111 Andrew on 12.24.12 at 2:38 pm

#99 Edmonton Guy

Links to some of these “deals”?

As far as I can see, the shacks in this town are still way over-priced.

#112 Smoking Man on 12.24.12 at 2:51 pm

At some point today a few are you are going to chirping me about guns, when I said people don’t shot firemen.

Answer, bit phycic here. It’s a gift, I’m kicking ass in a football pool and now nothing about foot ball.

Look how perfectly I called the markets.

It was the near death experience, Becky and the voice……

That’s why I drink, I’m drinking now….. Need to clear the brain on my visions…..

#113 jess on 12.24.12 at 3:18 pm

and mostly for the voices that can represent all that pain
http://www.youtube.com/watch?v=L-QdjnA2vtI

#114 Smoking Man on 12.24.12 at 3:21 pm

My wife had a kia suv, 3 engines later we got rid of it. But ask a Track6er they love them…….

#115 Spiltbongwater on 12.24.12 at 3:44 pm

Happy Festivus to all on the Greaterfool blog!!

For the hate on Garth has with Vancouver, I will say this, I am playing golf tomorrow for free as the course is closed for some sort of holiday. What are you doing with your time tomorrow Garth? Shovelling snow?

If I feel like shoveling debris I can always visit the Pt. Mann bridge. — Garth

#116 Scalgary on 12.24.12 at 4:22 pm

Garth,

Happy holidays…!

It’s nice that you didn’t single out bank economists and realtors…

Warm Regards…

#117 Holy crap where's the Tylenol on 12.24.12 at 4:34 pm

Just sitting here listen to all of the Scotch drinking going on, so I opened up some of my 32 year old Lagavulin. Gift from God, so good! Cheers all!

#118 Victoria Tea Party on 12.24.12 at 4:52 pm

BLESSED ARE THOSE WHO RESIDE IN THE VALLEY OF THE SHADOW OF…

Zimbabwe. There the jobless rate is 80 per cent, there is hyperinflation, and democratically elected Mr. Mugabe continues his reign of terror unabated;

MEANWHILE AND ELSEWHERE…

Blessed are those Greeks who can’t find enough euros to buy heating fuel for their winter. Think of them please;

Blessed are the IMF, the ECB, and Germany’s international financial death machine (its banks). Combined those are causing the Greeks, Spaniards, Portugese, Italians, French and the rest of them endless personal economic hardship;

Blessed are the German citizens who’ll soon be on the receiving end of theirr own economic denouemenet;

Blessed are Canada’s real esate agent cohort. Karma is at your door, boys and girls. Yo’ll be soon reaping the whirlwind of slidy deals cooked up for the poor house horny wretches who believed your crap that housing prices never go down. Have fun with that;

FINALLY…

Blessed are those families who now finally get it. Family strength, building healthy relationships and minding the economic store will see you through anything. Trust the experiences of your ancestors.

They knew.

And now so do you.

#119 Victoria Tea Party on 12.24.12 at 4:55 pm

BLESSED ARE THOSE WHO RESIDE IN THE VALLEY OF THE SHADOW OF…

Zimbabwe. There the jobless rate is 80 per cent, there is hyperinflation, and democratically elected Mr. Mugabe continues his reign of terror unabated;

MEANWHILE AND ELSEWHERE…

Blessed are those Greeks who can’t find enough euros to buy heating fuel for their winter. Think of them please;

Blessed are the IMF, the ECB, and Germany’s international financial death machine (its banks). Combined those are causing the Greeks, Spaniards, Portugese, Italians, French and the rest of them endless personal economic hardship;

Blessed are the German citizens who’ll soon be on the receiving end of their own economic denouemenet;

Blessed are Canada’s real estate agent cohort. Karma is at your door, boys and girls. You’ll be soon reaping the whirlwind of slidey deals cooked up for the poor house horny wretches who believed your crap that housing prices will never go down. Have fun with that;

FINALLY…

Blessed are those families who now finally get it. Family strength, building healthy relationships and minding the economic store will see you through anything. Trust the experiences of your ancestors.

They knew.

And now so do you.

