The candidate

trust

“All you do is give false hope to houseless, you self righteous, know it all arrogant and selfish prick.” – GreatFool blog comment on Garth Turner

With praise like that from realtors, who needs awards? Not this pathetic blog, which is staggering towards its fifth anniversary. In that time there have been 1,301 posts (the equivalent of 16 books), and 209,400 comments. Just under 5.5 million visits a year happen, but the real measure of success is the secret file I keep of obscene, ad hominem and up-yours-Garth comments.

Last year it ran to 218 pages, single-spaced, 10-point type. The year before was a disappointing 136 pages. So far in 2013 (and it’s only mid-February), we’re at 41. Meanwhile at least two of the four people I’ve thrown off this site have started their own anti-Garth blogs. I am so proud.

Why just a couple of weeks ago, the last abusive realtor I punted left me such a nice email: “You think you are punishing me?!? LOL. Geez it’s a blessing to be banished from the lost cause, black hole of this pathetic blog. Something I should have done myself long ago. I gladly leave you Garth to bask in the worship of your loyal pack of ass kissing, ball licking hounds. Look at your audience my friend… is their worship really such a compliment? Don’t you think you could do better?”

While I know it’s hard to top this kind of attention, I have been asked to try.

Jeremy Biberdorf runs a financial blog which likely has fewer babes and more creds. But it also has a kind of contest. “On the recommendation from several readers I have included your blog in my poll for the top Canadian finance blogs,” he writes me. “It would be great if you could share this with your readers on your website or on social media to encourage them to vote.”

While I suspect this is a fancy ploy to get more traffic flowing to his site, I’m game. So if you want to cash your ballot for GreaterFool, as opposed to one of those candy ass, pay-down-your-mortgage and put-money-in-a-jar blogs where nobody calls the host a prick everyday, then go here and vote.

Well, not one day after our collective hissy fit over media manipulation by realtors in Vancouver, come two fresh examples of how the nation’s routinely misled when it comes to real estate market analysis. Here’s CREA, for example, doing clumsy damage control in the wake of housing stumbles in Toronto and Vancouver. The new media release talks of “house sales picking up steam” in both cities, then compared January with December, citing a 5% sales increase.

And while it’s true more houses sold last month in the GTA, for example, than in December, the stat is meaningless. That’s because this past December’s sales were 22% lower than the same month a year ago. By the way, January 2013 sales were also lower than those in January 2012. Trying to speak through the feet in his mouth, CREA president Wayne Moen said, “Improving sales in Vancouver and Toronto likely come as something of a surprise to some.” Especially the honest ones.

Meanwhile, not content with letting real estate marketers lie to it, one media outlet has decided to join the fun. After all, making up the news is so much more efficient than actually looking for it.

“Headlines regularly tell people that Vancouver is among the least affordable cities in the world,” the Van Sun says. “But often they don’t tell the full story — that while the city of Vancouver is a pricey place to be a homeowner, the suburbs still have home prices that are affordable to most families.”

That’s right. Banish those thoughts that a city where average detached homes cost $1 million and most families earn $83,000 is unaffordable. The Vancouver Sun just joined forces with the Urban Development Institute (a.k.a. “developers”) and FortisBC (which sells energy to homeowners) to create a “Housing Affordability Index.”

The conclusion: “As a region, the numbers aren’t bad.”

Yeah? According to the index, only 51% of people can afford a condo in a concrete building and just 40% can afford a SFH out in the burbs. In Van city the proportion of families affording  payments drops substantially, to 32%. So not only are 70% of the people who live there unable to afford monthly payments, but this is based on carrying costs after a 10% down payment by first-time buyers and 35% down for those buying a detached house. As I have told you before, the average down payment in Canada is now 7%.

Now, the best part. The paper found a financial advisor (Adrian Mastracci, portfolio manager at KCM Wealth Management) to give its readers advice.

Mastracci said most people have to start with a small condo and whittle down their mortgage to build up equity. “Plow any extra money you have against your mortgage and really go to town,” Mastracci suggested. “That is a risk-free investment you can make.”

Maybe somebody should tell Mr.M that condo sales have plunged 19% in the past year and prices have fallen 6%. That means this asset is becoming more illiquid as it declines in value. Add in transaction costs, and the same condo has lost 9.2% in a year.

If that’s “risk-free,” what does KCM stand for? Kan’t Count Money?

Say, have you voted yet?

297 comments ↓

#1 TurnerNation on 02.15.13 at 8:54 pm

Happy long weekend!

#2 Randy on 02.15.13 at 9:00 pm

Lots of snow…get out the sleds….

#3 TurnerNation on 02.15.13 at 9:02 pm

Blog dogs, unleash!! Get out and vote here.

http://www.modestmoney.com/top-canadian-finance-blogs-2013/

I’m just tallying up this week’s ZSL.US (short silver) profits.

#4 Mark W on 02.15.13 at 9:02 pm

HAM & Champagne in Vancouver:

http://www.realtor.ca/propertyDetails.aspx?propertyId=12384188&PidKey=1190328162

BC = Bring Cash.

#5 Goody Niosi on 02.15.13 at 9:03 pm

I voted for you!

#6 Steven on 02.15.13 at 9:03 pm

Vancouver is doomed. Why would desperate real estate people be trying to proclaim that Vancouver is still affordable? You cannot buy million dollar homes here. There are no industries that support million dollar homes anywhere in Vancouver. None! Major industry and jobs are coming to Vancouver? Also this is garbage news. You mean target pays hundreds of thousands to people in scamcouver just cuz? Vancouver real estate is headed into the sewer. Major collapse on home prices is imminent.

#7 TurnerNation on 02.15.13 at 9:05 pm

Sheeple, waking up, in today’s press:

J. Trudeau said:

“”People who they used to think were going to be good representatives for them in Ottawa have simply become spokespeople for the prime minister here in their riding.
“And Mr. Devolin (Haliburton-Kawartha Lakes-Brock MP) . . . I’m not going to say anything against him personally but I will say the response I get from people who are stuck with Conservative representatives when the Conservative Party has traded the voices of their MPs for a single voice that led them to power in terms of Mr. Harper, that is a trade-off that people are realizing.”

#8 MD on 02.15.13 at 9:05 pm

Thank you Garth for showing my wife and I the light. We were one of those fools who fell for the “real estate” game being peddled by our society, we were so close to buying again after having sold our house back in December. It was you who planted that seed of doubt that allowed us to say “NO” to our real estate agent and opt to rent instead, for what it’s worth it was the best decision and stumble (unto your website) we ever made! Keep up the good work and thanks.

MD

#9 guelphstudent on 02.15.13 at 9:11 pm

Canadian Housing Bubble Visualized should be shown to all the realtors and than ask them for comments?

#10 Devore on 02.15.13 at 9:15 pm

Vote early, vote often!

#11 Coho on 02.15.13 at 9:15 pm

The ‘myth’ of HAM along with countless other myths, distortions, half-truths, spin, and outright lies are used by their peddlars to create many illusions such as illusory real estate values, illusory wealth (you’re richer than you think) illusory daily gains and losses on world markets, illusory enemies, etc. These are all parts that combined make up the grand illusion, which is our perception of ‘reality’.

As with this latest fake media story, the focus is usually on certain individuals, but it is the whole system with its big institutions which is corrupt. The individuals involved are by-products of the system. The system generates them, so we can imagine what kind of world this will be in the future. Behaviour that was unacceptable in the past becomes tolerated and even encouraged. Soon there will be no right and no wrong. People are giving up their Will (the only thing they can truly control with sincere effort) and will come to the point where they no longer know right from wrong. Rather it will just be the way of things. Truly sad days for humanity these will be.

Illusions cause us to act in ways that make real impacts on our lives. Many illusions are driven by fear and greed, fear being a very strong emotion and greed a bad attribute which is a powerful motivator in many people. Greed is often wrapped in the positive ‘he/she is a hard worker’ attribute, when in many instances it is sheer greed often with lust for power which propels these to achieve incredible amounts of wealth. These are held in such high esteem, even as heroes, but in many cases they are exposed to be ill gotten gains. Whereas hard working people devoted to their loved ones needing to hold down two jobs to support them either because they are unskilled or they are indeed skilled but their jobs have been outsourced to the lowest bidder are often thought of a losers. The term “hero” is used very loosely nowadays, but between the above mentioned the latter is much more deserving of the term than the former.

Other devastating consequences of pumping fear into people: Instilling fear in us that there are enemies half way around the world that will come here and attack us brings us aboard the war wagon. Average people want to be left alone…to make a living, to be happy and free and be able to support their families. It is the ruling class which has other ideas…who are much more ambitious than the ‘little people’. It is all a stage act – warring factions each as foul as the other each seeking to dominate the entire world for itself pointing fingers calling each other evil. But, this stage act becomes very real to the little people because it is THEY who are manipulated to fight the wars with their blood and money (whatever is left of it). Property virgins are similarly manipulated to jump into half million dollar mortgages because of fear and the ‘buy now or buy never’ mantra screamed at them from the airwaves, not to mention parents, friends and relatives who are just as programmed as them.

It has been stated many times by many people, things are not always what they appear to be in this incredibly illusory world.

#12 espressobob on 02.15.13 at 9:18 pm

Voted! TGF moving up fast!

#13 marco on 02.15.13 at 9:19 pm

SO Garth, assets are going to hell huh? You think you got the gold bugs and real estate lovers now huh? People don’t buy Garth s bs. Eastern banks like China and Russia are buying tons of gold per year. They have the cash to do it unlike the West. Secondly although r e prices may slow for a while, there is no doubt that Toronto especially is one of the greatest places to live. No more land is being built. Short term correction in prices for hard assets, but they will rise long term. This bull has been in motion for over 12 years. And we are about 4 years removed from our last recession. Guess what we are due for? Yeah u got it another one. But Garth never mentions that. Post it bro. I dare you.

Why not? You’re funny. — Garth

#14 DocinWaitingRoom on 02.15.13 at 9:20 pm

Hope to the Houseless? We don’t need hope we need more people like Garth. I feel most sorry for those young families stuck in debt to pay for this bubble craziness.

What we do need is people to know the truth, and to balance all the “advertnews” that runs on the tv and newspapers.

That is one reason our family doesn’t watch tv, but reads blogs (This is one of my daily reads), and other websites to make an informed decision. Especially one that some people pay most of their working lives for. For people like us with student debt and kids, it will take some time to buy a quality energy efficient and roomy home and we are content to wait, rent and read in the meanwhile until the prices drop.

#15 rico on 02.15.13 at 9:21 pm

Actually if you look at the Vancouver Sun article it states that “fewer than 32 per cent of households can afford payments on a single-family home, a new or re-sale townhouse or a new concrete condominium”.
If they listed that 9% (or whatever the real # is) can afford a SFH there might be a run for the exits.

#16 Short Vowels on 02.15.13 at 9:24 pm

Realtors are really grasping at short straws with these numbers.

#17 Freedom First on 02.15.13 at 9:24 pm

With praise like that from realtors, who needs awards?-Garth.

I know exactly what you mean Garth! With the 2nd last realtor you expunged from your site, the one who also insults the blog dogs, I too feel special:)

#18 Mouldy in Nanaimo on 02.15.13 at 9:35 pm

Well my Nanaimo house goes on the market this week. It’s going to be interesting. Most people I talk to say I shouldn’t sell and things will bounce back soon. I don’t mind that attitude still being out there. I will keep my friends here on this poetic blog duly informed of any interesting happenings.

#19 DreamingInTechniColour on 02.15.13 at 9:38 pm

Many folks continue to decide that it makes far more sense for them to rent the amount of space they need to live in, in a community/ location where they want to be.

Many are glad they made the choice to become renters instead of owners of their homes years ago – as monthly rents remain stable or continue to get cheaper, even in the best locations as more and more property owners need help to pay their property taxes and mortgages by building nice rental suites with lots of floor space and deluxe bathrooms, hardwood floors and nicely appointed kitchens with direct access to nicely landscaped back yards in their $ million+ dollar homes in fantastic neighbourhoods.

Many owners often include all the utilities in the monthly rent for their suites as well.

#20 Stupesing in Cabbagetown on 02.15.13 at 9:44 pm

Am I blind or has Greater Fool been pulled from the list? I don’t see it there.

We’s bin had.

The formal title:’The Greater Fool’. — Garth

#21 Bill Gable on 02.15.13 at 9:44 pm

Your thick skin must have been one of the better bye products of being a Politician in the top echelon.

People are very rude, and I am not sure I would be as sanguine as you are Mr. Turner.
You are getting to Kool Aid partiers, Mr. Turner. I bring your name up at social gatherings and watch the blood pressure rise in the room.

Oh, it is going to be a fun Spring.

#22 Dr. Hoof Hearted on 02.15.13 at 9:46 pm

” If you are not HAM..you are LAMb…..(aka sheeple) ”

PS I love it…and I have a copyright pending

#23 Steven on 02.15.13 at 9:47 pm

I see a major collapse in Scamcouver only because there is nothing in that city to support fundamentals like incomes, like growth in industry. Like nothing. Vancouver is doomed.

#24 Anthony on 02.15.13 at 9:48 pm

Garth really needs that $100 grand prize!

#25 Steven on 02.15.13 at 9:49 pm

It cannot be the case that some rich person just bought a new home in Vancouver and that is what driving fundamentals ??? This is all make believe garbage.

#26 Steven on 02.15.13 at 9:50 pm

You watch, scamcouver will be worth a third or less in under a year. The most overpriced real estate in the world is in fact scamcouver

#27 An Observer on 02.15.13 at 9:57 pm

That affordability article is actually much worse than you even realize. It isn’t 32% that can afford a vancouver SFH (based on 35% down and historically low interest rates)… It is < 32%. So between 0% and 32%. The census data they say only goes up to $70K so for any home that requires more than $70K to qualify they actually don't know how many people can afford it!

Also, why don't they just change it to 50% down payment to make their numbers look better – or 75% down payment. Look everyone, 90% of people can afford a vancouver west home if they just put down $2.5 million as a down payment! Affordable!!!

#28 Ronaldo on 02.15.13 at 9:57 pm

Top o the list with 183 votes…way to go Garth…yes I voted…..

#29 Dave on 02.15.13 at 10:00 pm

Garth, What are you going to do with that hundred bucks?

Retire. — Garth

#30 Inglorious Investor on 02.15.13 at 10:03 pm

#13 marco on 02.15.13 at 9:19 pm

“No more land is being built.”

Yes, according to Creationists, the great land building boom ended somewhere around 6000 years ago.

Meh, whatayagonnado?…

#31 jess on 02.15.13 at 10:03 pm

…more pathetic advice

Exposed: The Financial Services Authority published a devastating dossier exposing how banks gave poor and misleading advice which put customer nest eggs at risk
The FSA sent out investigators who masqueraded as ordinary members of the public with a lump sum in order to uncover what advice they would be given by the sales staff at major banks and building societies. It said it had ‘concerns with the quality of advice’ in one in four of the 231 ‘mystery shopper’ cases.
These included directing people who cannot afford to lose any money into shares or other products with similar dangers, as well as not properly assessing their needs in the first place.

Read more: http://www.thisismoney.co.uk/money/news/article-2277971/Secret-FSA-probe-finds-banks-STILL-giving-fair-advice-Santander-suspends-advisers.html#ixzz2L1V5bjjG

#32 Coho on 02.15.13 at 10:05 pm

The whole discourse of real estate pumpers is based on speculation. People traditionally bought a home when they could afford it and if I remember correctly, your monthly mortgage payment could not exceet 30% of your gross monthly income.

Many which advise to buy at inflated prices state that it is a good investment and that prices will continue to increase. While others declare a house is a tangible investment and that it is a place to live. So why not jump into the deep end to the tune of a half mil just for a roof over your head you can call your own?

Wages haven’t gone up much if at all in the last 10 years. Rolling back the clock to 2002, would an average income earning sane person seriously consider paying todays outrageous prices in Metro Van, GTA, and other bubble markets? What was once a realistic goal in owning a home has become an exercise similar to that of the tulip phenomenon, which was the definition of chasing something of an illusory value.

