Lost

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Our topic this week, in case you missed it, is ethics. In these days of self-interest, so many have lost their way. Real estate boards routinely manipulate statistics. The national association of realtors, CREA, misleads on market pricing and momentum. Mainstream media, lazy or incompetent, distorts reality instead of reflecting it, as press releases morph into news. Debt-peddling real estate agents use greed and naiveté to endanger others and profit themselves.

This week a realtor posted a vid falsely stating I’d recently told readers here to borrow against their houses and buy stocks on the TSX so they could make 10% a year. He made it up, after he was thrown off this site. As I said. Lost.

Real estate’s essentially an unregulated industry. People like Brad Lamb can legally tell people they’ll make a 248% return buying one of his condos. Agents have no responsibility whatsoever for ensuring what clients buy is appropriate for them. Brokers and banks loan 95% of the cost of a property to people who have no money, at rates destined to reset higher.

It takes five years and 9,000 hours of work experience to become a plumber in Ontario. To become a realtor takes six months and costs $2,500. Plumbers work with water. Realtors deal with the largest investments people ever make, often involving 25 years of debt. Weeks after taking a simple course, they can be on the street selling.

I was reminded again of the Wild West nature of this business days ago when I read a Globe and Mail piece on how people can buy real estate without having any actual cash. Of course the ones routinely doing this are the young, who have neither fear nor experience. Those facilitating it are usually mortgage agents.

(By the way, you can qualify to become a mortgage agent by taking a 42-hour community college course, also offered online, weeknights, or seven Saturdays. In addition, you must be 18 years of age and have a mailing address. Breathing on your own is also encouraged.)

The author was Robert McLister, a broker and editor of Canadian Mortgage Trends. It’s actually a good publication, and McLister is a smart guy who covers his industry like an enthusiastic fungus. But the fact he and his colleagues actively facilitate the sale of expensive houses to property virgins whose biggest asset is glands, is not cool. As the mortgage brokers’ association admits, 25% of renters today have less than $5,000 saved – but are routinely able to buy houses costing $300,000 or $400,000.

How can this be when mortgage insurance requirements dictate purchasers must have a whopping 5% down payment, and when banks are now outlawed from handing over cash bribes to borrowers?

Easy. In McBroker’s world you can put the down payment on a credit card. “Mind you,” he cautions, “not all lenders allow this and the ones that do check that you can afford the extra debt payment.” But the odds of anyone actually asking if your MasterCard has melted are miniscule.

Or, just get one of those newly-illegal cash-back mortgages from a credit union, instead of a federally-regulated bank. And while the mortgage rate you’ll be offered is higher than if you actually had money, you’ll still get 100% financing. “You then need to cough up only your closing costs, which include legal and inspection fees, the land transfer tax and so on.” Those costs, by the way, usually equal about 2% of the purchase cost. You can borrow that from your babysitter.

And there’s borrowing money from your brother-in-law, assuring him you’ll pay it back on Tuesday, and then telling the bank it’s a gift. “Unfortunately, while not an epidemic problem, it’s no secret that a small number of borrowers fraudulently claim their down payments as “gifts,” even though they fully intend to repay the money,” wags McLister. “That raises the risk level for lenders because the borrower’s debt obligations increase. Of course, both the borrower and giftor must attest in writing to gifted funds being non-repayable, but that is hard to police after closing.”

In other words, kids, don’t sweat it. If you really want to buy something you can’t afford, then make it a house instead of a car or tuition. After all, let’s keep things in perspective.

Of course, not all realtors, lenders, brokers and agents put their own interests ahead of their clients’. Many are decent and caring people, living in a world where there are no sick days, pensions or salaries. Many more fail than succeed. Most of us would never trade places.

But shoddy regulation, lack of oversight, the absence of enforcement and constant lapses of ethics will only make the coming misery worse for those who can endure it the least.

We’ve lost our way.

223 comments ↓

#1 Dr. Wanker on 01.18.13 at 10:04 pm

This for you. I know you don’t like singular. But you like Terd !!

#2 JimH on 01.18.13 at 10:06 pm

Exactly! There really is nothing more to say!

Thanks, Garth!

#3 Patiently waiting on 01.18.13 at 10:07 pm

One thing I have learned is that when money is involved ethics is thrown out the door. Doesn’t matter who it is, just how much is involved. By the way…..first??

#4 AisA on 01.18.13 at 10:11 pm

Let the good times roll!

#5 Sherwood Park on 01.18.13 at 10:14 pm

Such a downer … And on a Friday!

#6 Debt's Dark Embrace on 01.18.13 at 10:16 pm

Well said Garth. We have truly lost our way.

#7 furst on 01.18.13 at 10:18 pm

#152 Dr. WAYNE on 01.18.13 at 12:12 pm

Nice … but … no fraud … and I don’t live alone (with a babe and 15 guitars) … eat your heart out.
_____________________________________________
Yeah, sure…..when you say babe do you mean of the human variety right? Because, I seriously no matter how good my imagination is (and it is good) can’t see how any lady, babe or not would be able stay with you for an extended period of time. And when I say extended, I mean more than 1 date. So I’ve decided that you’re lying about that. On the other hand, I definitely believe you about the guitar. With no ladies to spend money on, you have both the funds and time to collect 15 guitars. You have a Gibson?

#8 Spiltbongwater on 01.18.13 at 10:18 pm

CKNW has an ad that says “buy a home for less then the price of a car”. I guess that can mean anything since the price of the car is not mentioned, but really, those sort of ads are allowed? When I think of the price of a car, I think of my car, 1978 AMC Pacer. FML

#9 gold bug on 01.18.13 at 10:19 pm

the bright side is you can walk away from your house and let the Cdn tax payers take care of your foolishness, and the real estate agents can cry all the way tot he unemployment line, what other skill could they have, but wait people still need vacuums!!!

#10 ketch on 01.18.13 at 10:21 pm

oh were oh were has my little lamb gone and i dont mean brad. buckle up kids this one is going to hurt.

#11 Gta girl on 01.18.13 at 10:22 pm

Anyone else notice TREB magically changed Jan 2012 sales lower to make it look like there was an increase instead of a decrease in 2013. Google original 2012 realease. Surprised MSM just blindly reported it? Yeah, me neither.

#12 Mark W on 01.18.13 at 10:25 pm

Last night I was listening to the following discussion about the Vancouver housing market. It went basically like this. Person one said that real estate is coming down in Vancouver. Person two said that the apparent downturn in sales and values in Vancouver is largely illusionary because it is only real estate at the top end of the spectrum that has slowed, which is artificially skewing the statistics in the mid range. That homes in the midrange and below are still selling well and have not slowed. Is this accurate Garth? Personally, I was going to say that he was not correct but I did not have the exact statistics to back up my claim. Where are the statistics on each market price segment?

#13 TurnerNation on 01.18.13 at 10:25 pm

Garth – Just after 1 this afternoon I spotted you shopping.

What are the chances eh.

Blog dogs are ‘everywhere’ in “Turner Nation”

#14 C on 01.18.13 at 10:27 pm

First

#15 Randy on 01.18.13 at 10:28 pm

I still miss the days when fundamentals was a valid economic approach…before everything got bastardized…

#16 renters rule on 01.18.13 at 10:28 pm

I think many people need extreme financial hardship and calamity to learn to be fiscally responsible. Absent consequences, they do not really understand what they have done, whwn they have gotten in over their heads.

A lot of people are overdue to ‘learn the hard way’….

#17 guelphstudent on 01.18.13 at 10:34 pm

Slavery is back, free sign ups, talk to your local real estate agent.

#18 C on 01.18.13 at 10:41 pm

Went to pick up a copy of the latest Macleans mag to show the wife how what I’ve been telling her since 2010 is finally going mainstream. Didn’t see it?

But, I did see Canadian Business which I’ve seen but never read. On the cover in huge print “HOW LOW WILL HOUSE PRICES GO?”. Bought it and the wife liked it. Nothing works like 3rd party info to help your argument to rent. When the Mother In Law comes over tomorrow night to babysit she’ll notice it on the coffee table. She passive aggressively asks us when we are going to to buy a house every so often since we’ve been renting since 2010.

#19 AisA on 01.18.13 at 10:43 pm

http://www.youtube.com/watch?v=jVbkz_3lO3c

The sound of Canadian housing in 2013 ;-)
The applicability is astonishing.

#20 The real Kip on 01.18.13 at 10:44 pm

“It takes five years and 9,000 hours of work experience to become a plumber in Ontario.”

No doubt and rightly so. Plumbers in Ontario are regulated meaning you must have certification to work in this field. Good plumbers are hard to find but Hoisting Engineer (crane operator) is only 8,000 hours and also regulated.

http://www.settlement.org/sys/faqs_detail.asp?faq_id=4001105

#21 Muddy Waters on 01.18.13 at 10:47 pm

A few years ago, my wife and I were shopping for a house, using the services of a fellow realtor friend, a decent fellow. Curiously, we found many of our offers on houses were being mysteriously outbid by marginally higher offers from customers of the listing agents.

In frustration, we abandoned our realtor friend and decided to go straight to the listing agent on the For Sale sign, who promptly informed us that when the time was right, he, not wanting to split the commission with another realtor, would let us know the ‘wink wink, nod nod’ price to secure the winning offer.

Realtor Code of ethics? What total and utter B.S.

#22 Tom on 01.18.13 at 10:48 pm

Realtors are people that used car dealerships found too dishonest to employ.

A friend of his had this empty house just sitting dormant in his neighborhood. The Realtor® noticed it every time he went to his friend’s house. He finally inquired about it, and his buddy explained to him that an elderly couple from Illinois purchased it a few years back as a winter home. They came down to the valley the first winter, and the next summer the husband man died while back in Illinois. She never returned to the Arizona house. The house was paid for, and the wife continued to pay the taxes, utilities, and whatever else was needed, but she just never returned. Supposedly her personal support network was back near Chicago.

Well, the Realtor® smells a free cheese giveaway and calls the old lady up to offer his services as a professional Realtor®; to help her unload the house. Sure enough the old lady had no plans or desires to return to Arizona. All of her family was in Illinois, and she wanted to remain around them. She was indeed interested in selling her winter home.

The Realtor® offered his services to sell her home for her, smelling that commission before he even called. He asked how much she wanted to get for the home. Mind you this was April of 2005 – smack at the height of the real estate boom , and the lady had owned the home free and clear for nearly five years. The old lady replied,

“I don’t really know? We bought the home for $175,000 five years ago. Do you think we could get as much as $200,000 for it now?”

In the red hot Arizona real estate market homes were appreciating as much as $10,000 per month. It was such a fast moving real estate market my brother-in-law listed his home and had an offer three hours later for $5,000 over asking price, to prevent him from looking at other offers. His house had offers before the listing even went out to the MLS.

People were putting money down on new construction condos and single-family homes only to sell them the day construction was finished for big profits. People also put offers in on spec homes (the first home in a development built, then used as an office to sell all of the other units). If you put $5,000 down you locked it up as yours, then you’d wait a couple months for the development to sell all the houses, then the builder would fix the house up to look like a house instead of an office to complete the transaction. As soon as the purchase was completed you could sell it for double or triple the original purchase price. A five thousand dollar investment (the earnest money) would end up netting hundreds of thousands of dollars. Nice rate of return!

Back to the crooked Realtor® who had already made a verbal offer of his services to help the old lady sell her home, binding him to a fiduciary duty to represent her. After hearing her uncharacteristically low offer, he then offered to purchase the home himself, and save her a few thousand on commissions. An ethical Realtor® (if they exist) would have explained to the woman she could easily get a lot more for the home. The old lady accepted his offer, and he started to prepare the paperwork right away. With Fax machines and FedEx it’s pretty easy to quickly complete a purchase and finish the transaction – even across state lines.

The Realtor® told me as soon as he got off the phone with the elderly woman, he prepared the listing then went over to place a Real Estate Sale sign in the yard to start stirring up interest. This was before he even faxed the contract to the elderly woman back in Illinois. The listing was on the Multiple Listing Service (MLS) for him to sell the home, before he even completed his purchase.

He set up escrow and financing, and finished the purchase 3 days later. In the mean-time the Arizona market was so hot he was taking offers on the same day it listed. As soon as the property was officially recorded (as a public record) in his name, he accepted an offer for $475,000.

Cut-and-paste. Don’t do it again. — Garth

#23 Bob on 01.18.13 at 10:55 pm

Rumour is Bob Rennie was seen leaving the warehouse of the News Group in Richmond with every copy of this weeks MacLeans destined for Vancouver store shelves in the trunk of his Bentley.

#24 X on 01.18.13 at 10:59 pm

With any luck the gov’t will make changes to the ‘shoddy regulation, lack of oversight, the absence of enforcement and constant lapses of ethics’ occuring within RE.

But I am not going to hold my breath.

#25 Joe on 01.18.13 at 11:00 pm

Banks are caught laundering drug money and fudging Libor rates. If so called honest and respected institutions are involved in illegal acts not to speak of corruption in politics, police forces…. how can anyone expect anyone to act ethically. It’s kinda like the law of the jungle out there with no moral compass with selective self policing of setting the bar at ones comfort level, you won’t rob a store but will steal a pen from work maybe cheat the tax man a tad. This is going to end badly.

#26 Fodork on 01.18.13 at 11:00 pm

When mortgages go under water enmasse, govt will step in and rescue the lenders and homeowners. I expect that there will come a time when underwater homeowners will be able to write down mortgages or be able to lock in low rates for a long amortization period. Moneywise taxpayers folks who are crying wolf right now will be the only ones royally screwed because they will bear the brunt via taxes. This is very predictable but with a lot of collateral damage.

#27 young & foolish on 01.18.13 at 11:03 pm

… do the feds understand all this?

#28 Old Man on 01.18.13 at 11:05 pm

I need no plumber around a toilet operation as know it all, from A to Z. That includes lifting it out to change the wax ring, and all the other stuff, so gals am a good catch.

#29 renters rule on 01.18.13 at 11:11 pm

I have first hand knowledge of similar in the west end in vancouver; realtor gets a listing (okay this was actually back in 2009), waits to put the listing on mls, in the meantime networks with all his realtor buddies and they engineer a deal on the side to consummate a buyer with the seller, the listing never even got listed.

#30 AK on 01.18.13 at 11:15 pm

#14 C on 01.18.13 at 10:27 pm

“First”

Well, it’s always healthy to pretend. :-)

#31 AK on 01.18.13 at 11:17 pm

#27 Old Man on 01.18.13 at 11:05 pm
“I need no plumber around a toilet operation as know it all, from A to Z. That includes lifting it out to change the wax ring, and all the other stuff, so gals am a good catch.”