#120 Old Man on 12.24.12 at 5:07 pm

Merry Christmas to all, and the real spirit of Christmas is to remember the good times from years gone past; perhaps such took place in childhood, or all the times in youth that you travelled a distance to be with family. The meaning of it all is tantamount to loving a special moment in time of food, joy, and laughter. Keep those memories always as a gift to enrich the soul forever; it is one thing that nobody can take away.

#121 Tony on 12.24.12 at 5:13 pm

#92 TurnerNation on 12.24.12 at 10:31 am

Some sick puppies at RBC oblivious to the real world.

#122 Old Man on 12.24.12 at 5:23 pm

Now it is not too late to spread a bit of love, so do you have an old woman or man who is all alone nextdoor or down the street with no family? Knock on their door now, and invite them to come, and join your family for a Christmas dinner tomorrow; this will be the gift of love, and it will be all yours that money cannot buy in a thousand years.

#123 Westernman on 12.24.12 at 6:41 pm

Beach Girl @ # 70,
Don’t drink too much booze – you can’t spare the brain cells…

#124 Hoof - Hearted on 12.24.12 at 7:39 pm

Merry Christmas and Season’s Greetings to all….

A Special Thanks to Garth for all his hard work at guiding many parties through the fiscal landmines and the propaganda cowpies… I am sure many lives have been altered in a positive and constructive sense by those willing to stop, listen and learn .

Again ,all the Best …..

#125 Boomer21 on 12.24.12 at 7:39 pm

#121 Old Man, done, let me know how your guest enjoyed themselves and I will do the same. Merry Christmas to all. Thanks Garth.

#126 Victoria Tea Party on 12.24.12 at 7:44 pm

#119 Old Man

Well expressed. Why is it that past Christmases always seem to be more poignant, or at least better, than those of the present?

Is it one’s process of getting older? Or is it that we actually had more “fun” then than now?

For certain, just about everywhere this Christmas, kids of all ages will be storing away fond memories during this holiday and that some of those memories will supplant that of future festivities.

That is why Christmas is so special, so meaningful. An individual’s memories always trump any collective; that is the Magic of Christmas.

Merry Christmas to all.

#127 jess on 12.24.12 at 7:46 pm

occupiers become vultures

..”Just in time for the holidays, members of Strike Debt and The Rolling Jubilee recently announced that the campaign raised nearly half a million dollars — enough to buy and forgive nearly $10 million of debt. And just this week, the activists gathered to send out notifications to the unsuspecting recipients of this first round of debt forgiveness.

Most of the collected money will be used to purchase a big hunk of distressed medical debt next month, reports the Village Voice. But as a sort of proof-of-concept, Strike Debt has already spent $5,000 to buy $100,000 of distressed medical debt owed by 44 people in upstate New York. In order to avoid getting tossed out with the junk usually found in mailboxes, the forgiveness letters were packaged in a small box wrapped in festive paper. Here’s what they say:

“Seasons Greetings from Strike Debt!”

#128 vangrrl on 12.24.12 at 8:28 pm

That was an awesome post, Garth.
We are blessed to have this blog! Give Bandit a pat on the head for me and Merry Christmas all~ looking forward to all the posts and comments in 2013!

#129 Smoking Man on 12.24.12 at 8:41 pm

121.Old Man

Ever cross your mind that the old man and woman had enough of fake bull shit Christmas. They wana be left alone. Watching re runs of there youth. To deal with fake love and bull shit by people who embellish there success wille they hide there’s. God man do I need to educate you too.

#130 john m on 12.24.12 at 8:44 pm

“There’s no longer a need to make fun of idiot American leaders. We rock”…….truer words were never spoken…….Merry Christmas Garth and everyone!

#131 JE on 12.24.12 at 9:28 pm

RE #37 Eaglebay – Parksville

You’re advertising that you live in Parksville? There’s only about 10,000 senile, demetia walker walkers in Pee-ville’ which one ar you? Good luck holding onto your hat there as property values drop like ice from the P-mann bridge.

#132 Old Man on 12.24.12 at 9:59 pm

#129 Smoking Man – get a crip as during the holiday season there are even married couples hurting who have a child at home that is blind that they care for and need a break, and there is a hidden program with the Salvation Army.