#33 Smoking Man on 02.15.13 at 10:07 pm

Toronto, Real Estate up, who gives a shit.

I don’t care if it goes to the moon or to the basement.

The god of law of averages is a cruel bugger, he punishes those that don’t deserve it, and rewards those that do…..

#34 claudius emperor on 02.15.13 at 10:07 pm

#3TurnerNation

I’m just tallying up this week’s ZSL.US (short silver) profits.
—————————–
Good luck with that.
One of us will lose and it ain’t gonna be me.

#35 claudius emperor on 02.15.13 at 10:10 pm

P.S. I won 20 % in a day on my Heinz stock…
How is your short silver doing?

#36 jess on 02.15.13 at 10:10 pm

awareness test

http://www.youtube.com/watch?v=Ahg6qcgoay4&feature=player_embedded

#37 Mean Gene on 02.15.13 at 10:11 pm

KCM should be called KFF (Kentucky Fried Finances)

#38 Steven on 02.15.13 at 10:29 pm

Bob Rennie, Cameron Muir, and Tom Vu have all one thing in common. All are scumbags!!!! Time to go to jail. And that means the entire Real Estate Board of Vancouver and all the fraud fear mongering they engage in. Hope the entire board ends up in jail.

#39 claudius emperor on 02.15.13 at 10:31 pm

zsl is down from 200 to 50 in 2 short years!

Nice profit, no question!

#40 mel in victoria on 02.15.13 at 10:33 pm

Devor 213

“#187 mel in victoria

Weak hands buy at the top as do they sell at the bottom. Just a normal shake out…This happens in every market not just the commdities…Remember what happened in 2008 and 9? Good luck and have a great day…

Wtf are weak hands? Do they get tired easily carrying around their bars of gold? It sure has been a long shake out, closing on a year and a half now? BTW, gold broke through $1600 today, but there’s still time left in the year for it to reach $1800 I guess. Gonna need lots of luck.”

What can one say…you are one hostile lady….

#41 Shawn Allen on 02.15.13 at 10:36 pm

OK then, I voted for ya…

#42 Canadian Watchdog on 02.15.13 at 10:37 pm

Good trade but I’d be out soon. SHFE (Ag) was closed this week and next week is US CPI. SI open interest closed high this week at 154K, most likely from arbitrageurs (spread betting swap dealers) who have to close soon.

You don’t want to be short on the squeeze up.

#43 Stupesing in Cabbagetown on 02.15.13 at 10:44 pm

The formal title:’The Greater Fool’. — Garth

Duh! Thank you. It’s been a long week.

#44 Smoking Man on 02.15.13 at 10:47 pm

See what I mean, my last post #33 luck…

I will spare no expense on reversing this surprise , she’s everything to me.

Time for Google……

#45 Buy? Curious? on 02.15.13 at 10:51 pm

Garth, I just voted for you and saw the results so far. Holy Ratzinberger! You’re crushing the competition! 393 votes so far and second place is at 90 votes. Ellen Roseman only has one! Can I organise a Greater Fool victory party? It could be at a bar near Brad Lamb’s HQ and we could hang a piñata.

Good work, Garth.

#46 Steven on 02.15.13 at 10:53 pm

When real estate boards lie cheat and make up false numbers to promote real estate transactions that is entirely unethical and conduct unbecoming of oneself. That is where scumbags like the mouthpiece scumbags of the real estate board of Vancouver are all destined to be sued until the stars burn out. You lie and cheat, it’s
Time to go go rot in jail.

#47 Lily joe on 02.15.13 at 10:56 pm

I voted Garth ~ Good luck! Take your wife for dinner with your prize!

#48 Red Deer Cave Man on 02.15.13 at 11:08 pm

Geez, heard on the radio on the way home regarding the phoney RE investor(s) and people paid to stand in line at open houses. I recall last summer speaking with the mayor here regarding a development and saying to him “I come from the standpoint of not trusting developers, bankers and realtors” etc. Like you said Garth if you plan on buying a home – be a prick.

#49 MC on 02.15.13 at 11:11 pm

What is it about journalists keeping their hate mail. I remember reading Heather Mallick does the same thing. You guys have a fetish for pain or something…?

#50 AprilNewwest on 02.15.13 at 11:15 pm

Count me in Garth. Just voted.

#51 neo on 02.15.13 at 11:26 pm

Anyone else notice Mattamy, the largest home builder in the country, is calling a top in the housing market and is pulling back in all regions of Canada with the exemption of Calgary and focusing on the U.S. market. They specifically mentioned the GTA is going to see much less new Mattamy construction. That is actually a blessing actually given the quality of their construction.

#52 Jon B on 02.15.13 at 11:31 pm

You know GT, elections haven’t always treated you well. But I think you are going to win a majority on this one. You deserve the recognition at the very least. Your daily effort is not lost on me.

#53 Mister Obvious on 02.15.13 at 11:35 pm

I once sold a crappy little house on a puny lot in a mediocre location for an obscene amount of money. I very nearly got stupid with it. Then I found this blog.

“Houseless” for three years now. Never looked back.

#54 Herb on 02.15.13 at 11:40 pm

Gee, I only voted once and you’re already leading by a landslide!

#55 Bo Xilai on 02.15.13 at 11:55 pm

I’ve met Adrian plenty of times and spoken to him about financial issues, including Vancouver housing prices.
Your comments are a low blow.
He’s a consummate professional and he’s not a house-pumper. If one is bound and determined to get into the housing market, his advice is wise as compared to the 29 year olds who see a 1.1M, 3500 square foot house in North Vancouver as a God-given right. Then use their house as an ATM to buy cars and Hawaii vacations every year.

#56 Smoking Man's Old Man on 02.15.13 at 11:57 pm

I often wondered why you would put so much time and energy into this blog. But with the comments you get back, such as the opening one in tonight’s column I can see why you keep it up, they’re quite comical. Maybe on slow nights you can post the top ten…

#57 Rick on 02.15.13 at 11:58 pm

I tried – but could only vote once (not often). If there’s a ‘work- around’ – let me know!

#58 vikay on 02.16.13 at 12:04 am

11:12 PM and Garth is still leading the pack at 600+ votes. The next closest is about 200. Yep, I voted

Surprised to see a lot of smaller sites… I read Squawkfox and voted for her too but only 7 or 10 votes…

#59 Reader 66 on 02.16.13 at 12:06 am

Just came back from a Chinese New Year vacation in Vancouver. From folks I talked to Vancouver’s market has been falling quick. My cousin’s house near boundary road was assessed at 1.1x million last year. Last month he received a reassessment from the city and valued at 850k. A friend of mine was looking to move up but he wasn’t not able to find a buyer. The seller of the house my friend was looking to buy also delisted his property because he couldn’t find other buyer.

#60 Beach Girl on 02.16.13 at 12:15 am

Have not had time to read all this crap tonight. But I actually love Garth the Guru. He is authenic, and I like him, pissed at getting deleted so much. But, even entertaining starting a website, no I am too good and lazy for that. Kisses. When are you going to discourse on why everyone is trying to buy everyones’ debt. You are more intelligent than I am. But educate us lower forms of life.

#61 Mr Buyer on 02.16.13 at 12:24 am

#49 MC on 02.15.13 at 11:11 pm
What is it about journalists keeping their hate mail. I remember reading Heather Mallick does the same thing. You guys have a fetish for pain or something…?
……………………………………………………………………
Well for one thing the police know where to start looking if said journalist goes missing.

#62 HAWK on 02.16.13 at 12:25 am

Say, have you voted yet?

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

Have now……….for this pathetic blog that has a truly pathetic 63% of the vote till now.

#63 Rob on 02.16.13 at 12:41 am

Hey Realtors &$ck off, you would rather see a family in financial ruin while padding your commisions. Enjoy living on Employment Insurance, welcome to our world.

#64 Piccaso on 02.16.13 at 12:53 am

Prices have fallen 6%… let me know when it’s 25%than it will be worth talking about. lol

#65 DON on 02.16.13 at 12:54 am

We no longer have media outlets in BC haven’t for years, what we so have is news fabricators based on advertising.

Voted… and wow the results were predictable.

People are desperate, you can see it everywhere. If only they performed their due diligence. I mean really! Which brings me to what Unibrow’s comments.

“All you do is give false hope to houseless, you self righteous, know it all arrogant and selfish prick.”

LOL

You need to take your sh*t talking elsewhere, the houseless are your customers of the future you idiot.

Hilarious….Some people’s children…..

#66 Serg6898 on 02.16.13 at 12:55 am

Garth you are awesome
So food for thought… Imagine you had become perhaps an education minister, during your little gig with the Feds, and you made “financial Ed” a mandatory course in the high school curriculum. Imagine… The possibilities…. This country sure would be different…
I’m only 26 yrs old, and what I have learned on your blog in the last 2 yrs, I consider more valuable than what I have learned in the last 12 yrs. So I thank you for that. It takes balls to go on the Internet and write everyday, about a crazy reality that exists and will exist for a decent part of our lifetimes, when most of the population believes the opposite. You sure have created a movement! You did it!

#67 Ralph Cramdown on 02.16.13 at 12:58 am

#39 claudius emperor

I think it’s time to considering lightening your position down to where you can sleep at night, or at least can stand the occasional “paper” (hah!) loss without being so thin skinned. One guy brags about a trade and you post three responses, one of them wishing him personal misfortune? Suck it up already!

#68 Dodged-a-Bullit-in-Alberta on 02.16.13 at 1:09 am

Greetings: “The Greater Fool” leading hands down @ 780 votes!!!

#69 LV1 on 02.16.13 at 1:10 am

Friend of mine, average joe making average wage + wife works too, just sold up, leveraging about 350K in bubble RE equity to buy a house for about $1.3M. He said to me “dude I’m a millionaire”. Didn’t have the heart to say “no dude, you are $1M in debt”. If being houseless with false hope means staying out of that kind of indentured servitude count me in every time.

#70 Nietzsche on 02.16.13 at 1:11 am

“What is it about journalists keeping their hate mail. I remember reading Heather Mallick does the same thing. You guys have a fetish for pain or something…?”

It’s to prove just how F’kd in the head most people are. Also provides a good laugh years down the road. People hate being told they suck, sometimes it’s nice to keep a memento of their idiocy and rage.

#71 RonH on 02.16.13 at 1:19 am

Yesterday and todays article must qualify as real estate’s
“jumping the shark tank” moment. Its over.

#72 J-man in Asia on 02.16.13 at 1:20 am

The hun when you win?

Bag of dry for the dog, oil change for hog, Amazon oiling at the bog?

That shud cover it.

#73 Nostradamus Le Mad Vlad on 02.16.13 at 1:38 am

-
A post re: contests (yes, I voted a few times for tonight, then Sa. and Sun.).

‘Owzaboud promoting one of the young Asian RE ladies to replace C? Or that meteor which ploughed into Russia for PM?
*
#11 Coho — “. . . when in many instances it is sheer greed often with lust for power, which propels these to achieve incredible amounts of wealth.” — Harper’s name stands out like a sore thumb. Great post.
*
G20 and Meteor “Interesting coincidence since they are saying that meteor was no such thing.. It was a ‘test’ of US firepower.” 0:50 clip 2012 — Record demand for gold, German Automaker hoarding silver and Gold and Silver Complex chart; Four Payday loan companies face being shut down; Currency Wars, trade wars and hot wars. One thing leads to another; Minimum Wage should be a lot higher; France and Germany What happens if those two pillars of stability come tumbling down? Shop To Let Triple dip coming? David Cameron’s job incentives for Indians coming to UK; Soros A bln. here, a bln. there; Singapore and the Sibor; Cdn. Friday links; China Wild rumors; Walmart Leaked emails; Ten Biggest gold reserves; Margin Debt It’s complicated; Deutsche Bank Communism is alive and well in the US; Export Growth by country; Wealthy French Where? Facebook Nice tax break; The Papal Billions No wonder Pope Benny is high-fatootin’ it!
*
WW2 The intro. quote is very interesting, as is the newspaper clipping, and Neocons and the trouble they have (and continue) to cause; Led Boots See headline; Online Privacy There are better options than Google; Par For The Course Black widows incl.; Clip Geo Engineering — the real threat to CC; Hal a Face But he’s happy; Rare Disease Kinda like what happened to my right leg when I had the flesh-eating disease a few years ago — it swelled up very quickly, and my foot was black on top, with a crimson / purple sole; Half hour clip Chris Dorner framed, and Clearing Name; Monsanto Fast becoming a parasite on the world’s crops; Nuke WMD of the world. Note where Iraq, Iran, Libya and Syria are (nowhere); 4:56 clip It appears SSRIs are the main cause of fatal shootings; Short clip on Mercury; Natural Products are just as effective as man made ones.

#74 Ricky on 02.16.13 at 1:56 am

Top ! Top! Top! TGF 831VOTES

#75 Dr. Hoof Hearted on 02.16.13 at 2:01 am

While I respect the laws of gravity….

That projectile ejected from the swing looks HOT….

#76 martin9999 on 02.16.13 at 2:09 am

You should have been a shrink and you quit fit the profile of the philozofer. But by all means not a politician because you would have been a dictator.

#77 Tim on 02.16.13 at 2:12 am

Garth,
you missed the mark about Vancouver being overrun by Asian speculators. According to former Vancouver City Director of planning Brent Todderian, “Foreign ownership in Vancouver is the elephant crushing the table”

http://cityhallwatch.wordpress.com/2013/02/14/foreign-ownership-elephant-crushing-affordability-toderian/

“Responding to a question from the audience about limiting foreign ownership, Toderian said it is “something the Mayor’s Task Force on Housing Affordability dropped the ball on. The competition between external demand and local demand — that’s the nicest way I can put it — is one of the reasons that, barring a collapse and a crash, we are going to remain a very expensive city to own in.””

#78 Fabrega on 02.16.13 at 2:22 am

#38 Steven
It is not going to happen.But if you steal a chocolate bar at the grocery shop probably you will go to jail.

#79 Devore on 02.16.13 at 2:34 am

#40 mel in victoria

What can one say…you are one hostile lady….

I’m no lady, and although over the top snarky, it’s a fair question. “Weak hands” is vernacular very peculiar to fans of gold. You don’t hear about “weak hands” buying IBM, or RIM, or bonds, or natural gas. It seems to me just a tactic to explain away certain inconvenient facts that run counter to basics of investing. Investors buy when they believe something is underpriced, or poised to be revalued higher; when it drops instead, they cut their losses, sell, and redeploy their capital. Ditto if it goes up and they sell to harvest gains and move on to another undervalued opportunity. But only gold diehards call them “weak hands”, and then only when they sell gold.

#80 Benchwarmers on 02.16.13 at 2:37 am

Just voted for you Garth.
Looking at that picture on Modest Money, just a pile of fives, tens and a couple twenties, it doesn’t look like he’s going be able to scrape together enough for groceries let alone prize money.
Just looking out for big guy, the way you’ve been looking out for us.

#81 Small town Steve on 02.16.13 at 2:39 am

Voted!

#82 ken s on 02.16.13 at 2:47 am

“…………..The CDIC report, which was obtained by the Economic Observer newspaper, suggested that nearly 10,000 luxury homes had been sold by government officials in Guangzhou and Shanghai alone last year.
It also claimed that an astonishing ——$1 Trillion (£630 billion),——- equivalent to 40 per cent of Britain’s annual GDP, had been smuggled out of China illegally in 2012.
This corruption continues today. If anything it’s gotten worse: ”

http://www.zerohedge.com/contributed/2013-02-06/corruption-so-pervasive-it-makes-us-look-good-comparison

…….and very little, not much, almost none….etc etc
fled to Canada -Amazing !!?!

#83 juno on 02.16.13 at 2:48 am

I had a good laugh this morning when I heard them rambling off about the 5% increase from december to Now on CKNW.