You may be a good catch for somebody who can figure out as to what the hell you are talking about. :-).

#32 Paolo on 01.18.13 at 11:19 pm

And this has been the case since 2000, each year getting more and more out of control.

Ponzi Canadian Economy 1999 – 2012!

#33 prairie person on 01.18.13 at 11:24 pm

It has started. The snowdrops are up and blooming. First sign of spring. Second sign, a for sale sign on my next door neighbour’s yard. This is a major development since houses in this neighbourhood seldom come up for sale. Maybe he reads this blog? Maybe he’s jumping the gun. When does the usual spring season begin? I’ll do my walkabout tomorrow and see if for sale signs are sprouting as fast as the snowdrops. Victoria.

#34 Dr. WAYNE on 01.18.13 at 11:26 pm

#7 furst on 01.18.13 at 10:18 pm

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

:-)

6 Gibsons/4 Fenders/2 Rikis/PRS/Ibanez/White Falcon (Gretsch) … again … eat your heart out.

#35 jjpetes on 01.18.13 at 11:28 pm

QUICK POLL,

So how many of you come accross this troll emoticon };-) thing and skip past the entire post?

#36 Dr. WAYNE on 01.18.13 at 11:28 pm

#14 C on 01.18.13 at 10:27 pm

First

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

You’re a long way from ‘First’ a$$hole …

#37 John in Mtl on 01.18.13 at 11:35 pm

@ renters rule on 01.18.13 at 10:28 pm

“I think many people need extreme financial hardship and calamity to learn to be fiscally responsible. Absent consequences, they do not really understand what they have done, whwn they have gotten in over their heads.

A lot of people are overdue to ‘learn the hard way’….”
=======================================

Don’t know that they’ll learn that much. They’ll bankrupt and 7 years later can do it all over again. They’ll lose the house but as taxpayers, we will all be the losers for those irresponsible people.

#38 45north on 01.18.13 at 11:43 pm

But shoddy regulation, lack of oversight, the absence of enforcement and constant lapses of ethics will only make the coming misery worse for those who can endure it the least.

It’s the middle of January so most people are not worried about real estate – January is a slow month but they are going to worry in July. Sales have to double between now and May – if they don’t then everybody’s house is going to drop. People with mortgages are not going to be happy. I watched youtube video of AJ Hazzi. Link provided by Snowbold. People that invest in his scheme will be lucky to get their money out – never mind the 10% profit.

In the Chinese calendar this is the year of the snake who is Acute, Aware, Cunning, Proud, Vain, Vicious
http://en.wikipedia.org/wiki/Year_of_the_snake#CHARACTERISTICS

don’t pet them

#39 coastal on 01.18.13 at 11:47 pm

“Of course, not all realtors, lenders, brokers and agents put their own interests ahead of their clients’. Many are decent and caring people, living in a world where there are no sick days, pensions or salaries. Many more fail than succeed. Most of us would never trade places.”

Totally agree, most agents I have dealt with have been more than professional and would always look out for my best interest. Though there are some I have come across over time that start out “looking professional” and then the self serving thing kicks in, and you are looked at as just another sale. If you aren’t making them money that day they don’t have the time for you or give you flippant lip service at best. Amazingly enough, those latter ones are the younger generation of agents and brokers in this social media world,who have a very immature manner and comprehension of what exactly is “professionalism”. What we saw on this blog earlier is a prime example : big ego, no class, and spoilt brat syndrome. Might get you a few sales early on but those careers usually burn out when the going gets tough.

#40 Timing is Everything on 01.18.13 at 11:48 pm

Well Garth, at least we have the ethical banks looking out for us. They’re so nice.

‘A federal jury decided Wednesday that Toronto-based TD Bank owes an investment group $67 million for its role in a $1.2 billion Ponzi scheme that was operated by a now disbarred attorney, Scott Rothstein.’

“This bank was integral to the fraud, and the fact is that it could not have succeeded without their active participation in the Ponzi scheme,” Mandel [Coquina Investments] said. “TD Bank was Rothstein’s partner in crime.”

http://tinyurl.com/85qp5pm

As long as the shareholders get their slice, it’s all good. What a ‘racket’.

Back on the sno-cones.

#41 Smoking Man on 01.18.13 at 11:51 pm

Bubble Heads I’m the coolest guy I know I’m

DELETED

#42 dosouth on 01.18.13 at 11:56 pm

So we have decided to take some of the money we have saved(made) from selling in 2010 in the Okanagan and buy a travel trailer on V. Island and have some fun until prices settle out and we decide to buy again.

Any suggestions on something 24-30′ that would be fun and towable by our new F150 Lariat (courtesy of getting out while we were ahead)….

Cheers

#43 Mark on 01.18.13 at 11:57 pm

“When mortgages go under water enmasse, govt will step in and rescue the lenders and homeowners. I expect that there will come a time when underwater homeowners will be able to write down mortgages or be able to lock in low rates for a long amortization period. Moneywise taxpayers folks who are crying wolf right now will be the only ones royally screwed because they will bear the brunt via taxes. This is very predictable but with a lot of collateral damage”

The CMHC is legally obliged to make good on their insurance policies, even if such requires additional taxes.

The actual property that gets foreclosed upon will largely be bought up by bank shareholders (with the rich dividends the banks will be paying), and people involved in other counter-cyclical industries.

#44 jan on 01.19.13 at 12:03 am

Its pretty obvious to me as ordinary citizes as well as fomer realtor ( however brief and not very successful ) that the governement either does not care or is to afraid to do anything about it thus adding another nail to the coffin ( real estate) by exposing this industry for what it really is.

#45 six-figure-renter on 01.19.13 at 12:05 am

simply a beautiful post. I feel the same way as you put Garth. Greed has taken over this city . The end is NIGH!

#46 Canadian Watchdog on 01.19.13 at 12:05 am

Oct 19, 2011: CMHC Housing Market Outlook Highlights For Vancouver

"Modest gains in MLS® sales activity are expected in 2011 and 2012, with six per cent and nine per cent growth forecast, respectively."

"MLS® sales are forecast to increase six per cent, to 33,000 transactions this year and a further nine per cent in 2012, to 36,000 MLS® sales.

Greater Vancouver's sales ended at 25,049 for 2012. CMHC's forecast was off by 33%. Let that be a lesson to all the realtor muppets who've been inculcated by institutional dogma.

#47 Timing is Everything on 01.19.13 at 12:06 am

#40 Timing is Everything

But wait there’s more…

‘TD Bank faces possible sanctions after losing $67M judgment’

“…TD responded to the accusation and denied any intention of misleading the jury, saying the alteration resulted from a copying error by clerical staff.”

http://tinyurl.com/bvupg9w

Might explain the ‘squeeze’ banks are putting on their ‘customers/clients/victi…’ wrt increasing banking fees.

#48 HogtownIndebted on 01.19.13 at 12:09 am

Garth – I am so disappointed to see you trash the impeccable ethics of the real estate industry.

Move along now folks, nothing to see here……

http://www.thestar.com/news/gta/article/1317340–realty-regulators-freeze-graydon-hill-s-accounts

#49 45north on 01.19.13 at 12:20 am

dosouth: Any suggestions on something 24-30′ that would be fun and towable by our new F150 Lariat

Nope. My brother-in-law has a 50′ foot motor home which I was very grateful I didn’t have the day I got lost in the Bronx.

#50 HDJ on 01.19.13 at 12:23 am

Garth, Very thoughtful blog. Merci. H

#51 Smoking Man on 01.19.13 at 12:25 am

Next best thing to an orgasm,

DELETED

#52 R. Olausen on 01.19.13 at 12:26 am

Getting a 35 yr. mortgage was the best thing that could have happened to me in 08, just missed the 40yr.. A great punctuation to the credit bubble turning. Follow up with a 3% pump up of the 30yr. bond bubble and whats not to like? No doubt about it there has been some major wealth transfer mechanisms in place since Bush 2 was photoshopped into the W.H.

#53 furst on 01.19.13 at 12:30 am

#34 Dr. WAYNE on 01.18.13 at 11:26 pm

6 Gibsons/4 Fenders/2 Rikis/PRS/Ibanez/White Falcon (Gretsch) … again … eat your heart out.
______________________________________________–
Your post was incomplete. I have completed it for you below.

6 Gibsons/4 Fenders/2 Rikis/PRS/Ibanez/White Falcon (Gretsch)…..0 LADIES

#54 Coho on 01.19.13 at 12:37 am

Lack of ethics pays in an unethical world. Let’s face the fact that it is not a few ‘bad apples’ giving institutions a bad name. It is the institutions themselves that are unethical. There are many well-meaning and decent people carving out livings in these institutions, however, it seems those which are unethical operating within the institutions get rewarded most. The system supports dishonesty and deceit particularly in certain professions like real estate. Money is made off the backs and ignorance of the majority of which the few benefit. Like the animal kingdom, our society is predatory based. The big fish eat the small fish…

Why is it that doctors and dentists earn the big money? Not just good money, which would be understandable, but BIG money. Yes, many are attracted to these jobs because of genuine interest in the field, while others are in it for the money and status. The establishment rewards these professions because:

a) Doctors push pharmaceuticals and operate in a reactionary way treating diseases rather than teaching about prevention, which is good business for the Mercks, Pfizers, etc.

b) Dentists push fluoride and for this the profession or rather the institution is rewarded by established pay rates which are almost obscene often garnering $1k per hour. One must wonder why governments are so concerned about cavities when things are going to hell in a hand basket.

c) Realtors…well the structure of the Canadian real estate selling game promotes greed. And a few month course rather than several years as with other ‘professions’ is appealing to ones looking to make what appears to be good and perhaps ‘easy money’ as compared to other careers in sales. I had realtors asking me what I wanted in my pocket for my house and they would sell they house for as much as they could getting the remainder of the final selling price. How’s that for a back alley-like deal? This proposal was put forth by a real estate ‘professional’. Talk about trying to cash in on someone who is disadvantaged in a situation. Is it ‘professional’ behavior that a realtor would have a home seller (if he/she was ignorant enough) agree to be happy with $200K in his/her pocket and have the realtor sell the property for $230K or more if the realtor could get it? That’s a heck of a commission on a $230k sale! These are the antics some of them exhibit. It’s disgusting.

Again, it’s not that all the people are corrupted — granted many are, but it is the institutions (or cartels) themselves which are — and they are fuelled and supported by their respective professionals, the good and the bad.

#55 1776 will commence again! on 01.19.13 at 12:39 am

I disagree, we dont need regulations or oversight of the real estate agents, they are not the problem in the system. The problem is government for manipulating and dictating to banks low interest rate and than guarenteeing banks taxpayer money for any foreclosures.

I am sure there are a lot of dishonest real estate brokers out there, there is no question about it, but they are just using the system that is been put in place to make a buck. If there werent such lax lending standards than the real estate agents would be limited to who they could sell too. Its the banks responsiblity to see if the buyer can actually afford the house, that is not the real estate agents job, his job is to close the sale.

I find myself dumbfounded at how many times people like to blame the salesman for there own mistakes. Its the customer that took on the loan, and its the government that guarentees that loan to the chartered banks. You guys have got to stop blaming real estate agents and begging the government for more regulations and laws to control the market. Its the government causing the distortions and misallocations of capital, not real estate agents.

#56 NotaGreaterFool on 01.19.13 at 12:46 am

Any updates re: the canada competition bureau & the crea? Not much media coverage on this.

#57 Proud Musty Basement Dweller (WestCoast) on 01.19.13 at 12:46 am

Well said Garth. I particularly liked your comment about the Real Estate Agent Cartel’s “New Releases” being regifted by the Media as “News” and plastered all over the internet and newspapers as fact.

As you say it is very often laziness on behalf of the media in reusing the written crap from the Real Estate agents.

In the first media relations course I took, the first lesson we were taught in getting our companies’ “spin” out there, was to make life easy for the lazy arses who can post the “news” story to their websites and papers without any extra word processing or research effort.

#58 Mainlander on 01.19.13 at 12:51 am

Anyone else think maybe that “Tom” is that realtors in a panic moron? I see Garth quickly found the copied article. The nasty crash this idiot keeps repeating is the rant from a bitter little person. The nasty crash is the dummy coming of his meds just long enough to post on this blog.

#59 Ronaldo on 01.19.13 at 12:55 am

#42 Do South –

”Any suggestions on something 24-30′ that would be fun and towable by our new F150 Lariat (courtesy of getting out while we were ahead)….”

You may want to check out the Jay Flight Swift 198RD 23 ft. unloaded wt. 3925 lbs. or the Jay Flight Swift 264BH 29 ft. unloaded wt. 4565 lbs. Was looking at an 18 footer myself last summer with the idea of doing the same thing. These were one of the nicer units that I looked at of the many that are out there.

Good for you on getting out when you did.

#60 Real_Professional on 01.19.13 at 12:57 am

Great post – good insight in so few words.

The question for everyone to think about is, will the regulatory standpoint ever change? I know BC mortgage brokers are regulated by FICOM, Portfolio managers by the BCSC, then you have the MFDA for fund pimps…

A single financial regulator should really be used for all of this.

#61 DT76 on 01.19.13 at 1:01 am

My landlord just offered me to buy my appartment, because he’s transforming everything in condos. He said that he negociated a 2.31% rate if I put up 20% down, and that if I couldn’t come up with the money he’d lend it to me at the same rate. So tomorrow I could own a condo with 0 down and a killer rate.

I’m moving.

#62 Nostradamus Le Mad Vlad on 01.19.13 at 1:20 am

-
“We’ve lost our way.” — Roughly 75% of the world’s population, yes. These are the power-hungry money grabbers who want it all and want it now. Fortunately, life rolls the dice and determines who gets what.

The remaining quiet 25%, who just go about their day minding their own business, doing the best they can with what they have will end up being in adequate to good shape, which at our age is all we need now — self-dependency.

Our days of wine, roses and chocolate-covered strawberries are halcyon days, long since gone.