My dad and his dog both went blind years ago, and had to give up all to take care of them both for 7 years, and it was hell on earth. The head of the Salvation Army in Canada was an old friend back in 1961, and that was GS, so was on the list to be approved, and in my home during the holidays took in a blind child after Xmas; as knew it all during the 1990’s.

It was good for me, and that young boy who was 12 years old, and the parents were happy because it is impossible to find someone who knows it all, and was vetted ahead of time, and their kid had a great time with me – no problems!

#133 Smoking Man on 12.24.12 at 10:10 pm

Bubble Heads I just watched nbhgfk f c bg

#134 Ralph Cramdown on 12.24.12 at 10:22 pm

On the upside, just in case there are any real estate agents and mortgage brokers who didn’t get the hint from F and Finance this year, he did do a walk on part in The NUTCRACKER the other night.

#135 kc on 12.24.12 at 10:24 pm

Merry Christmas Garth and happy holidays everyone.

Nice pic too!

#136 Mean Gene on 12.24.12 at 10:26 pm

I think the lighthouse for $288,000 would make a cool hideout or Turner central.

http://money.ca.msn.com/banking/homebuyersguide/gallery/20-strange-and-unusual-homes-on-the-market#image=1

#137 Inottawa on 12.25.12 at 12:13 am

Merry Christmas, Garth. Thank you for a great year of nightly reading for me as I rock my newborn (now 9 mos.) to sleep. Best wishes to you and yours.

#138 Canadian Watchdog on 12.25.12 at 12:36 am

Merry Christmas and best wishes to everyone.

Please chart it. — Garth

#139 bcweatherman on 12.25.12 at 12:56 am

Merry Christmas Garth you curmudgeon. Keep it comin’!!

#140 Smoking Man on 12.25.12 at 1:05 am

Old Man don’t give crap, and shit faced I just endured my side wrecked, andI llistening to floyed. While they all played the game try it once, head phones on, and crazy diamonds, and while head nodding.

#141 Beach Girl on 12.25.12 at 3:28 am

#123 Westernman on 12.24.12 at 6:41 pm

Beach Girl @ # 70,
Don’t drink too much booze – you can’t spare the brain cells…

____

I imagine you are alone tonight.

#142 Joe on 12.25.12 at 3:47 am

Help some kids who need a meal. Kidsofhope.ca. Good cause. Merry Christmas.

#143 Popeye the Sailor Man on 12.25.12 at 4:31 am

Well here I am on a ship on Christmas Eve, looking at all the Boxing Day ads online, and not finding anything I really need or want.

Talked to my wife tonight and find that the thing I want the most right now is to be home with her and see the kids faces in the morning opening there gifts. Getting the hugs and enjoy them playing with there new toys.

It sometimes hard being away for Christmas but it does remind you sometimes what’s important.

If your home for Christmas and with your family you are blessed.

I would like to wish everyone a Merry Christmas and a Happy New Year.

#144 Namblin Man on 12.25.12 at 4:42 am

Merry Christmas, Garth!

Thanks to you, I have benefited greatly. Still working out of a teeny but of debt but your free (and I really want to point out how free it is), FREE ADVICE has helped us so much.

I try to pass on your advice to those who might be wiling to listen but there’s a great disconnect going on across this great land of Canada. Most seem think real estate is going to bounce back.It probably won’t but it’s painful to watch my own mother go through it.

#145 CrowdedElevatorfartz on 12.25.12 at 10:08 am

Santa never showed up.

Guess I dont get “Beano” for another year………

#146 Eaglebay - Parksville on 12.25.12 at 10:42 am

#131 JE on 12.24.12 at 9:28 pm

You’re mistaken Vancouver for Parksville.
You should get out more.
Boomers are a majority everywhere. We run the world. Suck it up.

#147 Herb on 12.25.12 at 11:08 am

#131 Smoked Man,

translation for this less enlightenend bubblehead?