Now where was the freakin new caster doing. Should they be asking the hard questions? Instead (I believe it was michael smith) was sitting in the background cheerleading while the CREA guy told his scripted advertisement.

Couple of things to consider

1) He should of had a comparison between Jan to Jan.
Remember Jan to March are the hottest months for sale. And December, Wow, people are worried with Xmas presents and New Years eve parties not houses.

2) If only 50% of the people can afford houses. Does that mean 20% are gradually going under water?

3) If only 50% can and a large amounts of old geezer just a tad older than Garth are retiring. How many will be left after the geezers are forced to sell to move into those old people Factories? What would be left, mabey 30% can now afford a house meaning 40% are going under water?

#84 Ogopogo on 02.16.13 at 2:48 am

I’d be willing to bet that the hate email from Garth’s “last abusive realtor” was from DA (aka “Devil’s Advocate,” for those new to the blog). The grandiose, pompous diction and martyr syndrome all seem to point to that most laughable of Kelowna realtors. DA is like a gambling addict who begs the casino to ban him and yet can’t help but look in incessantly from the windows.

DA, if you’re reading this: you fail. Again. And Okanagan real estate is still toast. Good luck with all that. And for G-d’s sake, get a better thesaurus!

#85 Smartalox on 02.16.13 at 2:49 am

Garth, thanks for picking up on the Vancouver Sun story. For a paper that does so much to promote literacy, they’re taking giant leaps back for numeracy!

#86 Jordy on 02.16.13 at 3:04 am

A lot of good blogs on the poll, but hey nobody can touch Garth. Hail to the king!

#87 Ronaldo on 02.16.13 at 3:16 am

1007/1421 71% of votes so far. You rock Garth.

#88 Derek R on 02.16.13 at 3:23 am

Yay, Greater Fool’s #1! But I also love the Canadian Couch Potato. Glad to see him doing well too.

#89 Tom from Mississauga on 02.16.13 at 3:34 am

Fortis has a really good Series J preferred, 4.75% perpetual. Got in just over par on the issue date. So leave them alone Garth. Don’t make me fill page 42!

#90 Mocha on 02.16.13 at 3:40 am

#22:
hah, good one hoof. When you’re not biting at doctor Wayne’s ankles, you have a sense of humor.

Garth: Many readers are eagerly awaiting the next “Lamb”-basting.

#91 blobby on 02.16.13 at 3:44 am

Something sounds wrong about this – but i cant put my finger on what.. Garth.. Thoughts?

http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/want-to-transform-credit-card-debt-into-retirement-savings/article7562261/?utm_source=facebook.com&utm_medium=Referrer%3A+Social+Network+%2F+Media&utm_campaign=Shared+Web+Article+Links

#92 On the sidelines on 02.16.13 at 3:45 am

WOW…. Trump has now put his name out now on a new tower in Van. ( CBC Vancouver ) No affiliation except his name. I thought I read somewhere that some tower with the Trump logo was in trouble with lawsuits. Anyways, I wonder if MAC is going to be the Major scammer on this one. Two blondes from Romania should do the trick.

#93 happy renter on 02.16.13 at 4:17 am

Any homeowner who bought before 2004 must feel proud.Made a ton of cash and the worlds your oyster.Sell, enjoy life and invest for your future.

#94 Richard and Zeus on 02.16.13 at 4:21 am

Wholly Crap Zeus !!!!

Garth rulz…….72% out of 40 or so blogs….most of which have zero votes. Too funny……I almost don’t feel worthy to post here anymore……

#95 Retired Boomer - WI on 02.16.13 at 4:53 am

Garth, abuse is what you can sometimes expect from those with a different view point, AND an agenda.

Realtors have no interest in seeing any housing market correction, slow down, or outright rout in the market. It directly affects their bottom line (no sales, no income).

You have been a great help to potential buyers in keeping their under capitalized asses out of trouble, if they listen of course.

While it might be good to own a house when one is financially stable, and doesn’t buy at the far end of what the Realtor, or Banker says you’re qualified for,rather buy at only the payment level you are comfortable with, and try to pay off this debt quickly. Of course, one needs to fund their retirement investments as well, and that should be a big part of any potential buyers calculations.

Keep up the sound advice, and good work. People need to hear reality in a world of Doublespeak.

#96 GC on 02.16.13 at 5:11 am

I voted. Maybe you should invest the $100 in junior gold stocks Garth.

#97 betamax on 02.16.13 at 5:43 am

This pathetic blog is number one with a bullet!

It’s nice to see prices finally dropping, but at this point my wife and I don’t give a rats. We’ve decided to keep renting and stay mobile regardless of further drops.

We’ve previously felt tied to Vancouver because of my six-figure salary, but lately we decided that we might just move anyway. Given the cheaper housing elsewhere, it might pay to take a pay cut and live somewhere where it doesn’t rain most of the time. It won’t happen for a year or two until we get all our ducks in order, but we’re no longer committed to living in a sub-arctic rainforest. Life’s short, money isn’t everything, and there’s better places to live.

#98 Alliston on 02.16.13 at 6:16 am

The Greater Fool #1 with a bullet :-)

#99 ABCinYYZ on 02.16.13 at 7:14 am

Just voted for TGF. You’re crushing them Garth with 73% of the total. Second place has a paltry 7%.

#100 Deb on 02.16.13 at 7:42 am

There are times when I wonder how you put up with the utter abuse that is hurled your way. And that is only from what is actually posted! Really man, you’ve got the skin of a rhinoceros and the muse of a tiger.

#101 Shy Blawg Dawg Too on 02.16.13 at 7:52 am

Voted. You have a healthy lead (1200 vs 100) over the next site, I am projecting a victory by TGF. Send me my portion, $100/1200 = 8.3 cents. Cheque will be fine.

#102 habbit on 02.16.13 at 7:56 am

My vote is in Garth. No competion for ya so far.

#103 Someone turning heads on 02.16.13 at 8:19 am

Mr. Turner should be the neighbour on everyone’s block who’s always willing to accept our invitation to come to the barbeque and bring an amazon or two for extra help.
There may be no better place to start understanding this world than to understand where (smoking man) we began our individual ignorance.
Alexa von Tobel should be cloned into a family member in every household.
His/her message may not be perfect. But how’s the status quo working out for the rest of us?
Check her out.
http://www.youtube.com/watch?v=8jkri0AeZWQ&feature=player_embedded

#104 Bob Copeland on 02.16.13 at 8:25 am

You must be doing something right! I’ll vote for you. Because of you I got out of gold after 7 years at $1740. I owe you. Many, many thanks!

#105 AK on 02.16.13 at 8:52 am

“But the real measure of success is the secret file I keep of obscene, ad hominem and up-yours-Garth comments.

Last year it ran to 218 pages, single-spaced, 10-point type. The year before was a disappointing 136 pages. So far in 2013 (and it’s only mid-February), we’re at 41.”

——————————————————————–
A lot of “Internet Tough Guys” out there. :-)

#106 buy hi on 02.16.13 at 8:59 am

Firefox: Tools –> Options –> Privacy –> Show Cookies –> Search for “modest” –> delete those cookies. Ready to vote again.

#107 bigrider on 02.16.13 at 9:11 am

Exactly Garth as I mentioned a few weeks back.

All we need is financial planners like Adrian Mastracci ( a man of Italian heritage as evidenced by his name) telling people that RE is a risk free asset and that paying down your mortgage is a gauranteed return on money.

Unfortunately one of the many Italian builders in the city must have slipped him a full envelope or something.

#108 Tony Right on 02.16.13 at 9:12 am

This blog reminds me why I have a portfolio full of beautiful equities with no real estate or gold. Love it!

#109 Beach Girl on 02.16.13 at 9:18 am

DELETED

#110 mississaugaboy on 02.16.13 at 9:24 am

Grath, I have voted for you. Keep up good work

#111 Guy Fawkes on 02.16.13 at 9:32 am

Garth,

I have recently starting reading your blog and appreciate the service you are providing to the masses. I am in my 30s and have been patiently waiting to buy a house since 2007, however, every year the downpayment I save pales in comparison to 10% increase in housing prices. I have come to understand as a big ponzi scheme by Banks+CREA+Politicians. I cannot believe why we don’t have have public outrage already against pitting the citizens of this country to those who bring hoards of cash generated by some unknown means?

I live in GTA and even remote suburbs like Milton are out of reach for a single income (couple) making a six figure salary. To make things worse and contrary to your blog, I find the rents in Toronto area exhorbitant. I mean $1750/mo. for a 1400 sq feet townhouse in Missisauga? All of my friends have now purchased HOUSES and I feel like an idiot. I too would like to see my young kids grow memories in a HOME but unfortunately I have come to this sad and frustrating conclussion that things will never change in GTA for single family homes or at least GTA bubble has the potential to grow as big as Vancouver.

I base my rationale on the following facts and invite you or the readers here to comment if you think otherwise:

1. Quarter million (250,000) immigrants landing annually, out of which 100,000 or more choosing GTA. Most of these immigrants bring millions in cash (there is no limit on first time landing).

2. No Citizenship requirement means borders are meaningless and anyone could buy piece of land in Canada, thereby pitting 33 million joes against 6.7 billion people.

3. Zero interest rate from BOC deliberately kept to keep the party going. Who doesn’t like free money?

4. HAM kids going to Canadian Universities. They find 2.5 million home a bargain for their freshman son going to York.

5. The race to the top especially by high earning dual income couples, surprisingly finding ways to cut costs on other things (including not having kids) in favour of having a piece of land to show off to their friends…I guess its called VANITY?

6. Cheap credit, relentless paper money printing and banks willingness to loan the money to just about everyone.

7. Govt turning blind eye to illegal basement rentals in Toronto suburbs. This allows anyone to buy a house and generate positive cash flow or pay down mortgage for free by renting both main floors and basement without fire exit. Did you read the news other day about an owner+RE agent busted for having 11 students near UofT Scarborough, as renters providing $500 per room in the house+basement. What has become of this nation and its law enforcement? Have we no shame left?

Sorry for the long post, I guess the list could go on forever, my point is that do I have to stay houseless for the rest of my life if I were to stay in GTA, or do I need to move to some other country in order to afford a house?

I wish I could march along with my fellow citizens in Guy Fawkes attire and protest against this maddness that is destroying our country.

– A concerned Canadian Citizen

#112 Adviser on 02.16.13 at 9:44 am

Voted! This blog is more popular then we all thought!!

#113 Ralph Cramdown on 02.16.13 at 9:52 am

#91 blobby — Something sounds wrong about this – but i cant put my finger on what. [Scheme to borrow for RRSP contribution and use tax refund to pay off CC debt]

The same thing as is wrong with taking out a HELOC to pay off CC debt. Objectively, it’s a great, money saving idea if executed with discipline. But people with discipline probably wouldn’t have run up thousands of dollars in credit card debt in the first place. So the weak hands likely end up running up the CC again, and now they’ve just got more debt than before.

#114 Jeff in Moose Jaw on 02.16.13 at 9:57 am

You got my vote.

#115 COW MAN on 02.16.13 at 10:01 am

Garth:

Thank you for your efforts to continue to inform and entertain. I can certainly understand why “Creepy Uncle Stephen” kicked you out of the PC Caucus. You won’t listen to anyone but yourself.

#116 Tony on 02.16.13 at 10:09 am

Re: #35 claudius emperor on 02.15.13 at 10:10 pm

They’ll take Buffett to the cleaners on that one. He bought at the absolute peak of the market and on top of that paid too much. Look for the market to drop at least 20 percent this April.

#117 MarcFromOttawa on 02.16.13 at 10:11 am

I’ve been showing off the silver maple leaf that I keep in my pocket to people at work. Some people were surprised you were allowed to buy silver coinage.

I didnt’ know what to say.

#118 “A friend of mine was looking to move up but he was not able to find a buyer.” | Vancouver Real Estate Anecdote Archive on 02.16.13 at 10:21 am

[...] “Just came back from a Chinese New Year vacation in Vancouver. From folks I talked to, Vancouver’s market has been falling quick. My cousin’s house near Boundary Road was assessed at 1.1x million last year. Last month he received a reassessment from the city and it is now valued at 850k. A friend of mine was looking to move up but he was not able to find a buyer. The seller of the house my friend was looking to buy also delisted his property because he couldn’t find a buyer.” – Reader 66 at greaterfool.ca 16 Feb 2013 12:06am [...]

#119 IM in C on 02.16.13 at 10:25 am

Mr. Turner, don’t be diffident, tell us the names of the 4 real estate guys you’ve punted from this blog !!

#120 Paully on 02.16.13 at 10:34 am

People get mighty tough in Cyberspace. Too bad you can’t forward those hateful emails to the mother’s of the senders. I am sure that they would have a few things to say to their children about manners!

#121 MarcFromOttawa on 02.16.13 at 10:36 am

I’m looking for references for investing in Canadian RE for beginners.

Top link in Google is these guys:
http://www.therealestaterenegades.com/

Has anybody heard of ‘em before?

#122 Steven Rowlandson on 02.16.13 at 10:40 am

“All you do is give false hope to houseless, you self righteous, know it all arrogant and selfish prick.”
Garth Turner is too moderate and too big a supporter of the system to be guilty of giving false hope to the homeless. He does however point out the problem of excesses in the real estate market and on that he is correct.

The homeless are going to have to grow some balls and brains and not let the real estate market and society decieve and financially abuse them and that involves having the guts to say no to buying a house that costs more than 6000 man hours at what ever rate you are getting and abstaining from combining incomes and saving a 25% downpayment. Paying less than 6000 man hours is a good deal. The balance owing needs to be at a fixed rate for 25 years.

You have to say to the vendor this is my offer based on the above standards, take it or leave it. If enough people do this prices will fall and fall hard. Home buyers have to have some proper financial standards and quit bending over for bad deals they can not afford and shouldn’t make. It is not enough to buy a house to live in, you have to be able to live , raise a family , enjoy the finer things in life, save and pay taxes.
Giving it all to the bank and the tax man is not living life and it is not good economics.

#123 Ralph Cramdown on 02.16.13 at 10:47 am

“Strengthen ye the weak hands, and confirm the feeble knees.”

Here’s how the ‘bugs see the world:

A ‘weak hand’ is someone who isn’t willing to sit tight through as big a drawdown as me. I know the fix is in and metals will eventually reign supreme when all else is dust, so I’m willing to take drawdowns that would rip lesser investors’ faces off. As long as my wife doesn’t accidentally see any of my account statements.

A ‘strong hand’ is me or someone like me. Able to ride it out because we know how it will end. As long as our wives doesn’t accidentally see any of our account statements.

The ‘strong arm’ is the big market manipulators. Giant undisclosed short positions in silver, fake totals for the amount of gold in the vault, paper products with no physical backing, playing with the margin requirements on the commodity exchanges, printing worthless Fiats. The strong arm crushes the weak hands, and is almost powerful enough to crush the strong hands, but the strong hands will prevail, the frauds will be unveiled and the strong arms will be crushed.

#124 Ken R on 02.16.13 at 11:01 am

What do the “Greater Fool” and “Secretariat” have in common?

They both run well with the lead.

Holy smokes Garth; pretty easy hundred green.

#125 charles on 02.16.13 at 11:06 am

The papal conclave could start before March 15. Are you in?

#126 PricedOut on 02.16.13 at 11:13 am

Garth, I’m looking at houses in Oakville. The prices keep going up!!! WTF is going on?

Thanks,
PricedOut

#127 CrowdedElevatorfartz on 02.16.13 at 11:16 am

Just voted. Garth is at 76%…

Perhaps I may suggest that you donate the $100.00 “prize” to the SCPA in the form of shovels.