#18 C — “She passive aggressively asks us when we are going to to buy a house every so often since we’ve been renting since 2010.” — You might also want to leave this article out for her to peruse. “My mother said it would be a bad idea. What if prices went up and I never got a house again?” He lost two hundred smackers by following her ‘advice’.
*
Germany’s Gold “The horrifying reality of the worldwide central banking monetary sham is beginning to cut through, even on CNBC.” Banxters Have Guns Will theirs be taken as well? Fake or true? Silver shortage; Lousiana Curious what effect that giant sinkhole would have if it ever erupts; CEOs Rich to begin with, they want retirement raised to 70; 2 Big 2 Fail Banks Richard Fisher gives a peek; How To scare a boomer; 2:20 clip Andy Rooney: “If politicians had to use silver dollars to pay off our national debt, maybe we wouldn’t have one.'; High Street Slip slidin’ away; Headline alone clearly states one law for the rich and another for the poor; Cdn. Friday links; 1:01 clip The best sausage meat ad; Frangleterre “Europe appears contained, but it’s actually getting worse.”; Humpty Dumpty (and others) KB puts (attempts?) to put a timeline on Japan’s collapse.
*
Otraitor? “It is the Chinese who are pushing for the disarming of the American populace. . . . Obama is so vigorously capitalizing on the Sandy Hook massacre to advance what will certainly be draconian and unconstitutional measures relative to firearms.”; Gorillas In The Mist? Not quite; Blimey it’s hot in here Bruce Hot enough to boil a monkey’s bum; New Baby Mercedes Neat; Art Interesting designs by Japanese artist. The spine is a zipper? Overpopulation? Nah. The resources have to be spread out more evenly; Stratosphere The economies are not the only things that are are being split down the middle.

Obomba in Action; 2:39 clip Sandy Hook becomes stranger by the day; 500K Iraqi children killed “The corporate media is now on their … I’ve lost count … day moaning and crying about the dead children in Connecticut. Where was the corporate media when these other innocent children were being murdered?” wrh.com., and Eleven states jailing feds. who violate the 2nd Amendment; NBC admits no assault rifle used in Newtown, and UN Agenda 21 gun grab in March? UN Agenda 21 Washington State doesn’t seem to want it; China – Japan, UN Agenda 21, Mali — this is already one helluva year! Disgruntled Those who stand up for the Constitution are new viewed as terrorists; Super Thin Invisibility Cloak If it’s super thin, it’s not really invisible, is it? China’s military hawks take the offensive; Stormy Things are bad here? Check out Saturn; 2:01 clip NASA admits cold fusion change; Obomba – Cameron rhetoric a.k.a. bullsballs.

#63 Jeannie on 01.19.13 at 1:23 am

Well said Garth, it’s a job staying trusting these days.
It would be interesting to hear the opinions of those in the ‘Behavioral’ professions who post here.
What happened to our society in a few short years, to
bring out such avarice, disregard for others, and self-indulgence?
Those of us who qualify as ‘wrinklies’ are living in a different world now, just sayin’.

#64 debtors_winners on 01.19.13 at 1:28 am

“Despite all the negativity surrounding residential real estate, the sky is not falling,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Home sales have moderated, but remain within healthy levels. Greater optimism is expected to return next year, as the economy marks further improvement. Immigration and population growth will continue to support housing demand moving forward. The Canadian government’s commitment to immigration will hold steady, with the country set to welcome as many as 265,000 immigrants in 2013. The greater focus on economic immigrants is already leading to quicker household formation and home ownership than in years past.

#65 Mt pleasant on 01.19.13 at 1:34 am

Don’t hate the player, hate the game
(ICE T)

#66 The Bear on 01.19.13 at 1:39 am

” Breathing on your own is also encouraged. ”
” … smart guy who covers his industry like an enthusiastic fungus”
“to property virgins whose biggest asset is glands”

– Greatest hits

Write another book Garth, archiving highlights of every post.

#67 Mic D'angelo on 01.19.13 at 1:40 am

Business ethics seems to be difficult to practice these days. This reminds me about the movie Billy Madison when one of the executives could not answer a question about business ethics getting nervous and stuttering. An ethical person has this trait and is part of his or her character.It is very difficult for someone to be taught this and be a fair and good person. Bad ethics should be fought with big steel bars.

#68 Dr. WAYNE on 01.19.13 at 1:40 am

#53 furst on 01.19.13 at 12:30 am

… 0 Ladies …

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

I only have/need ‘one’ great one … you, obviously, require a host of ‘mediocre’ …

#69 Investx on 01.19.13 at 2:12 am

Good job, Garth. Keep exposing the industry’s shady reps and conduct.

#70 Hoof-Hearted on 01.19.13 at 2:18 am

Yes….Dr Wayne has had a long and happy relationship to his curved boxes with strings attached.

In honour of his dedication to inanimate objects (not requiring batteries or inflation)…raise your glass and sing along….

http://www.youtube.com/watch?v=lX4hN2KAaww

#71 Shrit4brawns on 01.19.13 at 2:20 am

good posts Coho, I agree.

I think even the smoking man would.

That said, that is the way it is. If you can’t beat them (and you can’t), join them?

#72 a prairie dawg on 01.19.13 at 2:26 am

Ethics.

Main stream media today.

The (drank a) Fifth Estate…

#73 Guy1 on 01.19.13 at 2:28 am

Brilliant post… Well said, well said!!

#74 Agio on 01.19.13 at 2:42 am

Tom @ 22
Plagiarizing Prick.

#75 willworkforpickles on 01.19.13 at 2:59 am

Now come the days once again where you will labor twice as hard as before for half the business and success you’ve been having. If your lucky. Very lucky.

#76 a prairie dawg on 01.19.13 at 3:00 am

#20 The real Kip

“It takes five years and 9,000 hours of work experience to become a plumber in Ontario.”

– – –

No doubt and rightly so. Plumbers in Ontario are regulated meaning you must have certification to work in this field. Good plumbers are hard to find but Hoisting Engineer (crane operator) is only 8,000 hours and also regulated.

http://www.settlement.org/sys/faqs_detail.asp?faq_id=4001105

– – –

And how many hours does it take to get a realtors license from a largely self regulated industry? A few dozen maybe? More if you’re stupid…

In the context of the realtor being the bitch,

“Bitch please.”

http://ca.images.search.yahoo.com/images/view;_ylt=A0S0uD30Q_pQPCgAZDrtFAx.;_ylu=X3oDMTBlMTQ4cGxyBHNlYwNzcgRzbGsDaW1n?back=http%3A%2F%2Fca.images.search.yahoo.com%2Fsearch%2Fimages%3Fp%3Dbitch%2Bplease%26_adv_prop%3Dimage%26va%3Dbitch%2Bplease%26fr%3Dyfp-t-715%26tab%3Dorganic%26ri%3D40&w=640&h=474&imgurl=cdn.motinetwork.net%2Fdemotivationalposters.net%2Fimage%2Fdemotivational-poster%2F1005%2Fbitch-please-stab-cheek-bitch-please-demotivational-poster-1274325691.jpg&rurl=http%3A%2F%2Fwww.demotivationalposters.net%2Fbitch-please-bat-man-demotivational-posters-103430.html&size=66.9+KB&name=%3Cb%3EBITCH+PLEASE+%3C%2Fb%3E-+Batman+won%26%2339%3Bt+fall+for+those+little+games+of+yours+Joker+…&p=bitch+please&oid=a94f8e7f22d2bc54b299e0d811d18a7d&fr2=&fr=yfp-t-715&tt=%253Cb%253EBITCH%2BPLEASE%2B%253C%252Fb%253E-%2BBatman%2Bwon%2526%252339%253Bt%2Bfall%2Bfor%2Bthose%2Blittle%2Bgames%2Bof%2Byours%2BJoker%2B…&b=31&ni=21&no=40&ts=&tab=organic&sigr=12stoo7vd&sigb=13t35mils&sigi=14oukgl8l&.crumb=PyLzbmwepNn

#77 Freedom First on 01.19.13 at 3:04 am

I have heard that unethical/bad/evil behavior can only flourish when good men say nothing. You are a good man Garth, and I say that knowing for sure that people in high places are very angry with the truth you write on your blog on a regular basis. This post today by you on a scale of 1-10 in inspiring the anger of the unethical definitely rates a 10. Takes bravery to write what you write Garth, and I thank your God for Karma too! She must be very happy with you! …….sincerely, Freedom First.

#78 Roy on 01.19.13 at 3:10 am

It is sad.

As far as I’m concerned banks are outright criminal organizations, and Canada is no different. Predatory home loan system for Walmart greeters…. As far as I’m concerned we’ve got a media system (including HGTV) that suffocates the national citizenry by trying to do the thinking for them instead of reporting just facts. The media are an epic fail. Young people are just there to be exploited by the whole system.

Again banks could care less… the profit is all theirs and the losses go to the CHMC and taxpayer. It is a screw or be screwed system, the top-down directive that operates through the whole system. In an unsaid way RE is a game of who can scam who, and how much debt you can set the next fool up with. Barely an ounce of integrity to be found anywhere in this system.

Realty boards are nothing but shills… they remind me of the US ratings agencies in 2008… economists are schmucks… growth forecast: this year x%, next year x + 1%, and two years later x + 1.5%- Amazing how they figured that out so far ahead but every report is the same direction. It’s cracker jack science, and then when something bad happens- it was unforseeable.

How about Joe public. Reduced to the name of consumer. We need you to consume or the economy will be at risk… Joe Schmuck. How about the boomers… shoving their kids off to buy in peak markets amidst zero wage growth because they have an expectation about what their lives should look like. How about the horny and the dumb, who probably realistically have no clue what their spending habits are or worse don’t usually know what’s in their bank account, yet they were still somehow able to purchase property.

Even with a few good realtors, overall this is an industry full of scumbags ripping people off and those who are just sucking off the tit of whole cowardly and corrupt system.

In short real estate in this country and Canadian life has been reduced to a system of greed, denial, cowardice, criminality, and a way of life that screws people. Its really bad and this nation has fallen downhill a long way…. thanks also to the private central banking system and corrupt moronic politicians whose only concern is for Joe Public to rot. RE is bankrupt of moral principles and dishonest crooks run the show, its killing this society and every person should be looking in the mirror.

#79 a prairie dawg on 01.19.13 at 3:18 am

#35 jjpetes

QUICK POLL,

So how many of you come across this troll emoticon };-) thing and skip past the entire post?

– – –

Do you mean today, or the cumulative total? ;)

#80 Standard and Poor on 01.19.13 at 3:18 am

#23 Bob – I am a merchandiser for The Newsgroup. Every week I put out magazines in large stores. The distribution centre I work from is Richmond. I have not seen the Macleans issue with the real estate cover yet. Has anybody in Vancouver seen it in the stores? What is it’s release date

#81 Soylent Green is People on 01.19.13 at 3:24 am

Last?

P.s. how old is the old man?

Home repair is a huge turn on.

O
O

#82 DonDWest on 01.19.13 at 3:34 am

I’m I the only one who feels 9000 hours + associated college course work is an excessive case of credentialism to become a plumber? People have built billion dollar companies in less time. It took NASA six years to build Appollo 11 – roughly the same amount of time it would take to become a plumber in Ontario.

#83 SCIBIDUBADEBUMBADO on 01.19.13 at 3:53 am

I am totally pissed now!
Todays junk mail came from the BC GOVERNMENT. The are handing out $10,000 to first time home buyers in cash!
Offer is good before March 31, Just before the May 14 election whereby they will be summarily turfed and the party decimated for having the Hubris to lie about the HST.
I guess we are no different than the tin pot dictators like Marcos who handed out rice to people just before an election.
So my tax dollars are going to fund some undeserving person so they can get a home and the government can buy some votes.
I will make it my lifes work to work against these bastard thieves in Government.

#84 SCIBIDUBADEBUMBADO on 01.19.13 at 4:02 am

RE: #54 Coho on 01.19.13 at 12:37 am

I know 2 dentists personally. I was told that one procedure that takes 10 minutes of actual dentist time nets him $1500.00 after costs.
They cannot undercut the fixed prices of the system or they will be disciplined. Even their license to practice is on the line.
If I colluded with my competitors in my business I would be liable to anti-combines legislation. I could go to jail!
These bastards have it all stacked in their favor.

#85 Devore on 01.19.13 at 4:11 am

#11 Gta girl

Anyone else notice TREB magically changed Jan 2012 sales lower to make it look like there was an increase instead of a decrease in 2013.

Some sales end up falling through by the closing date, so they get subtracted from stats. I don’t know what other reasons might be for revising lower. Canadian Watchdog tracks those.

#86 TCH on 01.19.13 at 4:25 am

“It takes five years and 9,000 hours of work experience to become a plumber in Ontario. ”

If any of these could make it to Europe, there is some gold mining to be done here…..

#87 Count Flipalot on 01.19.13 at 4:45 am

Let’s get the facts straight, Real Estate agents are really not to blame besides being opportunists to the ponzi scheme that has occured within Canada these past ten years or so.

We have had loads of examples around the world in recent years of this non regulated easy credit game being played out, and then quickly afterward ruining the country’s economy and its citizens.

If many within the Canadian public are dumb enough to fall for this previously non regulated easy credit banking treason, and borrow money they can’t pay back, or buy a home for way way more than what its actually worth, it’s only that individuals fault…………sucker.

#88 juno on 01.19.13 at 6:11 am

#36 John in Mtl on 01.18.13 at 11:35 pm

Don’t know that they’ll learn that much. They’ll bankrupt and 7 years later can do it all over again. They’ll lose the house but as taxpayers, we will all be the losers for those irresponsible people.
==================================

Not Really, for some whom has already sold and is sitting on a nice return. If the market tanks, they will be sitting pretty and be just that much closer to retirement. Plus ++ if the market tanks, expect the interest rates to go sky high mabey even up to 14% just like the 1980’s. That will be an extra bonus.

So if you lose 40% for every 100,000 on a 800,000 house. Thats a whopping 320,000 saving which you can re-invest with after you buy back the same house at the new discounted price.

#89 Humpty Dumpty on 01.19.13 at 6:21 am

Deplorable……

These people are losing their way of life….

“The biggest issue for me is water,” Gillis explained. “The volumes of water contaminated with chemicals, taking that water out of the ecosystem is an exercise of insanity.”

http://www.huffingtonpost.ca/2013/01/18/fractured-land-bc-fracking-documentary_n_2501118.html?utm_hp_ref=canada

Blog doggers………Please sign the Petition Below……..

https://www.change.org/petitions/premier-clark-don-t-give-away-our-fresh-water-for-fracking

#90 The American on 01.19.13 at 7:03 am

At #190 from the previous string: Victoria Tea Party, you said, “Truth is, just about every American spends his or her life stoned, hammered, or mildly pissed on some pill or other, ALL THE TIME. It hides the pain of empirical decline, joblessness, inadequacies (so many of them and so little time for Oprah to discuss them all!). A pill for every occasion and for every occasion a pill!”