#148 Roial1 on 12.25.12 at 11:39 am

Merry Christmas to all from sunny and very warm beautiful down town Ho Chi Min city.
Yup. I am pissing away my bountiful pension on world travel.
Put that in your pipe and smoke it smoking man.
Thanks for the great reads Garth. You have been keeping my wife and I laughing (when we are not screaming mad at your posters)for several years now and we appreciate your work. You have kept us liquid in this treacherous financial world.
I wish all of the blogdogs a HAPPY NEW YEAR.

#149 R Reynolds on 12.25.12 at 12:12 pm

Love it! Will you please run for PM Garth?

#150 Pr on 12.25.12 at 12:27 pm

Merry Christmas and Season’s Greetings to all. A Special Thanks to Garth and is team, for this free blog.

#151 Canadian Watchdog on 12.25.12 at 1:48 pm

Please chart it. — Garth

Ok. But only for those who are less fortunate then others. Chart

#152 espressobob on 12.25.12 at 2:39 pm

I often believe the best gift any of us can give is offering others the means to help themselves! So thanks Garth for your patience & not so pathetic blog.

Happy Holidays

#153 hangfire on 12.25.12 at 2:58 pm

Send an email to the Trudeau welp and remind him of Islams traditional hatred for free speech and a civil society….never mind CDN Christian holidays like Christmas placating the people who CDN dollars to a terrorist organization is typical for the Liberals…..remember all the free dinners and photo ops of Libe ministers and the Tamil Tigers who terrorized not only their own country but the refugee pop in TO

http://fullcomment.nationalpost.com/2012/12/24/chris-selley-justin-trudeau-smothers-islamic-conference-in-platitudes/

Hey Justin …remember how Neville Chamberlain has been remembered for after he tried to placate Hitler with his gift of Poland.

#154 Ronaldo on 12.25.12 at 3:05 pm

A very Merry Christmas to you Garth and bless you for all the work you and your team has done throughout the year and hopefully into the New Year. Keep up the good work. We need someone like you to expose the realities out there and appreciate very much what you do.

#155 Hoof - Hearted on 12.25.12 at 4:51 pm

Ah..the good old days…

http://www.youtube.com/watch?v=aMqd5EQXD-g

#156 Westernman on 12.25.12 at 6:35 pm

Beach Girl @ # 142,
Actually not, but if it came to being alone or being with you alone wins by a country mile…

#157 Herb on 12.25.12 at 8:33 pm

#156 Westernmoron,

speak for yourself!

And for Garth, family, and kennel, a belated Merry Christmas.

#158 Beach Girl on 12.25.12 at 8:40 pm

#156 Westernman on 12.25.12 at 6:35 pm

Beach Girl @ # 142,
Actually not, but if it came to being alone or being with you alone wins by a country mile…

____

You are alone and probably hung like a hamster. Merry Christmas.

#159 TonyMontoya on 12.25.12 at 8:42 pm

Saint Garth, the real estate prophet. Merry Christmas sir, enjoy your articles very much.

Equities, gold , real estate and the price of all fixed markets shall tumble in 2013. Austerity comes to America. Riots, and complete anarchy. I myself am a prophet.

Di voi pastor s’accorse il Vangelista,
quando colei che siede sopra l’acque
puttaneggiar coi regi a lui fu vista. . .

Does Dante know you cut-and-pasted Canto XIX? — Garth

#160 Herb on 12.25.12 at 8:43 pm

#144 Popeye the Sailor Man,

Merry Christmas and a quiet watch!

#161 Mr Buyer on 12.25.12 at 9:50 pm

#103 Mad Scientist on 12.24.12 at 12:43 pm
All the best to everyone this holiday season –

And for those who sit on their hands waiting for the housing market to drop like a frozen turkey – good luck with that –
…………………………………………………………….
There is little requirement for luck of late, did you get memo? The collapse is upon us. Good luck with that.

#162 Herb on 12.25.12 at 10:22 pm

#153 Hangfire,

throw all the dirt you want to at Trudeau Jr., but he will look pretty attractive in an Anybody-But-Harper campaign.

#163 Stanley on 12.25.12 at 11:58 pm

Garth, this is an authentic question. I have been searching for some Canadian ETF that yields 7% dividend. Just wondering if you know of any? Please help.