Unemployed realtors will be looking for work

#128 CrowdedElevatorfartz on 02.16.13 at 11:17 am

sorry, I meant SPCA…..i get a little distracted when I think of realtors and dog poo in the same cage……

#129 Echo on 02.16.13 at 11:20 am

#56 Smoking Man’s Old Man:
You can’t imagine why (?), other than a penchant for self-entertainment? You really can’t use your imagination or your soul on this one? Anyone who has an iota of unselfish kindness running through their veins would understand why Garth writes this blog, and the enormous effort that it takes shold help to visualize this blood levels of UK.

p.s. For me personally, I’ve always found it amusing that you like to imply that you’re superior to Smoking Man, i.e.., his wisdom and experience. I bet you don’t know about his UK levels either.

#130 TurnerNation on 02.16.13 at 11:23 am

Vancouver has a Lamb, Brad?

http://www.malcolmhasman.com/home.html

#131 Echo on 02.16.13 at 11:24 am

I apologize for the typos, can’t review. Add a ‘u’, remove a ‘t’, and do something nice for someone today. : )

#132 Daisy Mae on 02.16.13 at 11:25 am

10Devore: “Vote early, vote often!”

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

Voting then becomes less credible, does it not?

Sadly the other blog guy has blocked multiple votes. Your electoral purity is intact. — Garth

#133 Ralph Cramdown on 02.16.13 at 11:29 am

#111 Guy Fawkes — [...] All of my friends have now purchased HOUSES and I feel like an idiot. I too would like to see my young kids grow memories in a HOME but unfortunately I have come to this sad and frustrating conclussion that things will never change in GTA [...]

That’s how it is in a mania. When the last guy like you changes his mind, throws in the towel, holds his nose and buys, it’ll be the top, because there will be no more buyers left.

Read the archives over at http://www.calculatedriskblog.com/ and at http://piggington.com/ and this article http://www.nytimes.com/2005/08/08/opinion/08krugman.html

It was different everywhere else, too, right up until it wasn’t.

#134 TurnerNation on 02.16.13 at 11:37 am

#39claudius emperor

In at 44.50, scaled out average 50.25. This week. ZSL is not for holding. Neither is silver. Volatile commodities are like that. Not sock drawer material.

#135 Goldfinger on 02.16.13 at 11:53 am

Mastracci is an idiot just like most financial “advisors” lol….advising what? How to wreck your financial future? These guys are almost as bad as realtors.

#136 HogtownIndebted on 02.16.13 at 11:54 am

Garth – I cast my vote. Enjoy the $100.

My 5% realty commission plus HST comes to $5.65.

I accept Paypal.

I worked hard for you, so I am entitled. I took a course in filling out surveys on line which cost me time and money.

I worked about as hard for you as many sales-side realtors over the last few bubble years.

(This includes the two realtors I fired for lack of effort before I sold my own condo myself for zero commission, still at a better price than recent comparable solds. It’s amazing, btw, how inept most realtors are at selling condos, which naturally attract much less traffic unless you actually market them, since you can’t just stick a sign on a lawn)

Thank you in advance for your prompt payment of my commission fee, as I have a BMW lease payment to make on the first of the month.

#137 Daisy Mae on 02.16.13 at 11:56 am

#61 Mr. Buyer: “Well for one thing the police know where to start looking if said journalist goes missing.”

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

Well, that should shut some of ‘em up! LOL

#138 Daisy Mae on 02.16.13 at 12:04 pm

#66Serg6898: “….made “financial Ed” a mandatory course in the high school curriculum.”

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

Parents can do this. Get your kids involved in the family finances. You’ll wait a long time for schools to get involved.

#139 Dr. Hoof Hearted on 02.16.13 at 12:08 pm

As of this moment the Blog POLL results:

Garth is in first place by a light year or two.

The Greater Fool (77%, 1,438 Votes)

Canadian Couch Potato (7%, 123 Votes)

Canadian Budget Binder (5%, 93 Votes)

Brighter Life (4%, 80 Votes)

Gail Vaz-Oxlade (4%, 66 Votes

etc etc.

#140 DON on 02.16.13 at 12:09 pm

#60 Beach Girl on 02.16.13 at 12:15 am

Have not had time to read all this crap tonight. But I actually love Garth the Guru. He is authenic, and I like him, pissed at getting deleted so much. But, even entertaining starting a website, no I am too good and lazy for that. Kisses. When are you going to discourse on why everyone is trying to buy everyones’ debt. You are more intelligent than I am. But educate us lower forms of life.
********************

You could start a website…but most likely it would be a party of one and maybe smoking man as well.

Funny your writing style is similar to smoking man. lol

#141 Oceanside on 02.16.13 at 12:10 pm

#18 Mouldy in Nanaimo on 02.15.13 at 9:35 pm
Well my Nanaimo house goes on the market this week. It’s going to be interesting.
=====================================
Let us know how much interest your house generates, are you asking a realistic price for this market? Good luck.

#142 Paul W on 02.16.13 at 12:12 pm

I am a retired police officer with a small DIY portfolio. I look forward to reading your blog everyday. Thankyou for your free advice which I am acting on, goodbye GIC’S and hello Preferred Dividend Shares. Your political un correctness is absolutely refreshing. Keep up the good work and don’t change a thing…

#143 Louise on 02.16.13 at 12:12 pm

#131 TurnerNation 888888 I think realtors like this guy and a few others in Van. should buy some knee pads and then paint a couple of 8 s on their bald heads and wait at the Vancouver airport for the planes to arrive from China so they make a good butt kissing impression right of the bat. These guys are nauseating to say the least !

#144 Grimbot on 02.16.13 at 12:17 pm

Hi Garth…..voted for your blog….you have 77% of all votes cast…no other blog comes even close. Keep up the good, irreverent work!!!

#145 DON on 02.16.13 at 12:21 pm

#66 Serg6898 on 02.16.13 at 12:55 am

Garth you are awesome
So food for thought… Imagine you had become perhaps an education minister, during your little gig with the Feds, and you made “financial Ed” a mandatory course in the high school curriculum. Imagine… The possibilities…. This country sure would be different…
I’m only 26 yrs old, and what I have learned on your blog in the last 2 yrs, I consider more valuable than what I have learned in the last 12 yrs. So I thank you for that. It takes balls to go on the Internet and write everyday, about a crazy reality that exists and will exist for a decent part of our lifetimes, when most of the population believes the opposite. You sure have created a movement! You did it!

**************************
Nice to have you aboard. You are right, Garth has filled in the blanks for me also. Wait to buy, besides you have some good years ahead of you. Let humility and common sense be your guides. Makes you second guess what the hell they are teaching in high school and University these days. I am taking some courses and I have to handle some of the professors like children as they have little practical implementation experience. Education is only one requirement, experience is paramount. Good luck!

#146 Beach Girl on 02.16.13 at 12:26 pm

Again?

#147 CP on 02.16.13 at 12:29 pm

Lol.. as of 11:28am on Sat:

1) The Greater Fool (77%, 1,475 Votes)
2) Canadian Couch Potato (7%, 126 Votes)

http://www.modestmoney.com/top-canadian-finance-blogs-2013/

#148 Daisy Mae on 02.16.13 at 12:31 pm

#115 COW MAN: “You won’t listen to anyone but yourself.”

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

Garth listens. He advises. He doesn’t necessarily agree. And he doesn’t have to, right?

#149 Doug in London on 02.16.13 at 12:46 pm

Wow, I didn’t realize there were so many financial blogs out there. Thanks, Garth, for the links and congratulations for this sad blog being at the top of the list! As for whether or not the readers of this blog follow your advice, that’s a different story.

#150 Oceanside on 02.16.13 at 12:54 pm

I voted for you as selling our home 23 months ago was a result of reading the blog. We will buy again but not for awhile. Don’t follow all your advice but take what is right and comfortable for us. Thanks

#151 a prairie dawg on 02.16.13 at 12:54 pm

#60 Beach Girl

When are you going to discourse on why everyone is trying to buy everyones’ debt.

– — –

It’s all about market share.

With credit standards being so loose, for so many years now, every idiot with a pulse has taken on more debt than most of them can handle.

So when you get to the point we’re at now where 70% of Canadians own a home, and the average personal debt level has reached record breaking proportions, it’s hard to convince more NEW idiots to jump into the ‘deep end’ of the debt pool.

So they are all trying to steal existing idiots from their competition.

It’s also a very telling sign about where we are in the current credit market cycle.

The next few years should be pretty interesting.

#152 Bigrider on 02.16.13 at 12:56 pm

I heard there were a whole lot of Adrian Mastracci’s types getting their CFP designations( sponsored by CREA) becoming financial planners for the sole purpose of pushing the whole ” RE is best, safest investment you can ever make”

In order to qualify for free sponsorship you must be fluent in English and Italian… LOL

#153 DON on 02.16.13 at 12:57 pm

@#97 betamax

Good idea…I left Vancouver years ago. It a fun place to live if you when you are young and have some money to enjoy the night life. otherwise it is the worst place in BC to live in terms of weather. Now the gangs run the streets.

#154 a prairie dawg on 02.16.13 at 12:58 pm

The $100 should go to the SPCA or a pet shelter.

And it probably would have, without this comment.

#155 Gunboat denier on 02.16.13 at 12:59 pm

91 Blobby – the strategy requires two things:

1) No more CC purchases
2) Increase payments to $550.

Lets do these without borrowing for the RRSP and taking
two years to pay it back. The CC will be paid off in less than one year. Then start investing in the RRSP with before tax money. In this case, that is $900 a month, for a little over a year. That gets you close to the $12500.

The small difference is caused by the longer time it takes
to pay back the higher interest debt.

Ralph @113 is correct – would take discipline, that is the real key.

#156 DON on 02.16.13 at 1:11 pm

#18 Mouldy in Nanaimo on 02.15.13 at 9:35 pm
Well my Nanaimo house goes on the market this week. It’s going to be interesting.
***********************

From one islander to another. Good luck buddy! you need to find yourself a greater fool. Lots of them in Victoria, Kelowna and the Greater Vancouver area. Install some ramps and go for the elder market.

#157 Seven Stars and Orion on 02.16.13 at 1:25 pm

TGF, FTW

#158 Canadian Watchdog on 02.16.13 at 1:40 pm

#131 TurnerNation

Apparently Hasman was a punk rock bass player before selling luxury real estate.

“It was packed full with the news media everywhere,” recalls Malcolm Hasman, who played bass for the Furies, and now lives a decidedly un-punk-rock life as a successful real-estate agent marketing luxury properties in Metro Vancouver. “That same night in Vancouver, Emerson, Lake & Palmer … had sold out the Pacific Coliseum with 15,000 people, yet in the Vancouver Sun the next day, we were the big story.” Link

#159 kam on 02.16.13 at 1:43 pm

What are your favourite Canadian personal finance blogs?

The Greater Fool (79%, 1,590 Votes)

#160 My thoughts on 02.16.13 at 1:51 pm

People that bought around the early 2000’s did well. People that bought and climbed the property ladder did even better. The problem is… Even when they sell now they all feel priced out. First world problems indeed… It will be interesting to see what happens in the spring. I’d love to see prices return to some normalcy or else I have no idea what future generations will do. I’ve already heard people I know talk about their elevated property taxes and expenses taking a toll. People are trying to cut expenses where they can but are just not giving up on their homes yet. Lots of house rich cash poor people. It’s amazing what this new “normal” is like. Honestly I can’t even bother to go to open houses anymore. Realtors may have to start working a little harder in the fall.

#161 AK on 02.16.13 at 1:52 pm

#125 skeptacular on 02.16.13 at 11:03 am

“one step at a time.

1. the probability of the markets going higher is next to zero

2. the markets can either go sideways for an extended period of time, or sell off. it’s really impossible to know

3. having said that, the correction in either case, should be 10% or greater.

4. if it’s greater, you can say bye bye to this bull market, and expect several more years of pain”

—————————————————————-

Yo have no clue as to what you are talking about. In a nutshell, you are spreading useless propaganda.

Keep throwing shit against the barn, eventually it may stick.

#162 Rob in TO on 02.16.13 at 1:56 pm

Just checked – 12:45 EST

The Greater Fool (79%, 1,593 Votes)

Ellen Roseman only got 9 votes, she used to write for the Toronto Star, maybe she has moved on to the G & M.

Some RE agents, classy bunch aren’t they, real brave to write hate email, hiding behind their smartphones or computer screens.

When are the masses going to wake up and see what is really going on? I feel for the house horny, really do. Hell, I want to own a home again, can’t afford to, so I have to deal with it.

Oh, still “houseless” in TO, just hoping to find a decent place to rent and get out of this overpriced, falling apart and dirty high rise…will be searching yet again next Tuesday.

#163 squidly77 on 02.16.13 at 1:57 pm

Anyone else notice Mattamy, the largest home builder in the country, is calling a top in the housing market and is pulling back in all regions of Canada with the exemption of Calgary

There are only two cities in Canada that have lower prices now, when compared to 6 years ago. One is Calgary, the other is Edmonton. Sales are now so low in each of those cities that one can not reasonably expect them to go any lower. Both Alberta cities have collapsed.

http://findcalgary.files.wordpress.com/2013/02/sfhsales-feb14-2013.png

http://findcalgary.files.wordpress.com/2013/02/condosales-feb14-2013.png

As demonstrated by the two graphs above, presented by a very good, smart, un-manipulating and seemingly honest Realtor in Calgary you can see that Calgary home sales are on par with sales last seen a decade ago in 2004. They really cant go a lot lower. But what about prices, they are still below the levels seen 6 years ago and destined to go lower.

With the looming Alberta massive deficit budget approaching that will result in literally 1,000,s of public service layoffs a price collapse lies dead ahead.

Tune in to CREB,s reports a year from now. We will still be at 2004 sales levels. I mean, how much lower can sales go for metropolitan area of 1.3 million people?

#164 Roial1 on 02.16.13 at 2:00 pm

1611 votes and counting. Nearest “rivel”?Couch potato 134.
So what about that 100$ party?

#165 periwinkles on 02.16.13 at 2:00 pm

I saw an ad in The Saturday Star where up to $100K was promised knocked off the first 20 sales. New condos in the Bathurst/Fort York corridor.

#166 Victoria Tea Party on 02.16.13 at 2:06 pm

THE MENDACITY OF IT ALL

There is something peculiarly galling when real estate agents’ hubris overwhelms even the dullest of fellows.

In addition to never speaking of the prospect of “declining” real estate prices, EVER, there is the issue of “their” literate (letterate?) so-called “skill-sets,” which they use as weapons to persuade and coerce their “clients”…

Sometimes it translates into what lies beneath, as pointed out by Sir Garth of King’s English:

“All you do is give false hope to houseless, you self righteous, know it all arrogant and selfish prick.” –

THIS WOULD BE A TICKLE…

if it weren’t for this other godawful sin committed in the name of “property” dreams, also described by our National Blogger of Real Estate Record:

“…After all, making up the news is so much more efficient than actually looking for it.

Headlines regularly tell people that Vancouver is among the least affordable cities in the world,” the Van Sun says…The Vancouver Sun just joined forces with the Urban Development Institute (a.k.a. “developers”) and FortisBC (which sells energy to homeowners) to create a “Housing Affordability Index.”

The conclusion: “As a region, the numbers aren’t bad.”

BULL…

There is great danger here from Vancouver’s apparent, now former, newspaper of record, in that if folks give credibility to this new index, they will be doing a Wiley Coyote to themselves at some point in their financial futures.

This is dishonest trade by those corporate participants. It is hypocritical. It is just plain damn wrong.

Canadian consumers, most of whom are already crippled by endless debt having bought crap they don’t need using money that belongs to someone else, don’t need another false flag about the brilliant “just around the corner and eveything will be alright by next Tuesday” in Vancouver real estate nonsense.

Everything WON’T be alright for a very long time to come.

For those naive consumers who believe they can just walk away from their debts, declare bankruptcy, and motor on to another credit card are utterly delusional.

Only sovereign central banks can print up scads of phoney computerized currency, not some jammed up to the gills credit card consumed train wreck of a human being.

To that malignant-minded author of that nasty piece written to Garth:

Get stuffed, pal.