Ugh, you’re so tiny, and you obviously have no clue what you’re talking about. For the record, though, I would rather be a hammered, stoned, and mildly pissed American at my own choosing, rather than just being some ignorant, willfully-blind Canadian and not ever knowing the difference. Your media is the ABSOLUTE WORST and it is spoon-feeding the ignorance of the masses in Canada everyday. Even the New York Times is now taking note. Who isn’t now calling out the CBC for just how pathetic and manipulated the news reporting is across the board in Canada?

As for inadequacies, I really don’t think you want to go there, do you? This I could have a total blast with all day if you’re up for it. When a Canadian is in the midst of a conversation with an American, and let’s say the subject of Justin Beiber or Alan Thicke comes up, the Canadian gets totally off base and MUST point out either of those are in fact Canadian. Who gives a rat’s ass?!?!?!?! Stay on point!!! McDonald’s, a U.S. corporation mind you, across Canada slap a maple leaf on their signs just for what?!?! Oh yeah, to show you it is “Canadian.” My Canadian friends *used* to tell me we are flag waivers in the U.S. That is, until I pointed out to them how many god damn maple leaves or word “Canada” are on nearly every piece of signage, commercial vehicle, and building I come across in Canada. They didn’t believe me, until I literally began pointing at each and every one. They quickly understood and were in disbelief. They had NEVER taken the time to actually look at their own backyard because they had been taught to hate another. No joke. On level, Canada is about 3:1 more of a flag-waiving nation than the U.S. Hell, even your embassy in D.C. has 36 (yes 36) Canadian flags hanging off of it. Standard and tasteful protocol is to have ONE, yes ONE. And the Canadian embassy is the only embassy that deviates from this protocol.

As for more inadequacies, I could start with fraudulent methodologies used in Canada that skew hard data to favor healthcare numbers when conducting birth rate test, mortality rate test, and so on (you’re not using the same, standard-issued methods). Or, should I speak to productivity and GDP per capita being so much greater in the U.S.? Or, should we speak about higher education and where the best Universities in the world are located (that’s right, the U.S.)? Or, do we speak of industry and where the majority of the world’s Fortune 500 companies are located, despite all the tax implications? Or, do we speak to baseline infrastructure? Or, do we speak about having a greatly wider array of options in general when it comes to just about anything and everything? Or, do we speak to opportunity in general and the ability to obtain in that opportunity (that’s right, the U.S. wins again)? Or, do we speak about the forthcoming crash in Canada that will knock you off that all-too-long-of-a-ride on that high horse you’ve been on for the past 10 years? You have zero idea how Canada is about to fare in the eyes of the world within the next 18 months, do you? It is going to be so ugly, and all the muck your population has eaten all the propaganda it was handed, hook, line, and sinker. Why? Oh yeah, because you’re “different.” It is all coming out, that’s a guarantee. It is going to be a laughing stock, including your banks, government, and media. They’ve all been in on it together. Watch and wait. So, if being “different” means being so stupid to behave as the rest of the world had even YEARS before (that means you, Canada, had a front-row ticket to see how the movie ended already), then i’d rather be mainstream.

The definition of insanity is doing the same thing over and expecting different results. I guess that would make Canada insane by that standard. Wait. No. It is worse there. You’ve kept that credit bubble pumped longer and higher than any other nation, while still managing to rack up a higher consumer debt ratio than you found at the peak of the bubble in the U.S.

By the way, can you PLEASE, for the love of all that is holy, stop dumping all your raw, untreated sewage into the Puget Sound up there in Victoria?!?!?! Its really disgusting, vile, rude, unsanitary, and it is also adversely affecting one of the greatest and most diverse bio systems in the world. Time to get with the program. Just sayin’…. Thanks.

#91 Axxman on 01.19.13 at 7:15 am

Rent vs Sell disucssion at the office – the usual “why pay someone esle’s mortgage?” argument came up – but someone came back with a great rebuttal = “would you rather buy a house from some aging hippy couple and personally fund their retirement? Next year they will be sitting on a cruise ship stuffing their faces at the buffet, while you’ll be sweating to make your next payment ”

I liked that come back.

#92 JuliaS on 01.19.13 at 7:22 am

To deal with taxation shortfalls Vancouver is discussing the idea of lowering speed limit to 40km/h from 50.

I’m listening to this being discussed on the radio. Some guy calls in and cuts right through the BS: “How much longer are we gonna be paying for this Olympic Village fiasco?” Referring to the most recent financial gamble of the municipality that lent money to the project during the peak.

Nobody answered. I’m quite surprised the pre-screened call actually got through.

#93 phinny on 01.19.13 at 7:35 am

Come to think of it… eight years ago, while slaving away on the Rig, I bought my place, advancing cash on my credit card for the downpayment.

This was through CIBC. The mortgage guy told me to ‘call it a gift’ (???) that legally I couldn’t do it (but who could prove it or something like that) and, well, not really sure what transpired from there, but I had a house a month later.

Course, it became a rental, and to this day I’ve never set foot in it. Much preferred sleeping on other people’s couches and tents, back then!

#94 Ken R on 01.19.13 at 7:48 am

Many corporations routinely require employees to take an ethics course every couple of years. I have taken a least a dozen of these courses over my working career. The fact that training is required to encourage people to act honestly and ethically sums it up for me.

We have lost our way.

#95 Francis on 01.19.13 at 8:09 am

“We’ve lost our way” with F and Cary in the lead until the edge of the cliff is reached. There they step aside and watch the millions go over.

#96 T.O. Bubble Boy on 01.19.13 at 8:31 am

Obama (and Elizabeth Warren) just passed the “ability to repay” rules, which are intended to eliminate the sleazy lending promoted by the Canadian mortgage industry.

Some details:

http://www.businessinsider.com/cfpb-new-ability-to-pay-mortgage-rule-2013-1

http://articles.washingtonpost.com/2013-01-10/business/36323383_1_new-mortgage-rules-qualified-mortgage-teaser-rates

#97 T.O. Bubble Boy on 01.19.13 at 8:34 am

(eliminate it in the U.S., sadly we don’t have a Consumer Financial Protection Bureau – just the elfin deity F pretending to be the protector by reversing his own stupid lending standards)

#98 Good authority on 01.19.13 at 8:59 am

A respected source indicates that down payment gifts for family were down this holiday season. This is expected to lead to a drop in new home sales.

#99 EIT on 01.19.13 at 9:10 am

“People like Brad Lamb can legally tell people they’ll make a 248% return buying one of his condos.”
Just like people can tell you that silver will give you a 248% return, the world is terrible

“Plumbers work with water.”
Water is the single greatest element on this planet.

“How can this be when mortgage insurance requirements dictate purchasers must have a whopping 5% down payment, and when banks are now outlawed from handing over cash bribes to borrowers?”

-You know, governments really try to give people free money, but it really takes an individual to punt you over the top.

#100 Dr. WAYNE on 01.19.13 at 9:27 am

This ‘ethics’ thing has been a sore point with me for decades, and appears to not be improving, or is, at the very least, glacial in nature. Regulation is the only answer, however, moving in that direction takes initiative and guts. Unfortunately, there isn’t an over abundance of that around when it comes to the real estate industry. It will only happen when a sufficiently large number of people get thoroughly burned that governments will take heed. So … keep getting burned AND write your governments.

I’ve sent this blog site to every member in the BC and Canadian governments … perhaps you should do the same.

Cheers …

#101 Dr. WAYNE on 01.19.13 at 9:39 am

Under : FEAR NO EVIL … Mr. Turner wrote:

“I indulge a lot here. Idiots who refresh their screens for three hours so they can type ‘First!’.”

FURST then wrote:

9 furst on 01.14.13 at 10:21 pm

“FFUUURRRRSST! And I was only refreshing for 2 hours. So take that Garth!”

It occurred to me that Mr. FURST takes issue with the DURATION of idiotic behavior, but completely ‘accepts’, apparently, the designation of being an IDIOT, as defined by the most venerable Mr. Turner.

I suspect Mr. FURST is a realtor in sheep’s (or better still) ‘idiots’ clothing.

#102 Ann on 01.19.13 at 9:52 am

#90 The American on 01.19.13 at 7:03 am

——————————————————————
Well it’s unanimous we are both happy that you are an American. lol

#103 Intuitive Missus on 01.19.13 at 9:58 am

#85 Devore

For accuracy, a sale should never be reported until after the sale has closed. Where I work a sale is not a sale until the goods are shipped to the customer.

Why wouldn’t the RE Boards adopt the same practice. Sounds like that would produce more accurate stats.

#104 mortgagebrokeront on 01.19.13 at 10:24 am

Hey what’s with trashing the brokers!!!! It’s not like we are putting white stuff up your nose!! Look at the USA when they had their real estate correction, it wasn’t the brokers fault it was the consumers fault.

What ever happened to personal responsibility? When you borrow money you are responsible to invest prudently and pay it back over time to who you borrowed the money from.

Be fearful when others are greedy and be greedy when others are fearful.

I remember my dad sold a building lot severed from his farm in late 80’s or early 90’s for $75,000 , then the correction hit the market. The buyer backed out of the deal. The lot wouldn’t even sell for $30,000 for the next 12-15yrs.Then all of a sudden the values jumped back up to 70000 ….

Supply and demand is what is going on here, and finally after a nice little run for real estate, it’s going the other way again.

#105 jess on 01.19.13 at 10:35 am

faith and tv but are the blind (unsonoteducated) starting to see ?

from 1997
The Often-Thin Line Between Cheating and Competing
http://articles.latimes.com/1997/nov/03/business/fi-49852
http://balboaclassaction.wordpress.com/2012/07/28/history-of-questionable-ethics/

Friday, November 20, 2009
Los Angeles – Attorney General Edmund G. Brown Jr. announced today that his office has launched an investigation into whether four individuals defrauded more than 30 African American churches in Southern California by forcing them to pay up to $45,000 for shoddy computer kiosks originally presented as cost-free and also suspected of targeting dozens of churches in at least ten other states.

Additionally, Brown is investigating what role three national leasing companies may have played in facilitating this scam.

http://oag.ca.gov/news/press-releases/brown-launches-investigation-scam-targeting-african-american-churches

“These individuals sold the churches on the promise of free services and advertising revenues,” said Brown. “Instead, the churches were enticed into expensive leases, which the leasing companies aggressively enforced, even after learning of the alleged scam.”

outline
http://search.doj.ca.gov/AGSearch/isysquery/e34c7f1e-ddde-4b91-a1aa-5640a8ed4c52/1/outline/5/

#106 Freeandrenting on 01.19.13 at 10:41 am

It’s the same in British Columbia, 6months of blood sweat and
tears, $3000, to tell people how to get in way over their
heads.
I was 22 yrs old when I signed my first half million dollar deal!
I didn’t even own, but I could help anyone put the financial noose around their necks! The one thing I did know is how
stupid people must be to pay me a friggin ton of money to do
nothing for them, but talk fast and hold their hand to sign the
deal $$$$$ The best asset I

#107 Daisy Mae on 01.19.13 at 10:49 am

#83 SCIB: “Todays junk mail came from the BC GOVERNMENT. The are handing out $10,000 to first time home buyers in cash!
Offer is good before March 31, Just before the May 14 election whereby they will be summarily turfed and the party decimated for having the Hubris to lie about the HST.”

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

Has anyone seen the latest BC government commercial on Global? BC is represented as a huge white plaque standing tall…while the other little BLACK plaques representing all the world governments, fall all around BC like dominoes.

We have, indeed, lost our way….

#108 Nancy on 01.19.13 at 10:49 am

@SCIBIDUBADEBUMBADO #83

Yes, and those same BC Liberals who have absolutely decimated the social and economic fabric of this province and are trying to bribe property virgins with new tax credits right before the election are receiving financial donations from The Alberta oil and gas industry. From the CBC:

“The B.C. Liberal Party is getting a boost from what seems a rather unlikely group — Calgary’s top political and business leaders.

B.C. Energy Minister Rich Coleman was at a $125-a-person fundraiser Thursday at the Delta Bow Valley Hotel in downtown Calgary, where supporters of B.C.’s governing party and its energy policy voiced concerns about the opposition, which has been leading in recent polls.

B.C.’s provincial election is set for May 14.

Lawyer and event organizer Andy Crooks wants to see the proposed Northern Gateway Pipeline built, and he says the prospect of a British Columbia government led by the New Democratic Party worries Calgary businesses.”

http://www.cbc.ca/news/canada/calgary/story/2013/01/18/bc-liberal-fundraiser-calgary.html

#109 hangfire on 01.19.13 at 10:50 am

Garth…anyone can show up at a real estate exam sitting and write ‘the test’..for a fee…it requires no classes or formal education…..there are no essays required of the sitter…..theres nothing to be prepared for…..if you have spent an hour reading the material ….have read the instructions on the financial calculator and can memorize the 4 steps to input present value/future value…. have a grade nine education equivilency….you will pass……the exams are scheduled for three hours…….you’d have to have an IQ of 68 not to finish in 20 minutes.

#110 Nancy on 01.19.13 at 10:51 am

@ Roy #78

Thank you for writing that. It’s true and very sad.

#111 Ronaldo on 01.19.13 at 10:53 am

The new reality.

http://www2.macleans.ca/2013/01/16/the-new-underclass/

#112 Denise on 01.19.13 at 11:13 am

Devore #165 (sorry, but it’s in “Brilliant” section):
No, everybody doesn’t want to live in Victoria. Houses are way over-priced per economic conditions, we’re in the most at risk major earthquake zone in all of Canada (earthquake insurance just jumped big time) and the brain dead politicians just enslaved us to a hugely expensive, unnecessary secondary sewage treatment system. The costs of this boondoggle will just keep ramping up in the future. Enhancing our primary treatment along with our strong ocean currents would have been the most efficient environmentally & costwise, but of course politicians with their private agendas had to ram the secondary treatment fiasco through. Then there’s the coming new Johnson St. bridge, it’s final costs – who knows? Plus Victoria city council is with-holding information on finances. Really leaves you feeling confident about Victoria doesn’t it?
Yes, prices have dropped & need to drop some more & they will. Price to income, rent to own ratios are totally out of whack. We’re not going sideways now, we’re still dropping & will continue. As Garth said “the patient is dead”. Don’t fret, it’s a good thing. People need more money in their pockets to spend in other areas in the economy, than to be house-poor with the mortgage sucking up all your cash.
Methinks you’re a realtor Devore. Suck it up Buttercup, home prices will continue to go down, as they should; to return back to “normal”.