#164 Pr on 12.26.12 at 12:02 am

Is F losing his grip?
Absolutely not, all the experts, muir, remax, crea, schl, etc. say its a great time to buy, event with a minuscule slow down, it will catch up next year. So F will stay on top.

#165 willworkforpickles on 12.26.12 at 3:04 am

Emotions rule in the real estate market just as they do in the stock market. There is no rhyme or reason in either.

#166 Smoking Man on 12.26.12 at 3:45 am

Had some good wisdom tonight, Damn why did I drink so much… It’s lost for ever.. Fk.. Maybe l will remember….

#167 cynically on 12.26.12 at 4:06 am

Don’t knock Costco. It’s the saviour of medium and large families in both the US and Canada but especially in the latter where smart retailing is not practiced by most retailers or the government, as in B.C., interferes, e.g. government liquor stores. To #130 john m, don’t be so smug about American politicians. Although there is a lot of truth in your statement, I don’t think it’s any better having only a bunch of boring, grey men and women haunting the halls of Parliament. At least it’s good theatre in the States but unfortunately costly. However the cost of Canadian government doesn’t come at a bargain either. This week in the US will give us some sense of their politics and politicians.

#168 John Prine on 12.26.12 at 5:01 am

rb on 12.25.12 at 10:22 pm
#153 Hangfire,

throw all the dirt you want to at Trudeau Jr., but he will look pretty attractive in an Anybody-But-Harper campaign.
———————————————————————

Look at the Evan Soloman year end poll and see that “anybody but Harper” won’t work as the vote will be split in Harper’s favour . I am not affiliated with any party but the “get rid of Harpler” party and it looks like the NDP will be the only chance based on the way people are thinking now. Maybe not perfect but dictatorship will be ended…….

#169 Devore on 12.26.12 at 7:00 am

#12⁠ JE

The engineers designed the bridge to spec, and builders built it as designed. Your knee-jerk shortsightedness and misplaced blame are as sad as they are predictable. Here is hoping the new year sees people being more logical, critical thinking, and able to see through the ideological and partisan BS they have bought into.

#170 Alliston on 12.26.12 at 8:29 am

Can we look forward to a new book launch in 2013? Please spill:-)

#171 Steven Rowlandson on 12.26.12 at 10:03 am

Blessed, of course, are the metalheads and doomers, the nihilists and godified right-winger nutbars who descend on this site like crazed dung beetles every time I mention gold or say don’t bet against America. Shaming them has given me no comfort. Alas.

Now you are talking Garth! It is good to be a blessed Metal head! Thanks again and Merry Christmas to you !

As for America if they don’t smarten up and get their fiscal and moral house in order they are toast..
Starting over from scratch will not be easy.

#172 GTA Girl on 12.26.12 at 10:12 am

Suddenly, the Toronto condo market and it’s insanity makes sense.

http://www.sunnewsnetwork.ca/sunnews/canada/archives/2012/12/20121226-080257.html

When driving at 8pm at night preferably a Tuesday, look up and see how many units are in the dark. Investor money, or laundering can be quite visible. Even more under the surface, through equipment, materials, unions. But there is only so much longer the pyramid can last.

Even the criminals won’t keep stolen money in a depreciating asset.

#173 geogar on 12.26.12 at 10:34 am

Hola jumping geez that’s a long break Mr. Turner (jk). Where is your Maple Leaves Jersey.? And the lip stick is that fresh? Happy Holidays to you and yours. I look forward to the Greater Fool in 2013

#174 MarcFromOttawa on 12.26.12 at 11:31 am

I see that Garth kept the Amazons busy this past christmas.

https://www.youtube.com/watch?v=JA7WdnCJU7Q

#175 TurnerNation on 12.26.12 at 11:43 am

It’s gonna be a brutal few weeks for realtors. Who buys/sells during the holidays? Car lease and desk payments still due, at month’s end.

Let’s hope the herds of realtors and real estate lawyers is culled. These leacherous middle men have sapped the middle classes wealth enough.

#176 TurnerNation on 12.26.12 at 12:34 pm

Massive VIX move down south today. Possibly a breakaway gap up.
For my middling workplace RSP it’s simply: If TLT.US >120, then stay 80% in bond funds. Wait for signal into equities.