#167 squidly77 on 02.16.13 at 2:11 pm

Calgary RE sales are down 40%-50% from the sales levels seen 7 years ago.

No Canadian city will see a sales crash on that scale.

#168 Cici on 02.16.13 at 2:15 pm

#20 Stupesing in Cabbagetown

You probably didn’t see it because it’s at the very top! of the list, highlighted in bold and italics, and underlined to boot, making it look like it is a title rather than a contender. But title it is not, titleist it is!
Well, at least last I checked :-)

#169 Cici on 02.16.13 at 2:17 pm

#24 Anthony

I hope he gives it to a worthy charity!

#170 squidly77 on 02.16.13 at 2:23 pm

I have a work accomplice that’s been trying to sell a nice house on a large lot in Hawkwood, a nice middle income property in Calgary. He paid $450,000 for it in 2008.

He began pricing the home @ $569,000, then $525,000, and lastly @ $479,000, its not listed now but will be again soon @ probably $450,000. He will lose big money when his home sells, probably when all fees are calculated in $30-$40,000, he can afford it, but how many other Calgarians can afford to write a cheque of that size at sale?

And that my friends is why listings are so low in Cowtown, people can no longer afford to sell at loss and are most likely living off their Visa cards credit limit.

So basically, THEY ARE NOW PRICED IN FOREVER Trapped. Hooped. Done. Just like a live Lobster watching the pot come to a boil.

#171 Inglorious Investor on 02.16.13 at 2:31 pm

#111 Guy Fawkes on 02.16.13 at 9:32 am

If are open to the idea, why not move somewhere else? As much as many Canucks like to think so, Canada is not the end-all and be-all.

If you have a marketable skill-set that you can use to get a good job or start a business, there are plenty of very nice places in the US to live and where homes are affordably priced. Maybe nicer climate too.

It may take some work and research on your part, but if I was in your shoes, I would definitely consider it.

I’ve been to many parts of the US (North, South, East, West). Don’t let those who are prejudiced by ignorance, an inferiority complex, and the Canadian media make you believe that the US is somehow all in decay or something. Yes, there are some nasty areas, but there are plenty of very beautiful, safe, and prosperous places to live as well.

Last I checked, GDP per capita in the US is still higher than in Canada. When you consider they have well over 300 million souls and Canada is only about a tenth of that, that’s saying something.

And you can carry a gun, too.

#172 Spiltbongwater on 02.16.13 at 2:40 pm

Sorry Garth, I cast my vote for Single Mom, Rich Mom. She had no votes, and I felt like being chaitable with my vote.

#173 Oceanside on 02.16.13 at 2:50 pm

buy hi on 02.16.13 at 8:59 am
Firefox: Tools –> Options –> Privacy –> Show Cookies –> Search for “modest” –> delete those cookies. Ready to vote again
===================================
We should only vote once so we are not like the people we criticize for misleading everybody, Garth should win easily with fair voting…

#174 Dodged-a-Bullit-in-Alberta on 02.16.13 at 2:55 pm

Greetings: Re: # 172, Inglorious Investor

“And you can carry a gun too.”

I would prefer to live in a nation where I do not “need/want” to carry a gun; thank you very much!!!

#175 COW MAN on 02.16.13 at 3:02 pm

# 149 Daisy Mae

Right on! But, one never learns while speaking.

#176 squidly77 on 02.16.13 at 3:10 pm

I’m all to familiar with the verbal diarrhea that the tots spew out at blog authors of bearish real estate blogs. It comes with their midget mentality. But will they get print time in MSM when sales of these items skyrocket?
http://cdn.travidia.com/rop-ad/14217564

Or heaven forbid they are accepted into a school that promotes higher education.
http://3.bp.blogspot.com/-blsqgXkxe9c/TgtePifhh6I/AAAAAAAAAEA/hrKF1cjEenw/s1600/trainee.jpg

#177 Shawn Allen on 02.16.13 at 3:10 pm

DID BUFFETT PAY TOO MUCH FOR HEINZ?

Tony at number 116 said:

They’ll take Buffett to the cleaners on that one. He bought at the absolute peak of the market and on top of that paid too much. Look for the market to drop at least 20 percent this April.

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

Let’s check Buffett’s scorecard:

He put the great bulk of his wealth in Berkshire Hathaway taking control of the company in 1965 paying an average of $14.86 per share.

The very same shares closed Friday at $150,141. A record high close, edging out the previous record from late 2007.

This makes Berkshire a 10 thousand bagger for Buffett (and counting)

The astounding fact is that these shares are up

1, 010,000%. Yes, just over one million percent!

Buffett has consistently said for the last 60 years that he has no idea where the market will go in the short term. He does however have the ability to calculate if it is expensive or not and occasionally reveals that. Mostly he reveals it in actions. By not buying stocks when they are too expensive. Today he is buying.

What more do you need to know?

#178 Spiltbongwater on 02.16.13 at 3:17 pm

So with the aliens hurling large rocks at our planet, will we now stop wasting so much money on climate change, and start to try to protect us from the damage these meteors and hemroids will do to us all?

#179 Cowpoke on 02.16.13 at 3:43 pm

In 1978 I could afford a single family home detached. In 2013 I cannot afford to buy a 1000 sq ft 2 bed 2 bath condo.

Our life style is going down the tube!

#180 Zoe on 02.16.13 at 4:11 pm

One of the condos Garth linked to in November, listed for $320k in Vancouver near Granville Island, has finally sold. Sale price? $250k.

That’s a $70k drop. If we’re not screwed now, I can’t wait for later.

#181 AK on 02.16.13 at 4:14 pm

#179 Shawn Allen on 02.16.13 at 3:10 pm

“Tony at number 116 said:

They’ll take Buffett to the cleaners on that one. He bought at the absolute peak of the market and on top of that paid too much. Look for the market to drop at least 20 percent this April.”

___________________________________________

Tony at number 116 has no clue as to what he is talking about.

The day Buffett gets taken to the cleaners, it will be the day that ends this world.

Nuff said…..

#182 GregW, Oakville on 02.16.13 at 4:16 pm

Just Voted TGF! It presently looks like a close race. LOL.

#183 Canuck Abroad on 02.16.13 at 4:49 pm

Article “Bricks and Slaughter” that talks about buyer psychology when purchasing real estate:

“Property is widely seen as a safe asset. It is arguably the most dangerous of all”, says Andrew Palmer…

Article almost 2 years old but is perfectly timed for Canada.

http://www.economist.com/node/18250385

#184 Dr. Hoof Hearted on 02.16.13 at 5:10 pm

#38 Steven on 02.15.13 at 10:29 pm

Bob Rennie, Cameron Muir, and Tom Vu have all one thing in common. All are scumbags!!!!

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

I disagree…..

I loved watching Tom Vu ads and ROTFLMAO….

#185 Canadian Watchdog on 02.16.13 at 5:19 pm

Sun News Video: Alberta succumbs to the UN Agenda 21 land grab Link

We’re running out of land and need more 250 sq.ft. micro condos.

#186 Ron on 02.16.13 at 5:19 pm

This blog is more fun (if only to watch the nutbars fight each other) but I like the info in couch potatoe too.

It’s a good way to see at least one version of how to put in a balanced portfolio.

#187 Inglorious Investor on 02.16.13 at 5:23 pm

#183 AK on 02.16.13 at 4:14 pm

Not that I care, really, but Buffet is not infallible.

http://articles.businessinsider.com/2012-02-25/wall_street/31098427_1_charlie-munger-warren-buffett-berkshire-hathaway

Wonder what else one can dig up if one spends more than 8 seconds looking.

#188 Goldfinger on 02.16.13 at 5:25 pm

#182 now thats a slaughterfest…..wheres the MSM talking about that sale ? Guess they only pick the ones they like ;) what a joke

#189 Triplenet on 02.16.13 at 5:27 pm

#46 steven

Or the senate

#190 Jimmy on 02.16.13 at 5:47 pm

The houseless renters have flocked to do their master’s bidding! Garth is truly a hero to the housing crash crowd, and they will follow him to the end of the earth (or the end of the keyboard, at any rate). He gives them hope that they will one day be able to buy that house in West Vancouver for a song. Let’s hope for the collapse of the Canadian economy — then that the renters can finally have their luxury home birthright! That correction is just around the corner, right Garth? Stay tuned, you say? Har har. – not a realtor

Actually I said real estate will correct, not crash, and traditional demand areas will be less affected than most others. Sound likes you should be a realtor. — Garth

#191 Eno. J on 02.16.13 at 5:50 pm

My education views are same as Mr. Turner. Time to cash out. Voted for GF. (greater fool not girlfriend)

#192 TurnerNation on 02.16.13 at 6:00 pm

This pathetic weblog: volunteering with Blog dogs.

Maybe H will present the award himself! (If Kelowna freezes over.)

http://www.pm.gc.ca/eng/feature.asp?featureId=25

Prime Minister’s Volunteer Awards

The Call for Nominations for the next Prime Minister’s Volunteer Awards is now open. Nominate an individual, a group of volunteers, a business or a not-for-profit organization for a Prime Minister’s Volunteer Award today!

#193 Hicksville Alberta on 02.16.13 at 6:05 pm

#187 Canadian Watchdog

“Alberta succumbs to the UN Agenda 21 land grab”

You just can’t make this kind of sh*t up anymore. If your vote doesn’t count then your money ought to at least have some sway and anyone who feels screwed by this or the rest of the sh*tpile that keeps growing taller and taller and seemingly faster and faster ought just to walk away by literally opting out and letting the rest pick up the slack.

I’ve paid tons and tons of tax, made tons of charitable donations, had two very successful businesses that i have already got out of but over the past several years have effectively dropped out as the growing disparities and the growing governments just seem to be too much weight on taking responsibility and trying to participate in this sham going forward.

Anyone living in a big city with big gains in property that doesn’t need to be there really ought to cash out and find a quiet corner to regain their sanity and leave the rest to those who have to live there.

It just ain’t worth it hanging around with all the “Vig” you have to pay and all the vested interests trying to pick your pockets all the time.

At least from a distance one can feel safely and sanely insane watching all this going on.

#194 Ralph Cramdown on 02.16.13 at 6:36 pm

#172 Inglorious Investor — Last I checked, GDP per capita in the US is still higher than in Canada.

Yes, but household median might be a better measure. Their top 1% soak up an awful lot more of their GDP than our 1% do of ours. It’s a GINI thing. Still, you have a point. With their lower house prices and taxes, you CAN live better there once you’ve got the health insurance thing covered.

http://www.thestar.com/business/2012/12/11/canadian_income_gap_may_be_more_real_than_data_suggests_bank_report.html

#195 Ronaldo on 02.16.13 at 6:49 pm

#183 AK -”Tony at number 116 has no clue as to what he is talking about.

The day Buffett gets taken to the cleaners, it will be the day that ends this world.

Nuff said…..”

Have to agree with you there AK. Don’t bet against Warren B. Some of his past moves below. Too bad he sold his silver too soon. He did admit he bought early and sold too early though. He’d seen a huge imbalance between supply and demand and took advantage of it. Still made a few hundred million on the deal.

#196 AK on 02.16.13 at 6:49 pm

#189 Inglorious Investor on 02.16.13 at 5:23 pm

“Not that I care, really, but Buffet is not infallible.

Wonder what else one can dig up if one spends more than 8 seconds looking.”
——————————————————————–

It proves that he is human. A far cry from being taken to the cleaners.

#197 buy hi on 02.16.13 at 6:51 pm

Umm if anyone watched War of The Worlds, the aliens have just planted killer fembot aliens underground to rise up to take us all hostage to serve their needs. Housing crashes don’t matter anymore.

#198 buy hi on 02.16.13 at 6:58 pm

Maybe the poll is not fair. All the other blogs are ma and pa home bloggers just doing it for fun and then Gareth comes in and blows them away.

It is like you are playing pickup hockey and then Matt Cooke shows up with Sidney Crosby.

Did the modestmoney blogger actually ask Garth to take part in this poll?

#199 claudius emperor on 02.16.13 at 7:06 pm

135TurnerNation
————————–
Did not mean to sound nasty or bragging.
Corrrect, ultrashourt is to capitalize on trend.

I disagree that PMs are volatile, volatilility is caused by manipulation of the PM markets. After all PMs have been money for thousands of years. While paper coupons printable at will and not covered by anything exist only after 1971.

Wealth vs. claim on wealth, this is the fundamental difference.

After all I am less than 10 % of my portfolio in PMs, rest is in Real Estate and the majority in dividend paying stocks.

I don’t care if markets thank, I don’t care if PMs crash, I have a divesrified portfolio built for my risk taste and I have no intention to sell enything in my portfolio in the near future.

But yes, I will buy distressed assets at bargain prices anytime.

#200 claudius emperor on 02.16.13 at 7:09 pm

And now PMs are at distressed bargain prices (my humble optinion, hope to make it through the filter..)

#201 claudius emperor on 02.16.13 at 7:13 pm

darn that quick typing, excuse my typos.

#202 Ralph Cramdown on 02.16.13 at 7:16 pm

Instead of trying to pick a Buffet top, why not speculate on the much more interesting billionaire dust-up: Ackman v. Icahn? Two men enter a weight-loss program, and one of them is going to leave a whole lot lighter!

And about equity valuations… I don’t know how anyone can talk about a market top. The S&P dividend yield is about 50% above where it was at the last peak, it’s considerably above 10 year treasuries (how often does THAT happen?) and, if you look at individual companies, there’s outstanding deals to be had in terms of cash flow, P/E, yield or whatever your favourite metric is, in many industries. Sidle up to the buffet!

#203 Freedom First on 02.16.13 at 7:20 pm

Garth. I voted to put you over 30 votes, you are now at 1705, which is 80% of the votes. Well deserved…..kudo’s:)

#204 claudius emperor on 02.16.13 at 7:21 pm

I think # 192 Jimmy is actually a realtor.

Keep dreaming Jummy for a commision from me…

#205 claudius emperor on 02.16.13 at 7:29 pm

Garth, thank you for publishing my tirade on PMs.
Greatly appreciate your patience.
———————–
TurnerNation, one question, why did you sell ZSL? Do you expect the price to go up?

#206 claudius emperor on 02.16.13 at 7:36 pm

I have a great respect for mr. Buffet, he is contributing to my profits after all when bying Heinz. Now I will probably have to buy Campbel Soup…

Mr Buffets is ultrabullish on US, I am more bearish as the P/E ratio of over 18 on S&P is not something that I like, better buy sound internationals well paying dividend stocks. Not selling my top US companies though (that have solid international exposure) .. Who knows, maybe US will make it through.

#207 DON on 02.16.13 at 7:41 pm

#207 claudius emperor on 02.16.13 at 7:21 pm

I think # 192 Jimmy is actually a realtor.

Keep dreaming Jummy for a commision from me…
*******************************

Same goes for me.

Jimmy, I could have bought a long time ago, but I saw the future it is a repeat of the past. I love being mobile and not having to worry about repairs. The area where I plan to buy will tank significantly and I will end up paying off the mortgage faster than those who bought in the last 7 years.

Jimmy go find Devil’s advocate and pound sand.

#208 Daisy Mae on 02.16.13 at 8:30 pm

Well, I think it’s safe to say the $100 is yours, Garth! Spend it wisely. I think taking Dorothy out for dinner would be nice. Lots of ambience! You know — chilled wine, soft music, candles….

#209 johnnny on 02.16.13 at 8:31 pm

#120-as a teacher had observed when she was talking to the parents of bullies.It was easy to see why their children were bullies.

#210 Canadian Watchdog on 02.16.13 at 8:32 pm

#195 Hicksville Alberta

It's going to get worse since no there's patriotism in Canada. Canadian taxpayers like bending over.

#211 AK on 02.16.13 at 8:32 pm

#200 skeptacular on 02.16.13 at 6:55 pm

“#162 AK on 02.16.13 at 1:52 pm
____________________________________

you must have really got caught with your pants down in 2008. ‘cmon, you can admit it. you haven’t made money in 10 years in stocks. you’re only now hoping to break even.

say bye bye. the drop will be brutal”

——————————————————————

It’s quite obvious that you know nothing when it comes to investing.