#113 Eaglebay - Parksville on 01.19.13 at 11:14 am

#55 1776 will commence again! on 01.19.13 at 12:39 am

I have to agree with you.
How much education is really needed to sell a house or provide someone with a mortgage?
I can probably figure this all out on the Internet in less than an hour.
The consumers can only blame themselves for their lack of basic knowledge. They sign the documents willingly don’t they?
Life, liberty and the pursuit of happiness. Our socalled leaders are failing us.

#114 Snoop Dawg on 01.19.13 at 11:21 am

Unregulated?

Perhaps as a former law-maker, you would be aware of little piece of legislation called “The Real Estate and Business Brokers Act.”

Compared to the financial services sector, absolutely. — Garth

#115 Adam on 01.19.13 at 11:24 am

Want to read some really hilarious stuff?

http://creastats.crea.ca/nsar/

Read how NSAR believes tries to make you believe that “Sales edge higher in December”

The release is full of bad news yet confusing statistics that attempt to make the bad news sound good when looked at in a different light.

#116 Eaglebay - Parksville on 01.19.13 at 11:25 am

#78 Roy on 01.19.13 at 3:10 am

Exaggerate much, doomer?
There’s much more good than bad in our society.

#117 Kaganovich on 01.19.13 at 11:31 am

# 43 Mark wrote:

The CMHC is legally obliged to make good on their insurance policies, even if such requires additional taxes.

The actual property that gets foreclosed upon will largely be bought up by bank shareholders (with the rich dividends the banks will be paying), and people involved in other counter-cyclical industries.
——————————————————————–

This maybe how it plays out; a massive transfer of wealth from a politically quiet, fearful and indebted majority to a well positioned bunch of wealthy, clever elites via the execution of the CMHC lender bailout and the ensuing forms of carpetbagging. It would be a pity though. Perhaps the masses may find a political voice and a means to apply pressure in order to turn over these agreements, legislate a new situation where the bond and shareholders take the haircut, fraud throughout the entire spectrum of FIRE industry is prosecuted, debt is restructured, families stay in their homes and concepts such as predatory lending, earned vs unearned income, debt deflation/financialization become familiar to the many. Very little of what is on its way is preordained . It could go a number of ways.

#54 Coho

Thanks for pointing out the systemic element in all of this. In many cases, the individuals involved in the swindling are not consciously dealing with any ethical dilemma, since they believe what they are doing is not only appropriate, but the only way to do things. The system in which they have functioned breeds principles based on greed and profit, like you say. Perhaps, not formally, but informally for sure. IMO, ethics is basically a neutral category, denoting a particular way of incorporating specific values into practical decisions. What you are talking about is values and goals rather than means to realize them (ethics). The systemic problems you are referring to are about a lack of freedom for the agents involved. As Foucault once wrote (paraphrased) Freedom is the ontological condition of any ethics, so any ethical crossroads must come about from the individual asking herself the question “Should I do this or not?”. If these situations of introspection are rare or impossible, then the system has effectively stamped out the possibility of ethical action. If people are asking themselves this question often, but then going ahead and doing all sorts of selfish and underhanded stuff, then perhaps they are just employing an ethics of greed/profiteering.

#118 Eaglebay - Parksville on 01.19.13 at 11:34 am

#83 SCIBIDUBADEBUMBADO on 01.19.13 at 3:53 am
“I will make it my lifes work to work against these bastard thieves in Government.”

Good luck with that. It should also include the NDP, remember when?
You should start with the voters. Look at how they buy houses.

#119 Brad in Vancouver on 01.19.13 at 11:35 am

@ 100… Ann, I wish you weren’t Canadian. You’re an American hating pig.

#120 Eaglebay - Parksville on 01.19.13 at 11:39 am

#89 Humpty Dumpty on 01.19.13 at 6:21 am

You’re joking, right?
Maybe you don’t know any better.

#121 Eaglebay - Parksville on 01.19.13 at 11:47 am

#90 The American on 01.19.13 at 7:03 am
“By the way, can you PLEASE, for the love of all that is holy, stop dumping all your raw, untreated sewage into the Puget Sound up there in Victoria?!?!?! Its really disgusting, vile, rude, unsanitary, and it is also adversely affecting one of the greatest and most diverse bio systems in the world. Time to get with the program. Just sayin’…. Thanks.”

Your post is a bit meaningless except for the last part.
When enjoying your seafood just think about the extra flavor. Or would you rather get it from the Gulf of Mexico?

#122 Buy? Curious? on 01.19.13 at 11:48 am

I have never seen a greater amount of whiners on a website. Is this site called The Greater Fool or The Greatest Whiner? Mortgages rates are the lowest they’ve ever been, houses prices are coming down and immigration is growing due to dying Boomers. Banks are tripping over themselves to loan you money to do it. Look, Garth is right. Things should be going down but they’re not. This predictions should be happening now but they’re not. If you’re buying a home, and are worrying about a rate of return over 15 years while your kids are going to school, you suffer from information overload. Who cares? If you’re a speculator looking to flip in 18 months, you get what you deserve. You can’t predict the future, Garth can’t predict the future, and I can’t predict the future unless it’s whether the Leafs win the Stanley Cup again (never going to happen).

#123 Ret on 01.19.13 at 11:55 am

Credit Unions are opening new offices all around Hamilton and Burlington. Lots of new First Ontario, and Meridian branches have strategically opened in areas surrounded by new subdivisions.

Rates are better for loans and deposits wrt bank rates but deposits are not CDIC insured. Credit unions collectively self insure in Ontario through DICO, an Ontario government regulated institution.

If you are a mortgage borrower, maybe a credit union can do a better rate or a more open/flexible mortgage for you. Shop around

Recently I moved my TFSA to a CR and they paid the $50 dollar charge to the other instiution and are giving me .65% more (now 2%) on a TFSA e-account.

#124 Denise on 01.19.13 at 11:55 am

The American #90:
Educate yourself. The sewage in your Puget Sound is your own. Studies have been done proving that fact. Also, get a life. Why are you on this site constantly criticizing Canada and anything Canadian? This kind of behaviour reflects poorly on you. It signifies you have major envy/jealousy issues regarding Canada so you try to bolster your American ego by picking on/bullying us on this blog. Perhaps you should see a psychiatrist in order to deal with your ultra low self-esteem issues.

#125 April Showers on 01.19.13 at 11:56 am

O. M. G. The American just put it all out there, didn’t he? As much as I hate to admit it, he is right about everything he said. We Canadians have become too snide and proud and we really don’t know what we’re doing or talking about in recent years. That’s evidenced by the way this ponzi real estate game and job losses are now heading. My neighbour and I had this discussion three nights ago and she was very clear that Canadians need to get out more often because we really are being lied to and led as lemmings to the cliff. She will often go to Seattle or San Francisco and she said the news options they have there are easily 20 times what we have here in BC. Just don’t watch FOX News. Did you also know that Canadians are now thought of as more annoying than our American cousins when traveling? Its true! So sad but so true. And I have to admit that even though I had no healthcare coverage I was traveling in Seattle myself four years ago. I had a horrible pain in my back and thought I was going to die. They took me to the Emergency Room and did NOT DENY me. They said they can not deny ANYONE care regardless if he or she has coverage. That was something as a Canadian I had been told before but didn’t really believe. Anyway the care I got that day was bar none the best service and care I have ever received. I am a believer they do get better care in the States than we do here regardless what we are being told. Ask any American if he or she would trade their existing healthcare they receive today for what we have in Canada and they will laugh at you. I now know why and it is for good reason. Now all Americans will be able to get that kind of care as it phases in over the next couple of years. We really do have an inferiority complex and we shouldn’t. I’ve never met an American who puts Canada down, unless the Canadian has put the American down first. Why are we such s*** stirrers?

#126 Toon Town Boomer on 01.19.13 at 12:07 pm

#24 X on 01.18.13 at 10:59 pm said

With any luck the gov’t will make changes to the ‘shoddy regulation, lack of oversight, the absence of enforcement and constant lapses of ethics’ occuring within RE.

But I am not going to hold my breath.

This is the problem we wait for Government to fix things and we don’t do nothing about the wrongs that we see.
I guess we think that if it’s not directly affecting us, therefore it’s not our issue to resolve or perhas we feel individually powerless. This is precisely what worries me because I believe we have to be the ones to make Gov’t change and be accountable otherwise it will be our children & grandchildren ( loved ones) to suffer the consequences. The question is where do we start and when?

#127 April Showers on 01.19.13 at 12:08 pm

Denise, I need to point out to you that it wasn’t The American who started it. It was Victoria Tea Party who started knocking Americans, making blanket claims that are very insulting, and then said they have inadequacies. Pot calling kettle…. All is fair here.

#128 INTERESTING TIMES on 01.19.13 at 12:09 pm

A very hard landing is coming for many, make sure you protect yourself and family! The 50% RE Crash is coming quickly and you better have at least 6 months to 1 year salary on hand to ride out this crash if you are a victim of this RE House Porn Ponzi Scheme.

HGTV Virgins get out there and start low balling these realtards by 50%. Don’t waste your time going to open houses when you could just sit on the MLS and low ball these used car salespeople by email. Get out there and get your revenge. Show them that you are not as stupid as the show protrays you!

– Europe already in recession/depression, Japan and US right behind them. This will have a negative feed back loop across the global economy.

– jobs being lost everywhere and the Canadian economy is slowing down. Watch BNN and learn about the layoffs happening everyday or just read the business section it is all there for you my virgins. Educate yourself! To bad many of you just read the life, sports and entertainment section and don’t educate yourselves.

– austerity starting already in Canada. Many in government jobs will be bye, bye. Federal gov’t firing 20,000 alone in Canada. All gov’t jobs under attack.

– manufacturing jobs have moved to Asia and back to the USA. Canadians can’t compete with the New America where the factory worker now makes $12.00 to $15.00 an hour and can buy a nice home for $100,000-$200,000K. You are so screwed in Canada! Latest victim is GM Canada who will be closing the Camaro Plant in Oshawa & moving it back to the US. If RIM does not launch there new product properly in 2013 they will be gone also. What will Canada be left with? I guess over priced housing that nobody can afford. Wake up Canada!

– 70% of CDN living pay cheque to pay cheque and have no savings and over 70% have no pensions

– 60% of boomers 60 years and older entering retirement in a shit load of debt. Also, a lot of these boomer fools co-signed for their kids $800,000 Mc Mansions. The banksters will wipe the floor clean with both the kids and parents after this 50% RE Crash when they both lose there homes!

– empty condos being built everywhere and will be going for 50% off soon. HGTV Virgins will be crushed!!! Many HGTV Virgins are going bankrupt at Trump Towers right now in Toronto, what happened to RE only goes up? Remember Toronto was going to be the next New York or London. Yes HGTV Virgins you drank the RE Kool Aid from your used car saleperson (RE AGENT).

– empty homes all over the MLS, can you say power of sales have started, soon 50% off will be coming to Canada.

– for lease signs everywhere in business districts and commercial areas, I guess business has moved out of Canada.

– Canadians are 164 percent in debt! More than the US, Ireland, Spain , and UK when they had there RE Crash.

– Over 8 months of dropping RE sales. Next thing to drop will be prices by 50%.

– over 70% of mortgages in Canada are 5% or 0 down CHMC mortgages. Can you say high risk and backed by the taxpayer. When this baby blows up kiss your social services good bye. This is what the in action plan looks like. We supported our banks with free taxpayer dollars to give out loans to people with no money creating a RE ponzi scheme 10 times bigger than the US, Spain, Ireland etc. Even your hero Carnival Carney who left interest rates at 1% is bailing on Canada to go to London as he knows this crash will be of epic porpotions due to is 1% rates and you treat this guy like a rock star. Also the CON gov’t was involved by giving FREE money to all HGTV virgins with a heart beat aka O down, 5% down, 40 yr, then 35 yr then 30 yr and now 25 yr. Can you yell out PONZI Scheme. Greatest transfer of wealth from the middle class to the Elite aka bankers.

– And remember a home is only worth what a buyer will pay.

– the realtards, brokers, gov’t, banks and builders are in full out panic.

The 50% crash is here my virgins. Get out there and start low balling as the time is now for your revenge. Don’t sign up for bank slavery like the other 70% of the virgins in Canada. They are screwed for life now as they were sold the Koolaid by the RE industry!

Garth thank you also for the great public service you are providing as there are still a lot of HGTV virgins to save from RE Porn.

The Facts are the Facts! Read & Learn my HGTV Virgins. Everyone knows there are tough times coming except you!!!!

(In order to read Globe & Mail Articles below for FREE select tools on Internet explorer, then select in private browsing or just delete your browsing history to read the articles in a new window. This way all you HGTV virgins can read, learn and save yourselves!!!!!!).

http://www.telegraph.co.uk/finance/economics/9804370/Greek-opposition-warns-bail-outs-are-a-bottomless-pit.html

http://m.theglobeandmail.com/report-on-business/top-business-stories/home-sales-plunge-market-clearly-in-correction-mode/article7353938/?service=mobile

http://onswipe.com/investmentwatchblog/#!/entry/we-are-witnessing-the-slow-tortuous-death-of-the-american,50f4b8bbd7fc7b5670ed6708

http://www.nj.com/business/index.ssf/2013/01/united_airlines_to_lay_off_472.html#incart_river_default

http://www.theglobeandmail.com/report-on-business/economy/economy-lab/jim-flaherty-on-home-sales-dive-i-dont-mind-prices-coming-down-a-bit-too/article7355818/

http://business.financialpost.com/2013/01/15/cirque-de-soleil-plans-staff-meeting-amid-speculation-up-to-600-jobs-could-be-cut/

#129 April Showers on 01.19.13 at 12:09 pm

Denise, I hate to admit this also, but the sewage in Puget Sound is not coming at all from the U.S. The studies actually show it is coming out of Victoria and we should be ashamed of it. Educate yourself, Denise.

#130 Ronaldo on 01.19.13 at 12:21 pm

http://www.citynews.ca/?s=housing+bubble

Great links on the emerging housing bubble going back to March 2008……

#131 Ronaldo on 01.19.13 at 12:27 pm

So there are some honest realtors out there after all. This video clip goes back to Dec. of 2012. Listen to what this fellow had to say back then.

http://www.citynews.ca/2011/12/12/is-housing-bubble-about-to-burst/

#132 Denise on 01.19.13 at 12:33 pm

#119 Brad in Vancouver: That was unnecessary. #100 Ann put a one line comment basicly stating she was glad he was an American as he hates Canada. He obviously is also. He spewed vitriol against Canada & Canadians for paragraph after paragraph in #90. He’s often on this blog & likely others under different pseudonyms blathering his “Hate Canada/Canadians” spiel.
#124 April Showers: Perhaps you should go live in the U.S. You obviously prefer it to Canada. Maybe you & the American can hook up, then live there?
You’ll have noticed I haven’t trashed the U.S. once and yes, I like Americans. Refreshing isn’t it?