#177 Big Fan of this Pathetic Blog on 12.26.12 at 12:43 pm

I guess I’m old-school; this is the only post I have disliked, because of the timing and context.

Some things are sacred, Garth.

We are a community. Christmas is a time for at least a brief pause, in gratitude, hope and respect- at the very least, a positive or hopeful reframe. If there isn’t that seed to hang onto as we move towards more good for all, we are truly lost.

I hope you aren’t losing your perspective, Garth. Are you really losing your patience with the less well endowed? I wonder…. If you are getting too disillusioned, might be time to step out.

All the best for 2013.

My neighbours who had ‘Christmas’ decorations on their lawns featured blow-up polar bears, snowmen, presents and penguins, purchased at Wal-Mart. Today they are at the mall. So much for sacred. — Garth

#178 Hoof - Hearted on 12.26.12 at 1:09 pm

#172 GTA Girl on 12.26.12 at 10:12 am

Suddenly, the Toronto condo market and it’s insanity makes sense.

http://www.sunnewsnetwork.ca/sunnews/canada/archives/2012/12/20121226-080257.html

When driving at 8pm at night preferably a Tuesday, look up and see how many units are in the dark. Investor money, or laundering can be quite visible. Even more under the surface, through equipment, materials, unions. But there is only so much longer the pyramid can last.

Even the criminals won’t keep stolen money in a depreciating asset.
=====================================

Exactly…same here in Metro Vancouver. My guess is approx. 70% of any given building is lights out in the evening..not even one token light on

Money Laundering has got to be the reason they are still building . The article you posted applies to all of Canada re Lax laws that encourage it.

Quite pathetic, because our officials must be aware of it, but don’t want to upset the cash cow, even though the longer this goes on, the worse it will get.

Interesting too is that many of major developers here in Metro Vancouver are of the same ethnic background as the Toronto article..”Hey Guido”…

#179 Westernman on 12.26.12 at 1:12 pm

Beach Girl @ # 158,
Wrong on both counts – don’t you ever get tired of being wrong? Your entire mentality pretty much exists on that level doesn’t it? – how sad for you… explains the crowd you hang with though…
Herbie @ # 162 – Yeah, Canadians are just about that stupid too, and you would probably be the first in line to vote for him, which makes you Lord of the Idiots…

#180 Spiltbongwater on 12.26.12 at 1:23 pm

I have a few blow ups, but I didn’t purchase them at Wal-Mart, I got them at … nevermind.

#181 hangfire on 12.26.12 at 2:15 pm

Think about Carney’s legacy…bails at Goldman months before the crash….now bails on the BOC as the crash he created with extended ‘emergency rates’ unfolds….seems this guy is pretty light on his feet….I pity the BOE who gets this slippery character in the mix…..Seriously…what has the guy done to garner any appreciation? He has failed to comprehend the complexity of debt altogether…..I could have asked an 8 year old to suck on his thumb and do nothing and paid in lollipops………..Carney has been a wrecking ball on the structure of the CDN economy creating misery for us for at least two generations….thats how long it will take to inflate away the accumulated debt.

http://business.financialpost.com/2012/12/26/trump-tower-torontos-condo-market/?__lsa=f0cf-d6ae

And we have a few flakes supporting Trudeau……are you just stupid? Are you not paying enough tax now? The only idiots who can support an NDP or Lib regime are those that suck off the taxpayes teat…the unions and civil service because of the fat greasy pensions and 50% more pay than average workers.

#182 CrowdedElevatorfartz on 12.26.12 at 2:16 pm

@#177 Big Fan

I have to agree with the Garthinator.

I drove past a “christmas” lawn decoration yesterday that was so unbelievably tacky it deserved a midnight raid with a needle ( an inflatable merry go round with Santa and elves rotating inside screen “windows”)

……What does THAT have to do with Christmas?………

#183 CrowdedElevatorfartz on 12.26.12 at 2:21 pm

@#178 Hoofy

your comment …”Interesting too is that many of major developers here in Metro Vancouver are of the same ethnic background as the Toronto article..”Hey Guido”…

I would dare say that most multi million dollar highrise condo projects in Vancouver arent being built by the Italian Mafia…..