2008/2009 was a great time to invest. The low fruit was hanging everywhere.

Not as easy today though. So, let’s hope you are right, I would love to see a ‘brutal’ market drop, as you are saying. :-)

#212 jess on 02.16.13 at 8:38 pm

Is Detroit going chapter 9?
was 3rd largest city now 18th -population of 714,000. jobless rate of 29 percent.
http://www.freep.com/article/20111222/NEWS01/112220519/Detroit-s-debt-crisis-even-worse-than-thought-state-s-review-reveals

…according to this zillow blogger may 2012 ….1/5 of the properties in Detroit are uninhabitable and in the meantime has organized bus tours for Chinese investors.

http://www.zillowblog.com/2012-05-17/at-195k-historic-scripps-home-tells-detroits-sad-real-estate-tale/

http://detroitworksproject.com/2013/02/11/detroit-planners-try-a-softer-approach-to-urban-renewal/

#213 Daisy Mae on 02.16.13 at 8:41 pm

#157 DON: “Install some ramps….”

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

THAT would be a turn-off….. :-)

#214 CrowdedElevatorfartz on 02.16.13 at 8:59 pm

The $100 “gift” won’t go far Garth.
Give it to the Amazons for lotions and oils for post hottub massages

#215 Dr. Hoof Hearted on 02.16.13 at 9:02 pm

Warren Buffet cult fans

He is at an elite level here he can direct the markets when he breaks wind…..or follows RE blogs…or bets on the Leafs…

#216 Daisy Mae on 02.16.13 at 9:09 pm

#201buy hi: “Maybe the poll is not fair. All the other blogs are ma and pa home bloggers just doing it for fun and then Gareth comes in and blows them away.”

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

Competition is based on ‘survival of the fittest’.

#217 Guy Fawkes on 02.16.13 at 9:20 pm

@ #134 – Ralph:

Its not that I have lost faith, its just that I have already been priced out of the market, so there is no question of buying even if I wanted to. I just don’t understand why its taking so long to bust or will it ever? Do not underestimate the power of Govt to keep things floating the way they have been for last 5 years…I personally think the interest rate is not going to go up for next 10-15 years, we are merely going to follow footsteps of Japan and it all seems planned…Also, as I mentoned, its not the last fool in Canada that matters, it is the last fool in HAM countries or international speculators that will determine the top of the real estate market in Canada. I strongly believe that after destroying the middle class in Vancouver, it is Toronto that is going to be next where middle class will be systematically removed from middle of the city to the burbs and outskirts of Toronto, while the city itself would only be left for international elites to afford.

I have so much pain and anguish that I cannot describe in words here as this all unfolds before our very eyes.

#218 Tony on 02.16.13 at 9:34 pm

Re: #197 Ronaldo on 02.16.13 at 6:49 pm

Buffet will be crying like a baby this April when the bottom falls out of stocks including Heinz.

#219 Guy Fawkes on 02.16.13 at 9:35 pm

@#172 – Inglorius Investor

Thanks for the advice, I did consider that option and have the market skills that would allow me to settle anywhere, not just USA. However, due to some family circumstances I am not ready to move yet from GTA, not even to another city within Canada.

I too have lived and worked in States. However, areas I like are not that different in climate from Canada (New England primarily and Chicago). California is another option but their economy is in decline. Oh well, I guess I would have to take my chances as I cannot fathom buying a half million townhouse here even if I had won a lottery, lol.

#220 Shawn Allen on 02.16.13 at 9:38 pm

Buffett makes mistakes?

Yes he does. But to point that out while failing to learn from his brilliance is like pointing out that a super model that for some insane reason “wants” you has an unattractive freckle… (on her toe).

It’s like a young hockey player failing to learn from Wayne Gretzky because Wayne did not score on EVERY shot. Or because Wayne was not considered to have the best skating style.

It’s like pointing out some mistake that Albert Einstein made.

Winners learn from winners. Winners copy from winners. Losers feel their manhood threatened by winners and focus on the winners perceived faults. Losers turn their eyes away from winners as if blinded by a bright light. Winners get it done. Losers make excuses.

Hopefully, no one on this Board will take the loser approach to life.

Even the greatest winners in history are disparaged by a large chunk of the population. Without fail.

#221 Intuitive Missus on 02.16.13 at 9:43 pm

Votes are running 80% in favour of greater fool.ca

Congratulations Garth. That’s very impressive.

We’re smarter than they think:)

#222 Bill Gable on 02.16.13 at 10:38 pm

I voted. You have this one nailed, Mr. Turner.

Open House in the Apt. building today. As I waited for the cab, I sat watching the Agent playing angry birds on her smartphone.

Crickets.

#223 jan on 02.16.13 at 10:47 pm

So realtors are calling us loser,really?
Personally, I’m am surprised nobody is shooting at these scum pushers !!!!!!!!!!!!!!!!!!!!!!!!!!!!

#224 coastal on 02.16.13 at 11:03 pm

Well that arrogant little prick from Victoria you gave the boot to, still can’t admit to his fan club that the video you called him out on was actually removed from his blog (for legal reasons I would assume). Never seen such a pompous know it all, I’m sure all the reputable agents in Victoria can’t stomach his crap.

Did you know prices will never go down 20% in Victoria because there are just too many people with equity and jobs here ? Funny, same thing was said in 1980, and early 90’s but they hit the skids bigtime and there was both in place and no HELOC’s. Spoken like a true salesman.

#225 mf on 02.16.13 at 11:12 pm

With all these votes Garth, maybe you should reconsider running for parliament!

#226 Ralph Cramdown on 02.16.13 at 11:25 pm

#220 Guy Fawkes — Its not that I have lost faith, its just that I have already been priced out of the market, so there is no question of buying even if I wanted to.

If you mean you can’t make the payments, that’s a problem. You have to figure out how to earn more and spend less, or accept your lot in life.

I don’t believe the “middle class,” whatever that turns out to be, will be permanently priced out. How could they be? Their wages MUST be enough to make the monthly, either as mortgage payments or as rent. Property value must ultimately reflect what a household willing to live in it is able to pay.

#227 Smoking Man on 02.16.13 at 11:29 pm

#227 jan on 02.16.13 at 10:47 pm

You’re not a loser…………………..You have been feminized. The curriculum and your teacher did you in.

Young people today are screwed… Insurance to drive a car. Outrageous, Air fare Outrageous, Housing, Outrageous. Everything Outrageous. Pay Low……

Yet you all mock Occupiers, and worship people like me with a bit of loot…..

It’s your parents fault, and the education industrial complex that has boxed you in….

Memorize, Regurgitate, Obey, Get a diploma is what they tell you is the key……………..

Nothing could be more wrong….

Creativity, thinking on your feet, problem solving and taking risks is how to succeed.

Machine is in my gun sights. I am going to find the cure for Brest cancer…………

I never fail when I zero in on a goal……..

#228 Ralph Cramdown on 02.16.13 at 11:31 pm

“So realtors are calling us loser,really?”

Commissioned sales is a tough game. You need to believe in yourself even in the face of failure and rejection. It gets easy to start blaming the principals, the prospects, the finance department, the lawyers, government policy… And it gets easy to become bitter.

#229 Smoking Man on 02.16.13 at 11:40 pm

#212 johnnny on 02.16.13 at 8:31 pm
#120-as a teacher had herobserved when she was talking to the parents of bullies.It was easy to see why their children were bullies.
……………………………………………………….

Teachers are bullies…………..In Ontario they Make more loot than anywhere else in the world…

Teachers here are Entitled little snot nose brats….. I have about as much respect for the little sucks that I do with doggy diarrhea….

#230 Sarah on 02.16.13 at 11:56 pm

Can’t understand how any home in Vancouver would be a bargain at 1 million dollars? Complete gut jobs are on the market for 1 million dollars. This is not normal. Nor will any of them sell. This is the worst time to be in Vancouver real estate as the intrinsic values have yet to be realized. When you have homes on the market since 2009 that have yet to sell in Vancouver, it’s a dead market. And will most certainly stay dead for a while. You are either deaf, blind, and dumb to think that all Vancouver real estate will be worth in excess of 10 million. There are homes in gutter neighborhoods like South Vancouver on sale 30 years old for well over 1.9 million???????

#231 Smoking Man on 02.16.13 at 11:59 pm

Do you guys actually think Obama cares about kids.

He’s a puppet, the machine knows that if it get your kids in brain washing school at 4 it way easier to create happy stupid servants…..

Dalton McSlimebag did it……He’s the perfect example of pure selfish evil…….

Provincial election coming up…..Thinking about it.

Lets look at Hodat, A perfect loser. There is a reason he’s the leader of the opposition. He’s un-electable.

Machine knows what its doing……

#232 45north on 02.17.13 at 12:05 am

Here’s the summary: Vancouver is about to experience two-years-in-a-row 30% decline in housing sales.

BC is not prepared for this. Canada is not prepared for this.

I quoted Ben Rabidoux because he is the source. His boss Mark Hanson is more dire. He thinks that the Canadian financial system is in trouble. Serious trouble.

What it is.

#233 Need Sleep on 02.17.13 at 12:16 am

Love the list of personal finance blogs. Reading some of them right now. Thank you!

And I voted for TGF, of course.

#234 Westcdn on 02.17.13 at 12:22 am

I have been doing a little research on the CMHC as I wanted to know where the extraordinary mortgages purchased by it during the financial crisis went. CMHC is mainly in the business of insuring mortgage issuers (banks) against default losses. I read this 2011 Maclean’s article that the CMHC could fuel a US style meltdown because its actions fed a housing boom by encouraging buyers. http://www2.macleans.ca/2011/03/23/a-mortgage-monster/
An August 2012 article stated CMHC was about to hit its 600B$ government-imposed insurance limit which could lead to fewer 80% plus mortgages on real property. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2012/08/cmhc-insurance-at-576-billion.html
Yet the Sept 2012 CMHC quarterly report only showed 302B$ of assets which include the residual of the financial crisis mortgage purchases – these purchases were 66B$, not the 125B$ I mistaken wrote in an earlier post (see the 2009 annual report). So I was missing something less than 300B$ of the 600B$ insurance limited. The CMHC annual reports I reviewed stated there were consolidated with the Canada Housing Trust (CHT). http://www.cmhc-schl.gc.ca/en/corp/about/anrecopl/anre/index.cfm
This led to the subject of mortgage securitization. It turns out the CHT rather than CMHC is the major player in this activity. The danger of Credit Default Obligations to taxpayers has not gone away. I didn’t realize until now where the banks were getting the money to continue making mortgage loans at low rates. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/securitization.html
According to the next article, CHT has 203B$ of outstanding Canada Mortgage Bonds that were securitized on behalf of the CMHC. The bonds were sold to investors, mainly pension funds and loan companies. This goes a long way to explain my less than 300B$ discrepancy. I am confident securitization would explain the entire difference if the CMHC were more forthcoming in their financial statements.
http://www.cmhc.ca/en/hoficlincl/in/camobo/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=54144
So after reading all this stuff, I conclude the CMHC keeps mortgage rates lower by guaranteeing to cover any mortgage losses by the lender. Further, the Canada Mortgage Bonds consist of mortgages that were purchased by the CMHC from banks and are also guaranteed. However, the guarantees created a moral hazard in that mortgage lenders are all too happy to lend since any losses were covered. There are a lot of statistics in the referred articles that show Canadian real estate values are a bubble waiting to pop or deflate.
This could bring about a nasty outcome. If mortgage defaults should increase substantially, not only will the related homeowners lose heavily but all taxpayers may be forced to subsidize CMHC insurance losses. Hmmm, there is going to be pressure to keep mortgage rates low, although at the end of the day, it will be the US rates that will make the decision. With the problems in Europe and Japan, the US can keep interest rates low for a while yet unless the US government does something stupid with the end of March budget negotiations. Mind you, there are other things that could get money to panic.
Because I don’t believe there will be a money panic during the next 6 months, I am betting the stock market correction will end before March and it will have a nice little upward run into summer. The real estate market remains flat in my Calgary neighbourhood as far I can tell.

#235 Al on 02.17.13 at 12:44 am

Hey Garth. I voted for your blog and see that you are miles ahead of the other blogs. Congrats !
By the way, a house that backs onto a former (now closed, but no liner) landfill and also had its UFFI insulation removed just sold for more than asking in Thornhill after a 7 day listing period !

#236 Nostradamus Le Mad Vlad on 02.17.13 at 12:50 am

-

*
#126 charles — “The papal conclave could start before March 15. Are you in?” — Pope Benedictine Gartholomew? Sounds good!
*
JPM’s not-so-secret Gold Stash 60 Victoria Embankment, London; Oil or Water? Water is essential to life, oil isn’t; 4:37 clip UN Agenda 21 incl. plan to offload six billion people. Then again, some plans don’t even make it to the planning stage, but FDA created food shortage. Part of the plan? Gun Control A double-edged sword; Slumhouse Apt description of Europe; 1:42:09 doc. Oppenheimer’s US$60 bln. scam; Turkey – Iran Is this because the US needs gold to send back to Germany? Euro banks in trouble? Geez, I thought they were strong; Walmart Trouble? Tax Dodging Quite lucrative; The Computer which never crashes; Obomba Follow me, we can be just like Greece; Alan Greenspan is back.
*
1:33 clip Nuke blast over Russia? Plus Second fireball Adds fuel to the fire that there was a missile fired; They’re coming to take us away ha ha! UFO over K-town; Karl Marx quote Link in; Dingo Driver Only in Oz? Pity; 9-11 Calling BBC’s bluff; The Rat scurries from the Vat., 2:46 clip One more reason the Pope may be calling it quits, and Was the Pope pushed? Google Switch to something else? Global Warming creates cabbage shortage for St. Patrick’s Day (hee hee!); ‘Net Control Another term for tyranny; IQ of 7000 aka Artificial Intelligence; Dolphins Convention Spanning seven miles. SAF ready to rumble? Plus current Active ‘canoes for the week. Duzzent include undersea ‘canoes; New Mercedes Too powerful for our roads; Lost and Found Not exactly. This is the land of the un-deliverables; Horse and Donkey meat What is really interesting is to find out who started it, and for what purpose; UK sex scandal Things are warming up, ‘tho the politicos involved won’t care for it.

#237 Small town Steve on 02.17.13 at 1:05 am

I voted for you as well. I was talking with a co-worker today and mentioned TGF, his reply was “hell ya I read him every day!”. A very good friend of mine sent me the link here 2 months ago. I have been hooked from the first day. In my opinion this is the most valuable website in Canada. I am getting my son involved in reading it too. He will be 17 this year and I want to get him on the right track at an early age. I consider TGF to be an inoculation against MSM realtors/bank managers flogging lies that can easily lead one down the wrong path. Thanks for being you Garth.

#238 Ronaldo on 02.17.13 at 1:11 am

#221 Tony – how you making out shorting silver? These guys seem to think its heading higher.

http://www.arabianmoney.net/gold-silver/2013/01/24/hsbc-buys-silver-bars-worth-876-million-from-polish-producer-kghm-in-the-past-12-months/

#239 Ronaldo on 02.17.13 at 1:23 am

#220 – Guy Fawkes – I believe what you’re speaking about is addressed in the following link.

http://www.theglobeandmail.com/news/toronto/shrinking-middle-class-makes-toronto-a-city-of-socioeconomic-extremes/article1319878/

#240 broadway skytrain on 02.17.13 at 1:30 am

Trump Tower brand coming to Vancouver

“Toronto success moving west
Trump has a similar project in Toronto. At 65 storeys, Trump International Hotel and Tower has put its stamp on that city, and the Vancouver project might do the same here.”

I guess the TO project gets more successful the further west you go!
——————————————

“Vatican raises possibility of early March conclave”

i’ve been considering submitting my name to be in the running for the next pope….

smoking man, what are my odds?