#133 Vangrrl on 01.19.13 at 12:36 pm

#80:
It was the Jan 14th edition. Maybe you can find it on the website. But really, nothing we don’t already know from reading Garth ;)

#134 Ronaldo on 01.19.13 at 12:37 pm

#123 RET –

”Recently I moved my TFSA to a CR and they paid the $50 dollar charge to the other instiution and are giving me .65% more (now 2%) on a TFSA e-account.”

You can’t be serious. Have you not been listening to what Garth has been saying?. 2% in a TFSA, ridiculous.

#135 Doug in London on 01.19.13 at 12:40 pm

Garth said: But shoddy regulation, lack of oversight, the absence of enforcement and constant lapses of ethics will only make the coming misery worse for those who can endure it the least.

That is true not only of the real estate business, but others also. Did anyone see Marketplace (CBC TV) on Friday night? The topic was about a duct cleaning service that annoyingly called people (Do not call list? What’s that?) repeatedly and for those who took their sales pitch, the service provided was poor quality. How did we degrade to the point where this kind of thing happens in this day in age? Isn’t there someone who can stop such poor and unethical business practice? There was, and it was called government regulation. However, after years of governments bending to pressure to 1) cut taxes, 2) reduce the amount of government intervention into people’s lives, and 3) cut government payrolls, 4) deregulate everything, and now we’re seeing the effects. The average Canadian doesn’t understand that you don’t get something for nothing. Some financial education in schools is long overdue.

#136 Timing is Everything on 01.19.13 at 12:40 pm

#90 The American

If you can concentrate on some science for 21 minutes and 40 seconds, watch this video…

http://tinyurl.com/7h9jlox
————————————————-
Just 4 fun…

http://tinyurl.com/dbommj

http://tinyurl.com/28oampw

#137 The American on 01.19.13 at 12:55 pm

At #136: Timing is Everything, to that I say:

http://www.huffingtonpost.com/2009/06/17/canadian-city-will-stop-d_n_216904.html

http://salishseacommunications.blogspot.com/2012/07/victoria-sewage-now-can-we-flush.html

http://environment.about.com/b/2009/06/23/victoria-bc-plans-to-stop-dumping-raw-sewage-in-the-ocean.htm (and they still haven’t stopped dumping, literally, into the Puget Sound)

http://community.seattletimes.nwsource.com/archive/?date=19930128&slug=1682431

#138 Denise on 01.19.13 at 1:14 pm

#129 April Showers: Funny how you like to copy my phrases. No, YOU educate yourself. Check out this website. It gives both sides & illustrates how Victoria is not & can not dump our sewage into Puget Sound because of our ocean currents. Then google Puget Sound Sewage & find out all the problems they’re having with their own sewage systems.
http://www.rstv.ca/is-victoria-dumping-raw-sewage/

Our ocean currents & primary treatment does a great job as I said. If we could’ve had the chance to enhance our primary treatment, it would’ve been best environmentally & financially. But no, have to go the “politically correct” route & instate an inefficient secondary treatment system. After it’s built, yes, you may see Puget Sound getting our sewage.

#139 NoOneOfConsequence on 01.19.13 at 1:35 pm

I firmly believe our governments in Canada (provincial and federal) are an EXACT representation of the people.
We borrow too much, save too little, think only of the short term and will ignore personal ethics in order to score a few quick bucks.
If we want REAL change and improvement it starts with ourselves.
Democracy in its current form is the stupidest way to govern anything. I mean really…only in a democracy can we end up with completely and totally unqualified idiots running everything.
We always vote for the person who promises us the most unearned privileges.
We need a frickin nasty, but honest and intelligent, dictator to rise up and kick all our asses.

#140 Ronaldo on 01.19.13 at 1:46 pm

CRACK SHACK OR MANSION PART II – try your skills at picking out which is which.

http://www.crackshackormansion.com/part2.html

#141 panhead on 01.19.13 at 1:47 pm

#83 SCIBIDUBADEBUMBADO on 01.19.13 at 3:53 am
I am totally pissed now!
Todays junk mail came from the BC GOVERNMENT. The are handing out $10,000 to first time home buyers in cash!
Offer is good before March 31, Just before the May 14 election whereby they will be summarily turfed and the party decimated for having the Hubris to lie about the HST.
I guess we are no different than the tin pot dictators like Marcos who handed out rice to people just before an election.
So my tax dollars are going to fund some undeserving person so they can get a home and the government can buy some votes.
I will make it my lifes work to work against these bastard thieves in Government.

I live in Tsawwassen and got one of these 10 page or so glossy little books. The first few pages were info on who could qualify for the grant and the rest were ads for townhouses (for sale) in Langley. All with the government logo on the cover page. I figure the government let the developer pay for the books and spread the “wonderful message” for free. How anybody could vote for these bofoons is beyond me …

#142 coastal on 01.19.13 at 1:47 pm

#112 Denise,

I believe #165 Devore on the previous thread was just making a joke of that subject and isn’t an agent. Infact I saw the 834 being shown on the news last week when that big drug bust went down. Makes you wonder who your neighbors are and the false image of the metro people living the hip lifestyle in the city core.

#143 };-) aka Devil's Advocate on 01.19.13 at 1:58 pm

Doing the cross-border commute

#144 dosouth on 01.19.13 at 1:58 pm

#90 The American –

“The definition of insanity is doing the same thing over and expecting different results.”

Definition of a Republican. Can’t you rant and troll on a blog where some one cares. So many words, so little said. You see free speech is allowed here……

#145 dosouth on 01.19.13 at 2:02 pm

#137 The American – Opps missed this one, quoting all the American news sources, how American can you get?

Go away and post where someone cares.

P.S. – Stoop to flaming me and we will track your IP address – we have ways!

#146 };-) aka Devil's Advocate on 01.19.13 at 2:13 pm

#124Denise on 01.19.13 at 11:55 am
The American #90:
Educate yourself. The sewage in your Puget Sound is your own. Studies have been done proving that fact. Also, get a life. Why are you on this site constantly criticizing Canada and anything Canadian? This kind of behaviour reflects poorly on you. It signifies you have major envy/jealousy issues regarding Canada so you try to bolster your American ego by picking on/bullying us on this blog. Perhaps you should see a psychiatrist in order to deal with your ultra low self-esteem issues.

I tend to agree with The American.

FACT: Victoria does dump its raw sewage into the Strait/Ocean.

FACT: The US prohibits the dumping of water vessel holding tanks within 5 miles of shore. In Canada you can dump your shit wherever you want in coastal and inland waters with impunity. – GROSS! Go for a swim and emerge with someone’s turd on your head.

The ocean is pretty good at filtering such crap but you might want to think twice about eating any Dungeness Crab you catch off the shores of Victoria. Of course, so I’ve heard from the staunch Brit decedents that live there, their shit doesn’t stink.

#147 jess on 01.19.13 at 2:29 pm

vuolsi così colà dove si puote -armstrong’s concentric circles

Armstrong Admits Doping, and Says He Will Testify – The New York …www.nytimes.com/2013/…/lance-armstrong-admits-doping-and-says-…You +1’d this publicly. Undo
New York Times … By JULIET MACUR. Published: January 14, 2013 … Armstrong’s Business Brand, Bound Tight With His Charity (January 14, 2013

===================
the storm in the glass of water contained fat tailed whale?
http://www.breakingviews.com/jpmorgan-flaws-should-ring-alarms-everywhere/21064013.article

#148 Ann on 01.19.13 at 2:30 pm

119 Brad in Vancouver on 01.19.13 at 11:35 am
@ 100… Ann, I wish you weren’t Canadian. You’re an American hating pig.
.

#149 Fleabitten Monkey on 01.19.13 at 2:34 pm

Globe and Mail Van edition today Real Estate section. 2 bd condo in Kerrisdale on market at $524,800 for over a year, no takers. Price lowered to $458,800 and sells for $424,000. 2007 it sold for $420,000. Realtor Keith Roy – negotiates the deal for his buyers. How about that? A $4,000 uptick from 2007 – real estate a great investment eh?

#150 Denise on 01.19.13 at 2:35 pm

#142 Coastal: Ok, if you’re right & Devore’s not a realtor, sorry Devore. The rest of my post on the RE market in Victoria still stands though. BTW, what is the 834? Never heard of it.

#151 Ann on 01.19.13 at 2:39 pm

re-119 Brad in Vancouver on 01.19.13 at 11:35 am
@ 100… Ann, I wish you weren’t Canadian. You’re an American hating pig

———————————————————————-
My Son-law is an American and we respect each other when someone is reduced to name calling, who is the PIG care for the lip stick???

#152 Ann on 01.19.13 at 2:44 pm

124 Denise on 01.19.13 at 11:55 am
The American #90:
Educate yourself. The sewage in your Puget Sound is your own. Studies have been done proving that fact. Also, get a life. Why are you on this site constantly criticizing Canada and anything Canadian? This kind of behaviour reflects poorly on you. It signifies you have major envy/jealousy issues regarding Canada so you try to bolster your American ego by picking on/bullying us on this blog. Perhaps you should see a psychiatrist in order to deal with your ultra low self-esteem issues.
.——————————————————————–Denise
If you keep talking like that #119 Brad in Vancouver Bradley may call you a farm animal

-

#153 kreditanstalt on 01.19.13 at 2:49 pm

“Agents have no responsibility whatsoever for ensuring what clients buy is appropriate for them.”

On the other hand, isn’t THAT the responsibility of the buyer?

He’s an AGENT. He works for the people who hired him, not for the Greater Fool public.

This is Canada’s problem in a nutshell.

Too much regulation, zero free markets, too much risk avoidance, too much government protection and too many “safety nets”, too much insurance, too much “licensing” and too much reliance on “professionals” to do the due diligence people SHOULD BE DOING THEMSELVES!!!

Most buyers have agents representing them to the sellers, which only makes sense as the majority of purchasers are not real estate professionals. These agents have a responsibility to their clients, too infrequently exercised. — Garth

#154 lee on 01.19.13 at 3:03 pm

South Unionville is still going strong. Not good for me since i am waiting on sideline.

the house (mls#N2539460) was listed yesterday and had an offer for 100% today.

same for other three houses in last two weeks.

So now as Garth and some banks are saying that there will not be a crash in but only soft landing in Canada.

Does that means, some areas like south unionville will not even see correction. prices are not going up crazy but they are steady.

#155 Ron H on 01.19.13 at 3:05 pm

Read this. If half of what it says is true, we are in trouble.

.economicreason.com/economiccrisisexplained/canadian-banking-system-exposed/

#156 Mike on 01.19.13 at 4:06 pm

I like the picture.

This is a book I own.

http://www.amazon.com/The-Secret-Life-Plants-Fascinating/dp/0060915870/ref=sr_1_1?ie=UTF8&qid=1358625922&sr=8-1&keywords=the+secret+life+of+plants

I would miss being myself as well.

Thanks for the post Mr Turner.

#157 DonDWest on 01.19.13 at 4:19 pm

#94 Ken R on 01.19.13 at 7:48 am

“Many corporations routinely require employees to take an ethics course every couple of years.”

No wonder we’ve lost our way, it’s the EMPLOYERS who should be taking these courses; not the employees. What kind of insulting joke of a company you work for?!

#158 Toon Town Boomer on 01.19.13 at 4:25 pm

Here’s what a greedy realtor is pushing in Saskatoon. It’s only 468sg ft and asking a little over a quarter of a million dollars.

MLS®: 449940

http://www.lionelwong.net/Listing/ViewListingDetails.aspx?ListingID=71359805&Bb=KJ&Cc=71359805

#159 salonist on 01.19.13 at 4:28 pm

“Private Corporations – Using a Family Trust to Fund University Costs”

http://www.thebluntbeancounter.com/2012/09/private-corporations-using-family-trust.html

i like a family trust

#160 rosie on 01.19.13 at 4:32 pm

Virtually everything in this global economy is a commodity. Oil, iron, pork-bellies, coffee, labour, debt, stainless and granite are part of the new world economy. Unions, benefits, defined pensions, full-time work and ethics are placed firmly on the loss side of the ledger. Corporations follow profit. Governments and institutions need corporate largesse to keep society rational. A difficult balancing act.

#161 Form Man on 01.19.13 at 4:36 pm

#143 DA

so people would rather live in Kelowna than Fort Mac ? that is an amazing bit of news !

scroll down your news link and find an article that is not so rosy for Kelowna’s housing starts in 2012. CMHC does say optimistically that 2013 will be better. Of course they also said that 2012 would be better than 2011. In fact they predicted an increase of 33% for 2012. Actual numbers came in 10% lower. that is a 40% miss………….

http://www.castanet.net/news/Kelowna/64019/Kelowna-housing-starts-up-for-2012

http://www.kelownadailycourier.ca/local-business/new-homes-and-prices-lagging-11113.html

#162 Old Man on 01.19.13 at 4:55 pm

I cannot understand this all for the life of me as it is like the day before Xmas, as the economy appears to be booming with cash. There is no place to park anymore and am getting fed up by it all, as need to buy food, and am getting to the point of hiring a shopper. I need an answer to this madness, so went to a small strip plaza to shop at a small Polish deli, and found one parking spot; never seen this before in a decade. I went in and the place was filled, so grabbed a jar of jam, a jar of red cabbage, and a loaf of rye bread – all half price. I went to pay and had to pull a trick by asking for 8 slices of smoked turkey; that got some action, and the people at the deli counter gave me a few mean looks, as hooped them all. :) There is no depression in Canada, but prosperity that I have never seen in the past 10 years.

#163 Hoof-Hearted on 01.19.13 at 5:09 pm

If take the Knight Street Bridge, into HAMville…ie Richmond, check all the FOR LEASE signs on either side of the road.

Lots of large vacant commercial buildings .

HAM means ‘hot Asian money’ and refers to the flow into Canada of offshore investment funds. It does not mean areas where Canadian citizens of Asian heritage live. This is an ugly, racist term when used in this context. — Garth

#164 Tony on 01.19.13 at 5:16 pm

Re: #162 Old Man on 01.19.13 at 4:55 pm

If you live long enough you’ll see all the people with their 35 and 40 year mortgages head back “home” after throwing in the keys or leaving them in the door for the banks. You like me will be on the hook for our share of upwards of one trillion dollars lost in foreclosures.