Perhaps the Bank of (insert the name of any Canadian Bank here) “mafia”……. with their extremely(artificially) low interest rates?

#184 Herb on 12.26.12 at 2:58 pm

#180 Westernmoron,

if it would take down your man, I would!

#185 Herb on 12.26.12 at 2:59 pm

Sorry Spiltbongwater, that should have been #179.

#186 Victor V on 12.26.12 at 3:06 pm

http://business.financialpost.com/2012/12/26/trump-tower-torontos-condo-market

The investors suing Talon and Trump didn’t pay the remaining purchase price by the Dec. 13 deadline and Talon filed a statement of defense and a countersuit for $750,000 against the first four buyers to file lawsuits. In the claim, Talon says it hasn’t provided “any false or misleading marketing and promotional materials.”

Crockett, visiting Toronto, said he won’t be investing in the city’s real estate market again.

“There’s the illusion of movement in the Toronto housing sector with sales and buyers,” he said, glancing outside a cafe onto the evening rush-hour crowd surging along Bay Street past his investment property 24 stories above. “But now it seems more like a Ponzi scheme.”

#187 Herb on 12.26.12 at 3:15 pm

#169 Devore,

your comment is a modern paradigm: screw-ups are never caused, they just happen; and no one is responsible for anything except making their buck.

#188 Cowpie on 12.26.12 at 3:37 pm

#124 Hoof – Hearted on 12.24.12 at 7:39 pm
Merry Christmas and Season’s Greetings to all….

A Special Thanks to Garth for all his hard work at guiding many parties through the fiscal landmines and the propaganda cowpies… I am sure many lives have been altered in a positive and constructive sense by those willing to stop, listen and learn .

Again ,all the Best …..
++++++++++++++++++++++++++++++++++++++=

Nothing wrong with cowpies, my friend.

But agreed, propaganda does stink. Some McMansions selling around Cowtown this week. But they went for 100K less than asking. Actually took this last one several years to sell, and went for over 200K less than the seller originally paid for it…

Think I’ll wait it out till 2019 to buy anything here, myself.

#189 Junius on 12.26.12 at 4:19 pm

#181 hangfire,

You said,”The only idiots who can support an NDP or Lib regime are those that suck off the taxpayes teat…the unions and civil service because of the fat greasy pensions and 50% more pay than average workers.”

So should we support a Conservative government that erased a surplus and created a massive debt both public and private with the housing bubble?

Like all right wing nut jobs you conveniently leave out the fact that the right wing governments both here and in the US (Bush and Greenspan) are much worse in their management of economic affairs.

#190 Junius on 12.26.12 at 4:27 pm

#147 Eaglebay-Parksville,

You said, “Boomers are a majority everywhere. We run the world. Suck it up.”

Yes, for now you do. Straight into the ground. Histories most narcissistic, selfish and delusional group ever. To be forever remembered as the locust generation.

As opposed to the drama queens? — Garth

#191 Form Man on 12.26.12 at 4:43 pm

westerman

the real flakes are the saps who voted for Harper thinking they would get ‘conservative’ financial management.
Instead they have been treated to the fastest spending increases, fastest public sector hiring growth , and largest deficits and debt in Canadian history. A return to the fiscal sanity of the recent Liberal regime would be welcomed those of us who actually think rationally, instead your ilk who mindlessly parrot empty slogans…………

#192 TurnerNation on 12.26.12 at 4:44 pm

Now, now Garth, could those decorations have been bought instead at Canadian Tire (CTC.A, 1.7% divvy)? Or did you specficially see those KIAs parked at Walmart?

What’s needed is an inflatable F lawn doll. All paunchy, rotund and squat. Smiling.

#193 Ronaldo on 12.26.12 at 4:50 pm

#163 – Stanley – not 7% but close. Low volatility, low mer, spits out steady dividends. Love it.

http://ca.ishares.com/product_info/fund/overview/XTR.htm

#194 GTA Girl on 12.26.12 at 4:57 pm

The last name may be Italian, or Russian…both are rooted in Toronto.

This construction/development laundering must end. Can only continue if the populace ‘ believes’ the numbers. This is no longer the case. Organized crime competes with itself now. $600k condos at 700 sqft, make no sense in a farmers field north of Toronto.