#241 Debtfree on 02.17.13 at 1:53 am

I can’t believe Gail the queen of jars ,amazon of the east is doing so badly against you Garth . I guess none of the jarheads have made it to your blog . But at least she is doing way better than most . As for running for parliament . I don’t think harper will ever install a bsOmeter . He’d have to wear earplugs . Or remain in his dismissive indifference .

#242 bubu on 02.17.13 at 1:58 am

OMG Garth, after voting for your site, I had noticed that this wasn’t even needed.
You are kicking butts, left, right and all across canuckistan!

#243 meslippery on 02.17.13 at 4:24 am

Have not had time to read all this crap tonight. But I actually love Garth the Guru. He is authenic, and I like him, pissed at getting deleted so much. But, even entertaining starting a website, no I am too good and lazy for that. Kisses. When are you going to discourse on why everyone is trying to buy everyones’ debt. You are more intelligent than I am. But educate us lower forms of life.

But educate us lower forms of life.(Please Beach Girl)
You are the highest from of life.

And Garth dose this blog for free. as far as I can tell.

#244 Robert on 02.17.13 at 4:49 am

I am moving back to Canada in 4 weeks after 3 1/2 years in Australia. I did not buy a house here as I was waiting for sanity to prevail in the prices. It seems that with all the negative economic news that this will be the year for a correction in Australia to take hold, regardless of what the spruikers say. I will be moving in with a lady friend in Abbotsford and helping her get her house ready for sale and if we do not stay together, the prices will probably start to drop there at the same rate as Australia will. The 2 countries managed to avoid the worst of the financial crisis and kick the can down the road of house prices for a few years longer. Every boom is followed by a bust. The bigger the boom, the bigger the bust.

#245 AK on 02.17.13 at 7:34 am

#225 skeptacular on 02.16.13 at 10:01 pm

“2008 was a very painful time, as were the last 10 years. going sideways, making no money. .. every day, hoping the markets go higher .. sad existance”

___________________________________________

Sorry to hear that, Dude. I assume that you are a Dude. :-)

#246 rosie "moving forward" on 02.17.13 at 8:52 am

#232,234

As a former teacher and now moving forward all I can say is sit up straight and turn that frown upside down.

#247 Andrewski on 02.17.13 at 10:04 am

Be careful when choosing a Financial Advisor…

December 6, 2004
BCSC reprimands investment adviser

Vancouver – The British Columbia Securities Commission disciplined an investment adviser and his firm for not complying with the business requirements under the securities legislation.

Adrian Mastracci and KCM Wealth Management Inc. have reached a settlement with the BCSC. Mastracci agreed to pay $5,000 to the BCSC. The BCSC reprimanded KCM Wealth Management.

Mastracci is the principal of KCM Wealth Management. Both Mastracci and the firm are registered under the securities legislation. In 2002 and 2003, KCM Wealth Management contravened the securities legislation when the firm did not:

keep proper business records,
have the required capital,
file annual audited financial statements, and
subordinate Mastracci’s loan to claims of clients and creditors.

The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities in the province. You may view the settlement on our website http://www.bcsc.bc.ca by typing in the search box, Adrian Mastracci or KCM Wealth Management Inc. or 2004 BCSECCOM 670. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.

#248 Herb on 02.17.13 at 10:13 am

I keep looking at that nubile body, hoping that the young lady is an acrobat who will roll out safely on landing. Unlike real estate …

#249 Herb on 02.17.13 at 10:17 am

#232 Smoking Man,

I can understand your resentment of teachers. Yours obviously failed you.

#250 Sebee on 02.17.13 at 10:23 am

Did you ever think you would be the best? So few of us get to be the best.

#251 Daisy Mae on 02.17.13 at 10:30 am

#230 RALPH CRAMDOWN: “I don’t believe the “middle class,” whatever that turns out to be, will be permanently priced out. How could they be? Their wages MUST be enough to make the monthly, either as mortgage payments or as rent. Property value must ultimately reflect what a household willing to live in it is able to pay.”

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

‘Middle class’ comprises the majority of consumers. Without us, where would the country be?

#252 Chickenlittle on 02.17.13 at 11:18 am

#84Ogopogo on 02.16.13 at 2:48 am
I’d be willing to bet that the hate email from Garth’s “last abusive realtor” was from DA (aka “Devil’s Advocate,”

Agreed!!! I was thinking the same thing!

#97 betamax
…but we’re no longer committed to living in a sub-arctic rainforest.

“WHAT!?! But it never snows!!”- Local Birkenstock wearer from Kits Beach.
As if that were the only criteria that is necessary for a good place to live. You could have gangs, rain 24/7, Gloria Macarenko (ugh), etc, but at least it doesnt snow…

Heck, I blew that joint as soon as I was old enough!

#253 Smoking Man on 02.17.13 at 11:57 am

#252 Herb.

I Don’t resent teacher, I resent stupid, and the fact that they don’t see that their job is to create a class of non thinkers,happy robots for jobs that will not exist in the future, at the same time they are self obsorved in their greatness, I don’t resent… I hate..

In the information age, we need thinkers, not obedience..

#254 Finn on 02.17.13 at 12:00 pm

Family gone nuts, I just heard that my 22 year old nephew just bought a $500,000 half duplex in Fort McMurray. He’s from Kelowna, been working in Ft. Mac for a year, and his Italian mother couldn’t be more proud. Guess he’s not paying attention to the Alberta economy.

#255 AK on 02.17.13 at 12:05 pm

#254 skeptacular on 02.17.13 at 10:23 am

“yes m’am, i am a Dude.”
—————————————————————–

Huh? Whatever..

So, with the upcoming “brutal” stock market crash as you put it, what is your investment strategy going forward?

#256 Kaganovich on 02.17.13 at 12:09 pm

Shawn Allen Investor’s Friend

Before we misinterpret Buffett, don’t forget the context of his biography and what all these ‘winners lessons’ mean in light of it:http://www.mymoneyblog.com/buffett-wealth-estate-taxes-and-the-ovarian-lottery.html

As Buffett himself makes abundantly clear, one’s life chances is largely determined by luck. Sorry to piss on the meritocratic parade here, but being born on third base doesn’t mean you hit a triple.

#257 AK on 02.17.13 at 12:18 pm

#255 skeptacular on 02.17.13 at 10:23 am

“and you continually avoid spilling the beans on how poor your investments did in 2008.”
——————————————————————-

I already told you that I was not affected by the market correction of 2008/2009.

As an example, in November of 2005, I prchased N.NVO. I am still holding it today. Do the math.

#258 Victoria on 02.17.13 at 12:33 pm

I find this blog really funny because of many reasons. One of them – a conviction of most renters than they pay way less than house owners. Like my sister likes to say with a look of superiority on her face – “well, at least I don’t have mortgage!” Yeah? And what about 1900 rent + utilities that you pay every month with no return? I pay 2000 in total for my own detached house in trendy area of 905 because I didn’t rush to sell when everyone got scared that “real estate is going dowwwwn” and I have 400,000 mortgage on a 750,000 house. How many of you pals live in a townhouse or an appartment paying a wopping 2k and think you would pay way more as homeowner? Just curious.

So you have $350,000 in equity earning nothing when it could yield 8%. That’s $2,300 a month extra the house costs you. Your sister wins. — Garth

#259 futureexpatriate on 02.17.13 at 1:02 pm

Geez, those anti-Garth blogs are Boring. And they cheat too, I voted in polls that wouldn’t register my response.
And racist pics, but no pics or info on the blog owners. Idiots. What a waste of time.

#260 jess on 02.17.13 at 1:04 pm

“loan notes” quoted as eurobonds?

http://www.corporatewatch.org/?lid=4685

investigation by Corporate Watch into the finances of the 19 water and sewerage companies in England and Wales has found:

Almost one third of the money spent on water bills goes to banks and investors as interest and dividends.

People are paying £2 billion more a year – or around £80 per household – than they would be if the water and sewerage supply was publicly financed.

Six companies are avoiding millions in tax by routing profits through tax havens, using a regulatory loophole the government has chosen to keep open (click here)

The CEOs of the 19 water companies were paid almost £10m in salaries and other bonuses in 2012.

==

British water companies are avoiding millions of pounds in tax by loading themselves up with debt listed on an offshore stock exchange, an investigation has revealed.

The disclosure is likely to reignite the public outcry about legal tax avoidance by big firms at a time when Britain is drowning in debt and suffering painful public spending cuts. It comes only a week after industry regulator Ofwat announced that water bills would rise by an average of 3.5 per cent to £388 a year. Corporate Watch found six UK water companies took high-interest loans from their owners through the Channel Islands stock exchange. Interest payments on the loans reduce taxable profits in the UK and, thanks to a regulatory loophole, go to the owners tax free.

According to the report, Northumbrian, Yorkshire, Anglian, Thames, South Staffs and Sutton and East Surrey water companies all borrowed from subsidiaries of their owners based overseas. Those owners can receive the interest payments tax free by issuing the loans through the Channel Islands stock exchange as “quoted Eurobonds”.

When a UK company pays interest to a non-UK company, it usually has to withhold 20 per cent of the payments and give it to the UK tax authorities. But if the loans are issued as quoted Eurobonds on a “recognised” stock exchange – such as those on the Channel Islands or Cayman Islands –they benefit from an exemption, so no tax is taken off.

Corporate Watch found that some £3.4bn had been borrowed by the six companies using this method. It highlights Northumbrian Water as “the most brazen case”, as it paid 11 per cent interest on just over £1bn of loans it has taken from its owner, the Cheung Kong group, a Hong Kong-based conglomerate run by Li Ka-shing, the world’s ninth-richest person.

#261 happy renter on 02.17.13 at 1:13 pm

Everyone talks down about owning a home .Canadians are a proud people and don’t want to wait around for years to buy a nice house or condo until the prices fall 3% a year.Life is to short renting an old dumpy apartment for years to see a small decline in prices.

#262 Herb on 02.17.13 at 1:28 pm

#258 Smoking Man,

your undifferentiated, wholesale condemnation of an entire profession shows how uneducated and unintelligent you are.

Thinkers are required in any age, but hardly solipsistic little smoking men.

#263 polecat on 02.17.13 at 1:35 pm

Only way to make money in Alberta for me is camp jobs. Puttin down no roots there. Stay away from the nose candy and strippers and you’re fine…

#264 TORONTO_GET_REAL on 02.17.13 at 1:45 pm

People it’s very simple. If you own a condo in Toronto you are pretty much screwed. On the other, if you own a house, you are sitting on a gold mine. Prices have only one direct but up in the long run. Who cares if it drops 5%.

#265 Ogopogo on 02.17.13 at 1:57 pm

Garth now leading by a whopping 81% in the vote! Eat your heart out, Mr. I-have-a-“majority” Harper.

I wonder how many realtors, mortgage brokers, specuvestors, and Global/CTV/CBC entertainers (a.k.a. “journalists”) voted for Garth.

#266 Tony on 02.17.13 at 2:07 pm

I’m short oil and gold. I got short oil February the 1st this year and have been short gold since last summer.

#267 vangrrl on 02.17.13 at 2:52 pm

100 bucks will buy Bandit a lot of nice treats ;) Please buy him one from me at least. Voted for Couch Potato as well. I’ll have to check out some of the others, surprised how many there are!

#268 QQ on 02.17.13 at 2:56 pm

i pretty much arrived at the same conclusion as Garth.

the housing market is overpriced, at least relative to my disposable income. i could force my way into a mortgage but i run into significant cash flow risks, unhedged exposure to economic down turn and have to make drastic cuts to other objectives in my life.

long story short, the rewards of home ownership is too thin compared to the risks.

#269 TurnerNation on 02.17.13 at 3:00 pm

Yes Smoking man, Kanada is not “world class. Who will pay more, coming to this frozen backwater? It appears the govt. dislikes our freedom of travel:

..,
“According to the World Economic Forum’s 2008 Travel and Tourism Competitiveness Report, Canada ranked 114 out of 130 nations surveyed for overall “price competitiveness” and 122nd for “ticket taxes and airport charges”, even while it scored first for “air transport infrastructure”. The same survey last year showed improvement in the overall standings (105 in price and first, again, for infrastructure), but the country dropped to 125th place in the metric of taxes and charges. “Canada is losing 5 million Canadian passengers to the U.S. annually,” she says. “And that equates to $1.3 billion in lost Canadian GDP and $200 million in lost tax revenue.”

Indeed, according to the World Economic Forum’s 2008 Travel and Tourism Competitiveness Report, Canada ranked 114 out of 130 nations surveyed for overall “price competitiveness” and 122nd for “ticket taxes and airport charges”, even while it scored first for “air transport infrastructure”. The same survey last year showed improvement in the overall standings (105 in price and first, again, for infrastructure), but the country dropped to 125th place in the metric of taxes and charges.

As a result, Macleans Magazine reported last year, “Over the years, a host of foreign airlines, from Hong Kong’s Cathay Pacific and Israel’s El Al to Virgin America and Frontier Airlines, have either shelved expansion plans or stopped f lying to Canada altogether . . . airfares . . . are, on average, up to $120 more expensive than in the United States, according to some estimates.”

#270 Victoria on 02.17.13 at 3:15 pm

So you have $350,000 in equity earning nothing when it could yield 8%. That’s $2,300 a month extra the house costs you. Your sister wins. — Garth

Garth, I would love to invest me equity. The problem is, nobody wants to give me HELOC cause apparently I don’t have enough income to sustain another 1000 or so in monthly payments (even for the interest only home loan). AND the interest I am going to pay on this loan will probably beat the income made. But that is not the point. After all, I can move into something smaller, take out the same mortgage and invest the difference (which I consider doing). My sister doesn’t HAVE this kind of money, you see, because she doesn’t have equity, because she is renting. Not too many regular people can save as much as a house can. I at least don’t know anyone who has more than 10,000 in actual savings (unless they have recieved house proceeds). Not to speak of 200K or 300K. The only thing my sister can now invest is probably her Birkin bag which she immidiately bought after having sold the house :).

#271 sickofbc on 02.17.13 at 3:21 pm

“Real wealth is built through innovation, and it’s gained through hard work,” Mr. Carney explained in an interview taped before this weekend’s G20 finance ministers and central bankers meeting in Moscow. “It’s not through some magical asset inflation.”

http://www.theglobeandmail.com/report-on-business/economy/real-wealth-comes-through-innovation-not-home-prices-carney/article8776308/

#272 Bigrider on 02.17.13 at 3:26 pm

#259 Finn.

Your nephew has an Italian mom.

“splains erything”

#273 Shawn Allen on 02.17.13 at 3:34 pm

BUFFETT WAS BORN LUCKY?

Number 261 Kaganovich says in regards to Warren Buffett:

but being born on third base doesn’t mean you hit a triple.

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

That is correct Buffett credits his success in part due to being born male in 1930 in the United States and of good parents. And to being born with certain intellectual gifts. Had he been born in Africa in 1450 he would not have done so well.

But Buffett took whatever advantages he was born with and worked with them. I was going to say he hit massive grand slams. But often it was bunts and singles and almost never striking out. In his game a swing and a miss kills you. But waiting patiently until the pitcher throws the juiciest home run ball ever is what pays. There are no called strikes. If you don’t swing the pitcher keeps throwing. Eventually something fat and juicy turns up.

You can get rich by studying and copying Buffett (as I am). You gain nothing by looking for flaws or luck in this great investor. Which approach is the winning approach to life?

#274 smartalox on 02.17.13 at 3:40 pm

@ SickofBC,

Glad that somebody else picked up on this. Why do I get the sense that Carney knows he set the scuttling charges on Canada’s economy before jumping ship for the HMS Bank of England.

#275 Shawn Allen on 02.17.13 at 3:48 pm

GREATER FOOL AS WINNING BLOG

Garth deservedly wins the blog vote hands down.

Some of the other blog authors will grumble that it is unfair.