#165 Tony on 01.19.13 at 5:20 pm

Re: #154 lee on 01.19.13 at 3:03 pm

Stouffville will get hammered first so if you see the prices in Stouffville take a large drop then Markham and Unionville will be next.

#166 The American on 01.19.13 at 5:42 pm

At #145: Dosouth, track the IP. I’ve nothing to hide. Track away!!!!!!!!! What will you do? Show the IP is coming from a gmail account? LMAO

#167 Harvard Grad on 01.19.13 at 5:50 pm

There were a couple of sayings my Grandfather used to say to me..

“Everyone has a secret agenda”- we all strive to achieve, receive or succeed – plain and simple.

If you go through life thinking someone is gonna go out of their way for your benefit – you have lost touch with reality. A brutal but honest statement. I’ve lived by it and have gained from it – we are humans, and humans have been instilled with the survival at all cost mentality – people gotta stop focusing on just one group of professionals out there – there “everywhere”.

#168 GTA Girl on 01.19.13 at 6:05 pm

Garth, I’m unaware what your rules about names assumed by your commenters. But comment #11 is not me…ie someone claiming to be Gta girl.

To commenter #11: choose another handle. I’ve been here for last few years, and post info regarding development industry. I am uneasy of someone posing as me, as I’m certain you would be if it were you.

As there is only one Smoking Man, there is only 1 GTA Girl.

Thank you.

#169 jess on 01.19.13 at 6:07 pm

low risk /safe sell pitches

http://www.taxresearch.org.uk/Blog/2013/01/18/the-swiss-put-on-notice-cooperate-or-else/

World Radio Switzerland has just reported:

Switzerland has six months to improve its tax practices or it will be blacklisted by the European Commission.

That’s a warning given by a European Commissioner for Taxation and Customs, Algirdas Semeta, to the print media in Switzerland.

He says if the EC’s expectations aren’t met some EU countries could adopt “defensive measures.”

The Commission had wanted Switzerland to agree to an automatic exchange of information, similar to the FATCA law it’s signed with the United States. But Switzerland has so far been opposed to such an agreement with the EC.

==============
http://www.sec.gov/litigation/complaints/2011/comp22064.pdf
Dublin-based German-Irish bank
ireland depfa —-hypo real estate bank
http://en.wikipedia.org/wiki/Depfa_Bank

#170 Spiltbongwater on 01.19.13 at 6:07 pm

HAM means ‘hot Asian money’

What is the meaning of hot in this acronym? Like the Asian money is hot, meaning the bills are nearly on fire? Or the Asian money is hot, meaning the bills are stolen?

#171 jim on 01.19.13 at 6:09 pm

Good lord, how did this become a “US” versus “Canada” thread? Nationalism is so trite and archaic, people.

#172 coastal on 01.19.13 at 6:11 pm

Denise,
It’s a condo building on Johnson St. I believe Devore was just being sarcastic.

#173 jess on 01.19.13 at 6:42 pm

outsourcing your job hilarious

http://www.theonion.com/video/more-american-workers-outsourcing-own-jobs-oversea,14329/

Software Developer Caught Outsourcing His Own Job To China
http://securityblog.verizonbusiness.com/2013/01/14/case-study-pro-active-log-review-might-be-a-good-idea/

Paterson, 62, pumped out positive press releases and then paid a subordinate in China half a million dollars to block an independent assessment.

birth tourism
http://www.cbc.ca/news/canada/story/2012/03/02/birth-immigration-citizenship.html/

#174 The Prophet Elijah on 01.19.13 at 6:47 pm

Looks like million dollar homes in Canada just starting to heat up, is this an example of unethical Garth?

http://www.cbc.ca/news/business/story/2013/01/10/business-sothebys-housing.html

#175 Old Man on 01.19.13 at 7:02 pm

#164 Tony – do not worry about me, as monitor a gated community were the best brains in USA and Canada established a corporation to hoop both the Federal Government and the Province of Ontario many years ago with a corporation; know of no other, but to live on this massive piece of property with everything out of this world with untold $millions spent with no debt, would cost me zip, as can buy a nice home for like $50,000, and all services with hundreds have been bundled for an annual cost for everything coming in at about $5,000 a year. I will not disclose, as even has a golf course, high speed internet, and full satellite tv that costs $185 a year, and say too much lol, as they have their own dish, and the indoor pool looks good.

#176 Coho on 01.19.13 at 7:04 pm

Kaganovich,

Very well said. Your wrote, “The individual should ask his/herself, ‘Should I do this or not'”?

This illustrates that the only real thing we can control is our Will. Every time decent people cave into ‘the system’ which they often feel the need to do to make things easier for themselves, they renounce a certain amount of goodness within them. In other words, they weaken themselves over time by doing what everybody else is doing. Listening to someone else who long ago may have given up his/her Will to ‘the system’ can be very detrimental to a good person’s true self. How many of us on how many occasions have ignored that little voice inside guiding us to do what is right regardless of the circumstances, and instead we did what was good for the wallet, which is often opposite to what is morally and ethically the right thing to do. This world has become, if not always was, a Will breaker to good natured souls.

The systems in this world are set up to enslave the many for the benefit of the few. Very few of us will ever ‘get ahead’, which can mean different things to different people. Often people will give up a precious part of themselves chasing elusive happiness and security when happiness comes from the heart, while security stems from a state of mind, and thus have nothing to do with material possessions or wordly status.

#177 maxx on 01.19.13 at 7:05 pm

#63 Jeannie on 01.19.13 at 1:23 am

“Those of us who qualify as ‘wrinklies’ are living in a different world now, just sayin’.”

Hear, hear. But live in it we must. Shame though….it’s horrendous to me that we live in such a have/have not world. People running scared most of the time. Surely it cannot be too difficult to take care of all of mankind. What we do to others, we do to ourselves.

#178 New on 01.19.13 at 7:45 pm

I would say there is always a way to making your living, either to help / provide service as you make money; or to help yourself with anything you can make at any costs. Many people these days would rather kill the goose that laid the golden eggs as there are more geese to come. And many “geniuses” believe they can trump the geese killers thinking themselves are much smarter than the “stupid geese” got killed. Adorable geniuses! Bottomline, RE agents don’t deserved to be paid 7% transaction fee while they are just helping themselves!

#179 Kam on 01.19.13 at 7:50 pm

Hi Garth,
Have you ever covered topics like “buying foreclosed properties” or “power of sale” in your previous blogs? What kind of tricks are played by RE agents/banks to sell them to the prospective buyers.
If yes,please let me know the date/yr.
Thanks,
Kam

#180 Adam on 01.19.13 at 7:50 pm

Garth, can you ban #128 INTERESTING TIMES from posting that same crap comment on every single blog post you make?

#181 Snowboid on 01.19.13 at 7:58 pm

Nice unit in high-end Kelowna condo complex:

Prebuild price: $ 589,000
Aug, 2008 – $499,000
Jan, 2009 – $ 434,900

Current asking, almost five years later: $ 414,900; assessment – $ 408,000.

http://www.realtor.ca/propertyDetails.aspx?propertyId=12625319&PidKey=-619730996

Oops!

#182 AK on 01.19.13 at 8:12 pm

#154 lee on 01.19.13 at 3:03 pm

“South Unionville is still going strong. Not good for me since i am waiting on sideline.”

HAM continuous to pour into Markham and Unionville. Who know when it will stop.

#183 TurnerNation on 01.19.13 at 8:16 pm

DA just shot himself in the foot. Thanks for the link.

http://www.kelownadailycourier.ca/local-business/

New homes and prices lagging

Friday, 11 January 2013 02:00 Steve MacNaull

The economy never did rev up the way it was supposed to in Kelowna in 2012. As a result, one of the city’s leading economic indicators – new home construction and prices – sagged last year

#184 TurnerNation on 01.19.13 at 8:18 pm

416 homes still selling over asking!! Look at this junk. WW2 era bungs. 1/2 mill.

http://www.torontomls.net/PublicWeb/CL_CF.asp?link_no=46841161.175000&t=l&fm=F

Main link http://tosolds.ca/?cat=3

#185 CrowdedElevatorfartz on 01.19.13 at 8:23 pm

@ #157 Don D West
Your comment..

“it’s the EMPLOYERS who should be taking these courses; not the employees. What kind of insulting joke of a company you work for?!……”

While your comment is poignant, it is somewhat naive.

ALL the major companies have these ridiculous courses and or a “confict of interest” form that you are required to sign annually.
I used to work for SNC Lavalin and they had us sign these ridiculous “conflict of interest” statements every year. I found signing those forms was the most insulting, demoralizing exercise in stupidity anyone from HR could create. If signing the form is a requirement of your employment could a lawyer not say you were forced to sign it under duress? Hello? HR? Pull your heads out of your a**! The forms are USELESS.
These idiots actually believe a person with ill intent gives two shits about some stupid “ethics” course of a “conflict of interest” form?
“Sure , where do I sign?”…. while I’m bribing govt officials all over the world……
Apparently the senior management at that company didnt have to take ethics courses or sign conflict forms if the current charges against the former management are any indication……

#186 Andrewski on 01.19.13 at 8:28 pm

Hello #’s 141 panhead on 01.19.13 at 1:47 pm &

#83 SCIBIDUBADEBUMBADO on 01.19.13 at 3:53 am:

This BC Gov initiative was announced almost a year ago.

http://www.bcbudget.gov.bc.ca/2012/homebuyers/2012_First_Time_Home_Buyers_Fact_Sheet.pdf

The flyer you received is a cleverly veiled sales pamhplet for the condo project in Langley.

Cheers.

#187 Andrewski on 01.19.13 at 8:35 pm

Sorry, pamphlet!

#188 CrowdedElevatorfartz on 01.19.13 at 8:41 pm

@#166 The American
I totally agree with everything you said.

Victoria’s untreated sewage pollution is an established fact.

“Denise” must be latin for denial.

#189 furst on 01.19.13 at 8:42 pm

#68 Dr. WAYNE on 01.19.13 at 1:40 am
#53 furst on 01.19.13 at 12:30 am

… 0 Ladies …

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

I only have/need ‘one’ great one … you, obviously, require a host of ‘mediocre’ …
_____________________________________________
Doctors are notorious for illegible handwriting. Didn’t know they were literary and/or numerically challenged too.

Zero Ladies means No girls, not ‘ONE Great One’
From a mathematical standpoint, I know this is complicated but 0 is NOT EQUAL to 1
Dr. Wayne, you’re purdy unintelligable for a dokter.

#190 Kaganovich on 01.19.13 at 9:28 pm

#176 Coho

Yes. Well put. Systems have been engineered by the few thus far. It should come as no surprise to any of us that it is that same group that has reaped the benefits from it as well. I am in the midst of a work by Alain Deneault on global crime entitled ‘Offshore’. Your observation rings all the more true in light of his writing. Have a nice weekend and thanks for taking the time to share some of your thoughts with the rest of us. They are appreciated.

#191 Canadian Watchdog on 01.19.13 at 9:32 pm

#184 TurnerNation

416 homes still selling over asking!

No they're not.

MLS#: E2532692, 87 Jones Ave

List:       $399,000
Sold:     $450,000
SP/LP:  113%

Price History

Oct-11    E2222990      287 JONES AVE     $593,000
Nov-11    E2222990      287 JONES AVE     $572,000
Dec-11    E2222990     287 JONES AVE     $563,000
Feb-12    E2280262     287 JONES AVE      $568,000

#192 Old Man on 01.19.13 at 9:36 pm

Breaking News – Smoking Man lost a ton of money on the stock market, and begged me to buy his home in Long Branch, as was playing the option casino, so did the right thing, and made him an offer for half price, he said ok.

#193 Alice on 01.19.13 at 11:03 pm

To #30 AK, otherwise known as Dr Anus. I’ve had a tough week. I was enjoying Garth’s blog. Then your name came up, reminding me of your other loser identity and perverted enjoyment of being abused. What a bummer reading your name. Really dude, you should do us all a favor and go away. Get some treatment. This is a great blog without you.

#194 Snowboid on 01.19.13 at 11:12 pm

Just saw a TV ad running on a Phoenix station, talks about how home ownership increases self-esteem and improves your childrens’ grades.

Wow, it must be true as the ad is sponsored by the National Association of Realtors.

http://www.realtor.org/videos/public-advocacy-campaign-moving-pictures

All along we thought it was us, as parents, that contributed to our childrens’ self-esteem and good grades – how disappointing to find out it was just the house!

#195 jay on 01.19.13 at 11:18 pm

“ Monkey on 01.19.13 at 2:34 pm

Globe and Mail Van edition today Real Estate section. 2 bd condo in Kerrisdale on market at $524,800 for over a year, no takers. Price lowered to $458,800 and sells for $424,000. 2007 it sold for $420,000. Realtor Keith Roy – negotiates the deal for his buyers. How about that? A $4,000 uptick from 2007 – real estate a great investment eh?”

$424,000 is a steal for a 2-bedroom condo in Kerrisdale of Vancouver. Some 1-bedroom condos at UBC are still listed $469,000, no takers.

#196 jay on 01.19.13 at 11:22 pm

Just found this in e-mail:
Are you looking for the great return of real estate without the stress of management?

SAGE III is a turnkey condo investment with professional management and 10% return from guaranteed rental income. The project is in a high demand location next to the new $100 Million Wilfred Laurier Business School Complex in Waterloo, Ontario.