Nothing warrants these numbers. Nothing.

#195 Form Man on 12.26.12 at 5:03 pm

sorry, would be welcomed ‘by’ those of us

#196 Grim Reaper/Crypt Speculator on 12.26.12 at 5:21 pm

#180 Spiltbongwater on 12.26.12 at 1:23 pm

I have a few blow ups, but I didn’t purchase them at Wal-Mart, I got them at … nevermind.

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

Hey..

Dr Wayne paid his way through ??? school making balloon animals out of Victoria’s Secrets catalogue products.

#197 willworkforpickles on 12.26.12 at 5:30 pm

When they gravel the main street in your city instead of repave to fill the potholes then you will know the bottom in real estate is in.

#198 Hoof - Hearted on 12.26.12 at 5:32 pm

#188 Cowpie on 12.26.12 at 3:37 pm

I am seeing more sales recently at least the proverbial “SOLD “stickers, but my guess is a different hybrid version of Greater Fools….those that think they are smarter and thinking 30% off peak is a deal, and better grab quickly.

VREAA blog had an example of a west-side house reduced to approx. $ 4 Million from $4.9 Million and proposed it could drop to $ 2 Million . I agree…. multi – Millon dollar homes are ” a dime a dozen “.

I say after Chinese New Year and Spring 2013, major price haircuts, the dam will burst.

#199 Canadian Watchdog on 12.26.12 at 6:20 pm

Average Estimated Overall Agent Commission in the Greater Toronto Area Chart

#200 brainsail on 12.26.12 at 7:27 pm

A Revenue Canada question…

My crazy 90 some year old mother struck gold with her AAPL stocks. Sold them with a 90K profit this year and will have about a $130k income for 2012.

I do not live in Canada and when I look at the Revenue Canada regulations I see that they claw back on OAS and CPP starting at a 71K income and by 114K income all of the OAS and CPP are forfeited.

My question is, besides the capital gains tax that she will have to pay on 90K AAPL profit, how much of her $18000 OAS and CPP will she have to forfeit?

#201 LS in Arbutus on 12.26.12 at 11:21 pm

#200 – Brainsail

Max OAS payment in 2012 was $6,070. So the max the government can claw back is $6,070. The government does not claw back CPP.

OAS is clawed back when “net income” per line 234 on the Canadian tax return exceeds $67,688.

Net income includes your mom’s CPP, OAS, all other income and taxable capital gain. (Taxable capital gain = 50% of capital gain.)

So we get your mom’s net income, using $130,000 as the gross income amount as:

OAS $6,070
CPP $ 10,615 (this is the max)
Taxable Capital Gain 50% of $90,000 = $45,000
Other Income $22,685
Net Income total $85,000
Less OAS Base Amount($66,562) 2012 amount
Amount over Base $15,438
Multiply by 15% $2,316

So your mom needs to pay back approx $2,300 of her OAS benefits. Not too bad.

She also won’t qualify for the age credit, which is approx $1,008 that her taxes will increase. See below for more explanation on this.

The age amount tax credit is a non-refundable tax credit, claimed on line 301 of the personal income tax return. This tax credit is available to individuals who are, at the end of the taxation year, aged 65 or older. The federal age amount for 2011 is $6,537 ($6,720 for 2012). This amount is reduced by 15% of income exceeding a threshold amount of $32,961 for 2011 ($33,884 for 2012), and is eliminated when income exceeds $76,541 for 2011 ($78,684 for 2012).

The tax credit is calculated using the lowest tax rate (15% for 2011 & 2012), so the maximum federal tax credit for 2011 will be $981 ($1,008 for 2012).

#202 brainsail on 12.27.12 at 12:51 am

#201 LS in Arbutus

Thank you, very, very much!

#203 robert on 12.27.12 at 12:05 pm

To big to fail comes to mind on this latest quietly executed bail out. My take on this is that Genworth is in trouble and some of those nasty liabilities are playing havoc with their financials. So they have taken a play from the Americans and kicked the can down the road for a bit longer. This spells disaster and tells me things are even worse than painted.