The smart ones and every smart columnist will look at how Garth does things and copy from it.

Basically those with a poor attitude will whine and change nothing. Those bloggers with better attitudes will look to learn from Garth’s success.

Other bloggers need not copy the content. But they can and should copy certain techniques.

1. The daily update.

2. Being controversial. People seldom bother to comment on (or even read) content that that does not cause an emotional reaction of strong agreement or disagreement.

3. Writing about something that affects the lives and interest of the masses. Provides useful information.

4. Making commenting easy, with no passwords or need to register.

5. Fast release of the comments to the blog

6. One topic per day, no searching past threads.

7. Hot or interesting pictures

8. Consistent themes to keep a target market coming back

9. Well written

10 And perhaps most important, always entertaining. The interaction of the posting audience and the whole setup is simply entertaining.

I am sure there are others but the basic format of the blog here is easy to see and is a clear winner.

Winners learn from winners.

#276 Ralph Cramdown on 02.17.13 at 3:54 pm

#266 happy renter — Canadians are a proud people and don’t want to wait around for years to buy a nice house or condo

Or smartphone or iPad or car or tropical vacation or furniture or fine dining… So they just finance it. Howmuchamonth?

I went to gas up the chariot yesterday and the station had installed new and improved credit card machines on the pumps. Takes a PIN and preauthorizes gas, but only to a maximum of $100. Now there’s lots of vehicles these days for which a fuel up of over $100 isn’t unusual, except everyone is so broke that they’d rather buy less gas more often (and pay with cash, often) than put fill-ups on their cards, not have to go inside the station, pay off the balance monthly and get cash back! My pump’s previous sale was $60.00, so obviously a cash sale, but higher than the usual $20 I see.

Most people seem to be broke or near it, carrying balances at high interest rates. We’re planning on retiring from salaried employment at 55, having enough saved so that we can keep the pile growing at the rate of inflation, living on the excess, and paying practically zip in income taxes. Delayed gratification. And, alas, profiting from the spendthrift ways of society. The only thing I’m worried about is a revolt of the underclass. But not too worried; they seem perfectly willing to place themselves in the yoke and pull the load.

#277 Cici on 02.17.13 at 4:10 pm

Yeah!
The boyfriend and I just found a great home to RENT in a great neighbourhood. 3 bedrooms, basement, big private backyard, close to everything (tennis courts, golf course, cross-country ski centre in winter), all for just over a 1,000 a month.

It’s clean and spacious, with just the basics (no granite, no stainless; just melamine, arborite and our old white appliances). But hey, I have no false pretensions, that’s plenty good enough for me! Besides, I can keep working on paying down the student loan debt (almost there) and continue to sock away 20% of salary into savings every month.

And then, just maybe, in a few years, we’ll actually be ready to buy. Or not :-)

#278 Shawn Allen on 02.17.13 at 5:06 pm

BUFFETT WAS BORN LIUCKY?

Buffett likes to point out that his birth to decent middle class parents in 1930 was part of his success.

But literally millions of others had the same circumstances around the same time and very (very) few can claim investment or business success anywhere close to Buffett.

Crediting Buffett’s birth circumstances does not pass the muster.

#279 Bobby on 02.17.13 at 5:15 pm

Sadly, many people don’t realize it until it is too late, but a commissioned salesperson needs to sell whatever to get paid. It doesn’t matter if it is cars, boats, financial products or real estate.
Unfortunately, the problem is that most turn to these same people for advice in making that purchase, leading to a conflict of interest. Most follow the pack.
Get informed, ask questions and follow up. If a salesman lies to you, move on.
I recall asking a realtor once how he thought the market was faring. He said I was foolish to have retirement funds as real estate was going up 15% this year. When I asked him if he really believed that, he was flummoxed, had no idea how to respond.

#280 DON on 02.17.13 at 5:31 pm

@#228 coastal on 02.16.13 at 11:03 pm

Well that arrogant little prick from Victoria you gave the boot to, still can’t admit to his fan club that the video you called him out on was actually removed from his blog (for legal reasons I would assume). Never seen such a pompous know it all, I’m sure all the reputable agents in Victoria can’t stomach his crap.

Did you know prices will never go down 20% in Victoria because there are just too many people with equity and jobs here ? Funny, same thing was said in 1980, and early 90′s but they hit the skids bigtime and there was both in place and no HELOC’s. Spoken like a true salesman.
****************************

I agree with you – I think I may call this realtor up and give him the run around – just for fun. I checked his credentials and arrogance is all I found.

#281 DM in C on 02.17.13 at 5:35 pm

Sheesh Victoria, really?

“I at least don’t know anyone who has more than 10,000 in actual savings (unless they have recieved house proceeds). ”

We haven’t cashed out of a house because we moved to AB during the ’06 boom. Not buying in at $400k but renting for $1600. Consequently have 20x in savings than what you note above. Need to widen your circles.

#282 Paul on 02.17.13 at 5:37 pm

Well my landlord just put my place up for sale today as well as his own here on the island. Going to be interesting few months.

#283 brainsail on 02.17.13 at 5:41 pm

“Thousands gather in protest against Canadian pipeline project in Washington”

http://news.nationalpost.com/2013/02/17/canadian-pipeline-project-draws-ire-of-climate-change-protesters-in-washington/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NP_Top_Stories+%28National+Post+-+Top+Stories%29&utm_content=Google+Reader

#284 DON on 02.17.13 at 5:49 pm

@ #275 Victoria on 02.17.13 at 3:15 pm

Not so fast Victoria. The average 3 bedroom home is going for $1400 – 1600 in Oak bay as well.

You should take a look on Used Victoria and Craigslist. 2700 + rentals in Victoria and of those at least 700 are houses all competing for a few renters (70% ownership). Some are advertising for students, mid semester with the summer break coming – lol. Enrollment is down accross the board. Some landlords try doing the one showing for prospective renters and only two couples show up. One realtor tried to bid us up and we simply walked. The house is still empty. lol

Seems that all those who bought two houses are now looking for renters. Yes their prices start high, but droves of trades people are leaving this city. I have been to 8 houses and are getting hounded by owners wanting to know if I can move in right away. It’s a renters market and by renting I don’t have to repair anything, no property taxes, no nothing and rents will fall as landlords are starting to compete…it is also happening in Vancouver. When I first came to Victoria I was never interested in living in this delusional area…it’s nice to a certain extent but way better places to live on this island.

I was on Used Victoria browsing last night and as I browsed the number of houses available started to tick upwards, I couldn’t believe my eyes. How long do you think it will take before the real competition starts.

But hey…a house is a home and if you are able and willing to stay for a while simply enjoy your home. Why are you on this blog? Just curious.

All the best, and take care.

#285 HogtownIndebted on 02.17.13 at 6:36 pm

Watching the planes head south and west over the lake on their way to Pearson landings, enjoying a relaxed urban Sunday afternoon has me thinking about the condo I sold last spring.

The same building has had five units for sale now, since late May, about nine months now still unsold. I feel for those sellers, know a couple as friends.

After I fired my two realtors for incompetence and lying to me (one of them actually has on her webpage that she has served on an ethics panel for the industry… go figure) I was able to sell quickly just by being reasonable. Realtors told me at the time I was losing money. The price I sold at is now about 10% more than what the remaining unitholders will get, if they could actually sell at their current asks, after paying commission.

My 905 co-workers have been complaining all week about their drives home. Last Friday’s snowmageddon cost most of them at least 4 hours commute time one-way, with a couple needing six hours to get home. Mine was awful too, but still only 45 minutes. I’ve long felt that time is the only thing that matters in life, and can not fathom why people like my co-workers sacrifice so much time out of their lives in their toxic suburban commuter lifestyles, hardly ever seeing their small children in their waking hours etc… Suburban realty will offer much less resistance to a melt because of realities like this. A young newlywed I work worth just bought a McMansion with her hubby in the 905 with parents’ money and is sounding much less excited about the granite countertops than last summer. Another colleague has been trying to unload a condo in Markham since August, with no luck.

The broader markets are a concern too, and I am not so sure about stock markets, even ETFs and REITS and other more sensible things we hear about here. Caught this on BNN last night:

http://www.bnn.ca/Shows/Market-Call-Tonight.aspx

Tech analyst Keith Richards (performing without his awesome Fender Stratocaster) says that the insider sell to buy ratio is now 9:1, and that the recent boom in “dumb money” mutual fund purchases is similar to what we had in 2000 and 2007, just before the plunges. Has me wondering about where to park my real estate earnings. Maybe in shares of Tylenol.

#286 Destitute in Calgary on 02.17.13 at 7:11 pm

@ #275 Victoria on 02.17.13 at 3:15 pm

“Not too many regular people can save as much as a house can”

This may be true in an environment where house prices are going up 10%/year but it is certainly false now. I looked at buying in Calgary in 06-07 after graduating University and realized house prices were ridiculous. At the time I thought it was a big risk to rent but it has been the best thing I have ever done financially. My wife and I have been in the same house for 5 years. We’ve married, had a kid and we have saved just under $500,000 at age 32. I don’t see how owning our shelter could have improved our lives during this time but maybe we are missing out on some secret. I believe our whole family thinks we are destitute because we are renters; yet our 65 year old parents yearn for retirement while living in million dollar mcmansions. We truly are stuck in Bizarro World.

#287 shopper on 02.17.13 at 7:17 pm

Yes I see Mark Carney is calling for an “additional” correction of 10 percent overall in addition to what has occurred already.

But the Real Estate Agents Association and CMHC says that we haven’t had a decrease and things are stable and predicting small increases.

Jeez I’m not sure who to believe. (insert tongue in cheek icon here).

#288 shopper on 02.17.13 at 7:28 pm

Garth, what flavour is your koolaid that many of us on this blog are drinking? Just curious. :)

#289 Daisy Mae on 02.17.13 at 8:28 pm

#270 Ogopogo: “Garth now leading by a whopping 81% in the vote! Eat your heart out, Mr. I-have-a-”majority” Harper.”

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

Now, THAT is funny! LOL

#290 Daisy Mae on 02.17.13 at 8:53 pm

#281 RALPH CRAMDOWN: “Or smartphone or iPad or car or tropical vacation or furniture or fine dining… So they just finance it.”

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

Hey! I have an iPhone. I dropped my landline which was costing me $33 a month. So my iPhone costs me $47 more…and, for me, it’s very good value. Those ‘smartphones’ are amazing.

#291 gtrz4peace on 02.17.13 at 9:31 pm

I am confused here. Tried to sell our West Van townhome, took it off the market after 8 months. It did not sell even tho we have an incredible view, rainscreen technology and pretty new construction.

We decided not to relist because I’d like to know where are the places to rent (we fill up all of 2500 Sq Ft with a family of 3, a large dog, and lots of musical equipment.

Every rental in a SF home or TH in our development within 30 miles of our son’s school is at least $3000/mo in rent only, with utilities added. Our total living costs are $2200/mo including utilities – and it’s all we can afford. So hard to look at storage space costs long-term, a more expensive monthly nut and all to be somewhere we don’t want to live.

Do any of you have real data on SF homes in West Van or North Van that are in good shape renting 2500 Sq. Ft for under $3000 per month? I have been checking ads and management companies for over a year, and have not seen this. The less expensive ads all said “no dogs.” But would be happy to relist our home if the right rental market appeared.

Are rents due to drop also? It seems if people cannot afford to buy here, they are forced to rent making it a landlord’s market.

Either way, you lose.

#292 Dorf on 02.17.13 at 9:44 pm

“All you do is give false hope to houseless, you self righteous, know it all arrogant and selfish prick.” – GreatFool blog comment on Garth Turner

I disagree. Garth does not give false hopes to anyone and he has been very selfless in his assisting readers in trouble. The rest is probably more a compliment than a slur. :-|

#293 Soylent Green is People on 02.17.13 at 10:36 pm

Svoted

#294 Will on 02.18.13 at 3:08 am

To gtrz4peace

I think you may have got some wrong ideas here. You thought that you would sell at the top of the market, take out your equity and rent.

First you missed the market top … defined as much by activity as price … and you failed to catch the dying market by dropping your price.

Secondly you want to rent where there are relatively few places to rent and you want to rent a place that is considerably bigger than the average rentable space. Commercial landlords don’t deal in 2500 sqft properties. You are facing private landlords who don’t want dogs and who may not care if their property is vacant for a while. North shore landlords can be very picky. Perhaps in Surrey not so much.

Sell and rent works for owners who aren’t sticky about the price they get, and who will rent what is freely available … pet restricted condos in non-premium areas.

Unfortunately you missed the cut in both categories.

#295 Haze on 02.18.13 at 5:40 pm

Hi! I’m a realtor! (EVVVVVIL) there are some interesting points of view in this blog. One of my good mates told me to take a look here as he is a regular reader of this blog. (Thanx Big Dog ha!)

I started off looking at that crazy listing for 2.X million on cambie…

“http://www.realtor.ca/propertyDetails.aspx?propertyId=12384188&PidKey=1190328162

BC = Bring Cash.”

this is a crazy price I know eh? however… (http://vancouver.ca/home-property-development/cambie-corridor-plan.aspx) This is also right on the cambie corridor so the person they are trying to sell to is NOT Joe home buyer it’s Mr. Suit developer thus the ridiculous price. I mean if you could cash in on the suits wouldn’t you?

I am sure that I will catch heaps of flack in this blog but that’s alright; heard most of it before. I keep reading about “idiot realtors”… Not gonna defend them; you have dealt with them, I KNOW! ME TOO! There are many people in many jobs that are freaking morons. I think real estate is a still an intelligent investment (insert F-you comment………………….. here) IF you are not planning moving in a short period of time.

Reality of the fact is I live in the same market and have to deal with the same issues that the next guy does. Here is what I think, the prices are up, but Vancouver does that it always has since 1977 and when there is a market correction (usually referred too as a bubble bursting) it has taken approximately 7- 8 years to return to where it was at the start of the drop. Buying is NOT for everyone, but paying rent is never any fun either. I’m not sure about anyone else but when I had a landlord they never paid me when I moved.

I don’t live in DT Vancouver, because I think that it is quite over priced (as are most major cities) and I don’t NEED to live there… Do you? I think that the best way to end up with that 2.5 kids and a white picket fence is to get into the market, know that you will be moving a couple of times over the next few years and finally get to the end goal. I work primarily with first time buyers. This is partially because I have a business model that is setting to last a long time and build via strong foundations. I remember how I was scared out my damned mind that I might be making a bad life decision; as it turns out I didn’t.

I look forward to hearing responses and I am more then happy to try to get some answers for any that are wanting some. I don’t have a crystal ball and I am not Warren Buffet but if you need some straight up reasoning or want some insight on a realty matter I would be more than happy to try to help. To be perfectly honest I will be selling real estate to those that want to buy it, so if you are going to great. If you are not? Great. Please bear in mind that you don’t go and scream at the gas station attendant for the price of gas, so please don’t go screaming at me for the price of the realty market. I didn’t make it go up in price.

Haze

#296 TurnerNation on 02.18.13 at 8:12 pm

Purple haze.

We got a live one here Gents. Reel him in slowly…

#297 “We’ve previously felt tied to Vancouver because of my six-figure salary, but lately we decided that we might just move anyway. Given the cheaper housing elsewhere, it might pay to take a pay cut.” | Vancouver Real Estate Anecdote Archive on 02.19.13 at 5:01 pm

[...] “It’s nice to see prices finally dropping, but at this point my wife and I don’t give a rats. We’ve decided to keep renting and stay mobile regardless of further drops. We’ve previously felt tied to Vancouver because of my six-figure salary, but lately we decided that we might just move anyway. Given the cheaper housing elsewhere, it might pay to take a pay cut and live somewhere where it doesn’t rain most of the time. It won’t happen for a year or two until we get all our ducks in order, but we’re no longer committed to living in a sub-arctic rainforest. Life’s short, money isn’t everything, and there’s better places to live.” – betamax at greaterfool.ca 16 Feb 2013 5:43am [...]