Special VIP Sale gives you the chance to:

– BE THE VERY FIRST TO BUY AT THE LOWEST PRICES

– 100% LEASE GAURANTEE

– 35% + RETURN ON INVESTMENT IN THE FIRST YEAR

– FREE PROPERTY MANAGEMENT

– COMPLETE FURNITURE & APPLIANCE PACKAGE INCLUDED

– LUXURY FINISHES, APPLIANCES & DÉCOR

– WATERLOO IS ONE OF THE FASTEST GROWING COMMUNITIES

#197 Guy1 on 01.19.13 at 11:23 pm

Garth, I was so impressed by this post that I wanted to share the following song with you. Indeed, what you are now expressing not only moves you into the category of a great Canadian leader, but it takes you into a realm that is divinely virtuous. To hear the calls of the innocent and defend them against evil is to embody a much more humble and yet deeply profound power. Some call this force God others call it love. Those with the deepest faith see the two as indistinguishable. But, with it you will win-over Canada just as the following song has won over the hearts of millions of young people. To truly feel and act on the emotion in it or any other similar narrative, and apply it to what you do is to guarantee your place in human history as one of our Saints, heroes, and unforgettable leaders. You are truly a wonderful human being.

https://www.youtube.com/watch?feature=player_embedded&v=43UhokH9bYg

Thank you, but ten thousand realtors just threw up. – Garth

#198 Guy1 on 01.19.13 at 11:44 pm

I hear purging of one’s sins on occasion is a healthy affair. :)

#199 Nostradamus Le Mad Vlad on 01.20.13 at 12:25 am

-
#176 Coho and #190 Kaganovich — “The systems in this world are set up to enslave the many for the benefit of the few.” — Well said. Who set up the systems? The same ones who profit from wars, funding both sides and reaping the rewards therefrom, such as this 3:12 clip. Good posts.
*
Lloyd Blankfein Times are tough. Pity the man whereas Citigroup cuts; Rethuglokrats “Once the debt limit is increased there is no way after that three months is over to lower the debt limit … unless there are savage cuts to public spending, and massive tax increases. Which explains why the US Government is so desperate to disarm the American people.”; wrh.com; Walmart Is this for real? 1:31 clip Banxters and crooks — Two can play at this game! Starving Kids Recovering economy? Not so much, except for TPTB; Four Times Over The world’s top 100 wealthiest people; 1:34 clip EU debate is all smoke and mirrors; The BdB Group and their secrets; Snakes and Ladders Miss a rung and get bitten hard; Sterling isn’t so sterling after all; Peak – Valley UK tuition hike, enrollment falls; High Street bloodbath Saga continues; Union Busting upheld; High Margin Requirements killing silver.
*
3:58 clip Ahmadinejad speaks truth, something the west is incapable of; Sandy Hook smoking gun revealed, and at just the right moment, this; Google Experimenting; Saint Pope Gored By His Own Brilliance (from March 2000) and artwork; Pentagon Right on the money; WiFi + USB Drive = ‘Net freedom; US Milk banned in Europe; The Great Awakening Ten volcanoes in a week; Eleven Wacky European buildings; Child Abuse Lots of noteworthy people involved, and this; Obomba’s Regime and the attack on sovereignty; 5:10 clip Cancer Doc. Burzynski cleared; Russia’s Snowpocalypse Eat your GW heart out, Al Bore; Cervical Cancer Vaccine “And if that doesn’t tell you that this is just about making money, nothing will!”; wrh.com; The Brit. Establishment Pedos everywhere; Sleeping Beauty? Her brain has a malfunction.

#200 Hoof-Hearted on 01.20.13 at 12:30 am

#163 Hoof-Hearted on 01.19.13 at 5:09 pm

If take the Knight Street Bridge, into HAMville…ie Richmond, check all the FOR LEASE signs on either side of the road.

Lots of large vacant commercial buildings .

HAM means ‘hot Asian money’ and refers to the flow into Canada of offshore investment funds. It does not mean areas where Canadian citizens of Asian heritage live. This is an ugly, racist term when used in this context. — Garth

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

Living in Richmond for 50 + years…one has the ultimate Titanic crowsnest perch.

Not sure if you were clarifying the term HAM….or casting assuations it was a discriminatory reference.

Regardless it is what it is…..perhaps I should submit a video of Richmond after dark…..when one can see condos and McMansions with no lights on…and it ain’t Somali pirates or MDs with guitar collections on title.

IMHO the whole thing is a money laundering disgrace that’s now coming full circle

#201 The American on 01.20.13 at 12:47 am

At #188: CrowdedElevatorFartz, I just pissed myself laughing!!! Of course, that’s easy to do, what with being an American an all, as we are all always stoned, hammered, and mildly pissed!!! You always make me laugh, and I totally get your sense of humor. Thanks a bunch!

#202 Mainlander on 01.20.13 at 1:51 am

Hey Adam, 128 post you refer to is the alias of realtors in a panic idiot carefully disquising himself with a new name to post the same inept garbage over and over. He really has us fooled.
For the most part there is some intelligent discussion and interesting viewvpoints made on this blog. Too bad the keepers of this moron keep allowing him access to the Internet most nights and post the same crap over and over.

#203 Ronaldo on 01.20.13 at 2:05 am

Useful link. Financial Consumer Agency of Canada

http://www.fcac-acfc.gc.ca/eng/index-eng.asp

#204 Joe on 01.20.13 at 3:30 am

#41 Smokingman

Let me finish the sentence for you the next word would be ” delusional “

#205 NorthOf49 on 01.20.13 at 3:53 am

http://www.realtor.ca/propertyDetails.aspx?propertyId=12745791&PidKey=-901178719

WAS $970,000
WAS $879,000
WAS $699,000
WAS $679,000 (as of 11/29/12)
NOW $659,000 (as of 01/20/13)

32% off original asking. Tennis anyone!!

#206 T.O. Bubble Boy on 01.20.13 at 8:31 am

@ #174 The Prophet Elijah on 01.19.13 at 6:47 pm
Looks like million dollar homes in Canada just starting to heat up, is this an example of unethical Garth?

http://www.cbc.ca/news/business/story/2013/01/10/business-sothebys-housing.html
————–

Maybe by “heating up”, they meant “heating up with illegal activity”, like Graydon Hill realty in Toronto:
http://www.thestar.com/news/gta/article/1317340–realty-regulators-freeze-graydon-hill-s-accounts

#207 Raven on 01.20.13 at 8:32 am

Been a builder for 27 years and have never seen anything like the madness of today! Last towns we sold(recently liquidated all land and RE holdings in April last year) were to young newly weds. They had three cheques to use for 5 percent down. One from her mother one from his father and one from a friend. The remainder they asked to put on their credit card? I tried to talk them out of the purchase and they were clearly angered at my audacity, they “worked hard” to put together the down payment? Knew that day it was time to get out! Seen this movie before in 1990, just in slow motion today! I also know a Realtor in T.O. Who personally owns 134 Million Dollar Homes with NO down payment. Using his 5 percent commission from sale to give the banks for down payment. We will hear all these horror stories after the bubble bursts, as it’s never a bubble till after it bursts! As Carmen and Rogoff stated in their sarcasticly titled book “This time is Different”.

#208 Eaglebay - Parksville on 01.20.13 at 9:56 am

#185 CrowdedElevatorfartz on 01.19.13 at 8:23 pm

SNC-Lavalin is one of the best engineering firms in the world. And It’s Canadian.
Bribes are sometimes the only way to do business throughout the world. It’s the way of life in many countries.
Why does Canadian regulations and stupid laws apply outside Canada? Aren’t we acting like Americans?

#209 AK on 01.20.13 at 10:04 am

#193 Alice on 01.19.13 at 11:03 pm
“To #30 AK, otherwise known as Dr Anus. I’ve had a tough week. I was enjoying Garth’s blog. Then your name came up, reminding me of your other loser identity and perverted enjoyment of being abused. What a bummer reading your name. Really dude, you should do us all a favor and go away. Get some treatment. This is a great blog without you.”

WOW.. You should try to relax, Lady. DR. WAYNE and I are NOT one of the same. I just like to poke some fun at posters who “try” to post “fuuurst”. Why is that wrong?

Having said that, I appreciate the complement as I truly believe that DR. WAYNE has a great sense of humour, unlike a number of dimwits that post on this blog.

Have a great week ahead, and I truly mean that.

#210 };-) aka Devil's Advocate on 01.20.13 at 10:33 am

#194Snowboid on 01.19.13 at 11:12 pm
Just saw a TV ad running on a Phoenix station, talks about how home ownership increases self-esteem and improves your childrens’ grades.

Wow, it must be true as the ad is sponsored by the National Association of Realtors.

http://www.realtor.org/videos/public-advocacy-campaign-moving-pictures

All along we thought it was us, as parents, that contributed to our childrens’ self-esteem and good grades – how disappointing to find out it was just the house!

I know it is going to result in a great debate but…

It’s true. And not only that but…

SOCIAL BENEFITS OF HOMEOWNERSHIP
AND STABLE HOUSING

In addition to tangible financial benefits, research has shown that homeownership brings substantial social benefits for families, communities, and the country as a whole. Because of these societal benefits, policy makers have promoted homeownership through a number of channels. Homeownership has been an essential element of the American Dream for decades and continues to be so even today. Some of the documented social benefits include:

■Increased charitable activity

■Civic participation in both local community and national issues (including voting)

■Greater awareness of the political process

■Higher incidence of membership in voluntary organizations and church attendance

■Greater social capital generated

■Greater attachment to the neighborhood and neighbors

■Lower teen pregnancy by children’s living in owned homes

■Higher student test scores by children’s living in owned homes

■Higher rate of high school graduation thereby higher earnings

■Children more likely to participate in organized activities and have less television screen time

■Homeowners take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments and those skills transfer to their children

■Lower teenage delinquencies

■General increase in positive outlook to life

■Homeowners reported higher life satisfaction, higher self-esteem, happiness, and higher perceived control over their lives

■Better health outcomes, better physical and psychological health

■Tremendous wealth gains for homeowners under normal housing market conditions (outside of the terrible bubble/bust housing years)

■Homeowners not only experience a significant increase in housing satisfaction, but also obtain a higher satisfaction even in the same home in which they resided as renters

■Family financial situation and housing tenure during childhood and adulthood, impacted one’s self-rated health (in particular, the socioeconomic disadvantaged indicated by not being able to save any money or not owning or purchasing a home are less likely to self-rate their health as excellent or very good).

■Less likely to become crime victims

■Homeowners better maintain their homes, and high quality structures also raise mental health -renter-occupied housing appreciates less than owner-occupied housing

■Housing prices are higher in high-ownership neighborhoods

■Maintenance behavior of individual homeowners is influenced by those of their neighbors

On March 27, 2012,
in Economist Commentaries,
by Selma Hepp, Research Economist

#211 Good authority on 01.20.13 at 10:36 am

Many dump on RE agents here.
Many RE agents are just fine.

Fact is 72% would use their RE agent again.
http://www.realtor.org/field-guides/field-guide-to-quick-real-estate-statistics

There are low lifes in any profession.
If you know questionable agents, pass your expertise on to protect your family and friends.

#212 Daisy Mae on 01.20.13 at 10:38 am

“Supporters at Thursday’s fundraiser said they would be willing to give Clark another chance.

As Crooks said, “we’re all working hard for the least of the evils.”

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

Well, BC voters are NOT willing to give Christy Clark and the Lyin’ Libs — ‘the least of the evils’ — a second chance. They’ve had plenty of opportunities to redeem themselves since Campbell was ousted. Once the trust is gone, it’s very, very difficult to restore. They’ve been thumbing their noses at the electorate.

Our only hope is the provincial Conservatives…and so far they’ve been a dismal failure.

#213 };-) aka Devil's Advocate on 01.20.13 at 10:54 am

Renters are the Next Mortgage Crisis

#214 The Man From Nantucket on 01.20.13 at 11:05 am

#128 INTERESTING TIMES on 01.19.13 at 12:09 pm
“…..Blahblahblah……”

It’s like listening to an arsehole fuelled by a chili eating contest!

Same post, dozens of times.

#215 };-) aka Devil's Advocate on 01.20.13 at 11:20 am

Some interesting stats…

In 2011 39% of Florida’s international buyers were from Canada. The next closest was 8% who were from Brazil.

34% of those Canadians purchases were Vacation Homes

26% were investments in Rental Property

19% were Dual Purpose (Vacation and Rental Property)

Just 5% were intended to be Retirement Homes

From 2011 to 2012 the percent of Canadian buyers making up the international buyer market in Florida dropped by over 20%. They must have come to realize Kelowna real estate is a better investment. };-)

#216 The Man From Nantucket on 01.20.13 at 11:26 am

#184 TurnerNation on 01.19.13 at 8:18 pm
416 homes still selling over asking!! Look at this junk. WW2 era bungs. 1/2 mill.

At least with the East York bung you get four outside walls and a small dandelion farm.

What kills me more is the incremental costs for going a few km South and West. $700K plus for the old wreck rowhouses in Leslieville/Riverdale! I’ve house-sat in one of those visited (renting) friends in several others. It’s an awful lot to pay for the privilege of a “Beach” address.

#217 The Man From Nantucket on 01.20.13 at 11:30 am

#185 CrowdedElevatorfartz on 01.19.13 at 8:23 pm
…..Hello? HR? Pull your heads out of your a**! The forms are USELESS.

Yes they are.

My own consulting firm has the same horseshit forms. They were prepared, circulated, collected, filed, based on policy directives of several large federal governments with which we do lots of business.

As stupid as HR departments often are, you may not be able to blame them for the existence of these forms.

#218 TurnerNation on 01.20.13 at 11:33 am

Watchdog you have the wrong house # there.

#219 The Man From Nantucket on 01.20.13 at 11:34 am

#196 jay on 01.19.13 at 11:22 pm
……..
– 100% LEASE GAURANTEE
…….

This pitch is so solid they didn’t even need to proof read it.

I’m in! Where’s my chequebook?

#220 Robert Dudek on 01.20.13 at 12:17 pm

Slavery is back, free sign ups, talk to your local real estate agent.

It isn’t slavery if you voluntarily choose it.

#221 live within your means on 01.20.13 at 6:11 pm

#212 Daisy Mae on 01.20.13 at 10:38 am

From many articles I’ve read over the last few yrs. she’s not a Liberal, but a conservative in sheep’s clothing, as was her predecessor.

#222 “Person two said that the apparent downturn in sales and values in Vancouver is largely illusionary because it is only real estate at the top end of the spectrum that has slowed, which is artificially skewing the statistics in the mid-range.” on 01.20.13 at 8:01 pm

[…] “Last night I was listening to the following discussion about the Vancouver housing market. It went basically like this. Person one said that real estate is coming down in Vancouver. Person two said that the apparent downturn in sales and values in Vancouver is largely illusionary because it is only real estate at the top end of the spectrum that has slowed, which is artificially skewing the statistics in the mid-range, and that homes in the midrange and below are still selling well and have not slowed. Is this accurate? Personally, I was going to say that he was not correct but I did not have the exact statistics to back up my claim. Where are the statistics on each market price segment?” – Mark W at greaterfool.ca on 18 Jan 2013 at 10:25 pm […]

#223 pjwlk on 01.21.13 at 7:53 pm

#54 Coho: “I know 2 dentists…”. You’re right on the money. A specialist in my dentist’s office recommend two of the same procedures for me totalling $1800. He was pissed when I cancelled the appointment after finding out the cost for the “20 minute procedure”. These parasites sicken me!