All hat. No cattle.

HORSE LAUGH

The city of Calgary says about 90 houses were totaled in the recent floods. In all, between 500 and 900 families will probably be looking at a long wait to go home, as their places are repaired or rebuilt. To put this into context, there are 1,097,000 people in the city. Just under 5,000 houses are currently for sale, of which up to 700 were in neighbourhoods affected to varying degrees by the rising waters.

So what do you call human misery for hundreds of folks in Calgary? Irrefutable evidence of climate change? An act of God? A time for compassion, and reflection?

Hell no, pardner. This is a mother of a marketing op!

While Calgary’s real estate market is of greatest value for its comic relief (“It’s different. Everybody wants to move here. We’re snowflakes.”), it’s also proving to be a lesson in realtor greed and media manipulation – which go together like Mike Duffy and bad judgment.  The waters barely receded before Calgary realtors were in full damage control, turning a housing disaster into a frenzy of real estate horniness.

Dig this from the Calgary Herald: “Last month’s record floods are driving up demand for homes as both displaced millionaires from posh neighbourhoods that were flooded and former renters jump into the market, Calgary realtors say.”What I’ve been seeing is a crazy amount of activity, as far as buyers go,” said Thomas Keeper of Tink International Real Estate. Wealthy neighbourhoods along the Elbow River were among the areas hardest hit by the flooding, prompting some homeowners, whose properties will take at least several months to repair, to buy homes elsewhere in the meantime.”

Ahhh, really?

Maybe it’s not news in Calgary, but people who own million-dollar homes are (in most cases) not ‘millionaires’, and I think we’d all be really interested in some evidence that people temporarily displaced from their luxury digs decided in a week to go and ‘buy homes elsewhere.’

But this is Calgary. People wear white Stetsons. Men go to work in plaid shirts with flowers embroidered on the front. You expected subtlety?

By the way, the Calgary Herald dug deep on this story. It interviewed not just one realtor, but three. So it must be true.

Says Re/Max salesguy Mike Hornby: “The rental market is a huge concern. Our vacancy rate was already quite tight to begin with and now it’s literally non-existent. People have been panicking. I definitely think it’s spurred people on to make a decision quicker.”

So, there you go. Millionaires with damp basements snapping up new houses, competing with suddenly-panicked renters. A frenzied market, rising prices and a crisis worth milking. How could the entire city not love it when hundreds of people are financially ruined, and property prices jump as a result? The Calgary Real Estate Board is obviously basking in the flood afterglow, with house economist Ann-Marie Lurie on record as saying it’s all positive:

“If there are less listings on the market because some of these properties are coming off, it actually could improve pricing activity in some of the other areas. You could actually see prices really continue to grow at the rates we’ve seen. So I wouldn’t expect much change there.”

Tell that to Susan and Robert Watts. This was published earlier today:

Three weeks after the surging Bow River roared head high through their home, Susan and Robert Watts want to make a new start far away from the risk of flooding. But the retirement-age couple worry the province’s disaster recovery program will force them to remain in their Bowness two-storey or face financial ruin. “I want to leave because I just don’t think I could deal with this again emotionally,” Susan said, “but we can’t afford to walk away on a real estate investment that represents most of our life savings.”

watts

The Watts sustained $250,000 damage to their house. They can’t pay for the repairs. By the way, their place is worth a million dollars – or used to be. I wonder if these are the ‘millionaires’ the city’s house-pumpers claim are snapping up new properties, whipping the market into a buying frenzy and driving renters into the loving arms of Re/Max.

Calgary realtors. Callous, brash, opportunistic, Fox News trashy.

193 comments ↓

#1 Smoking Mab on 07.16.13 at 4:16 pm

4 pm, post, garth must be going bozzing tonight

#2 Chris on 07.16.13 at 4:20 pm

Threat for one, opportunity for other. First

#3 -=jwk=- on 07.16.13 at 4:25 pm

We got pummeled in the Toronto flood s- full 5 feet in the basement. It rose an inch a minute. Landlord’s insurance says it was sewage backup, not flood and therefore not covered because he has no sewage backup coverage. My insurance says it was flood, not sewage and therefore not covered because contents can’t be insured for flood…

Will TREB do the same slimy things as calgary realtors are? My guess is – yes. They will use terms like “prime Etobicoke neighborhoods” and “higher demand”

#4 stop lying on 07.16.13 at 4:29 pm

first… time i’ve seen the blog this early…

#5 HD on 07.16.13 at 4:29 pm

Early today Garth

Best,

HD

#6 TnT on 07.16.13 at 4:29 pm

Fox News trashy….

That’s punching below the (big buckle) belt….

#7 Edmonton Guy on 07.16.13 at 4:31 pm

I was in Calgary last weekend. They said in the Herald that Calgary’s vacancy rate is about 1.2% since the flooding, with over 200,000 rental properties, that’s still over 2000 empty units to rent….

They’ll be no housing boom because of this.

#8 BlondeandBusty on 07.16.13 at 4:38 pm

Ok so SunMedia advertising revenues are down over 17% and the are laying off, Torstar Media stock is getting trounced as well, Canadian Consumer and Corporate debt levels are at record highs, gas prices are near record highs, provincial and municipal government debt levels are at records highs (Mayor Ford racked up 800 million in 2 years to bring Toronto’s debt from 2.9 billion to 3.7), seems like a 1990’s style recession is coming….

Just hopefully the bad 1990’s music doesn’t come back….

#9 Richard on 07.16.13 at 4:42 pm

You’ve highlighted some of the contrasting stories of this saga. There are in deed some millionaires from Elbow Park searching for temporary new digs. Meanwhile, some “regular folks” whose homes (assessments) happen to now be worth $1 mil (or use to be) are worried about their financial future.

#10 DV01 on 07.16.13 at 4:46 pm

Great post.

#11 EdmontonJim on 07.16.13 at 4:46 pm

Does anyone else think it is perverse that rising house prices is seen as good news?

Even in Alberta, where rising oil prices is seen as good economic news, the euphoria tends to wear off as soon as you have to fill up your truck.

I suppose rising real-estate prices are good news for landlords, realtors, and other investment owners, but for almost anything else, using a tragedy to justify increasing the price on whatever you are selling would be vilified as ‘price-gouging’

#12 John Klein on 07.16.13 at 4:48 pm

The NewStalk Radio a few mornings ago was saying how good this is for the Alberta GDP that is poised to bounce right back.

#13 MontrealGuy on 07.16.13 at 4:53 pm

There are about 3,000 condos, town homes and houses in total just in the nw end of Calgary. there’s no major sold signs coming about that I can see, so I agree with you Garth. The Calgary local Realestate agents are exaggerating things to try to at some heat to the Market cooling off. Historically time again & again, Toronto and Montreal real estate crashes before us, but we’ve always followed suit. 1977, 1982 and after 1987. same RE resession in the 90s…

#14 Rocco Lallone on 07.16.13 at 4:55 pm

You can’t believe everything you read in the newspaper. Everyone has an angle. Buyer beware.

#15 T.O. Bubble Boy on 07.16.13 at 4:57 pm

Don’t forget all of that SUN media severance money in Calgary these days… I’m sure that is causing a buying frenzy too!

http://www.huffingtonpost.ca/2013/07/16/sun-media-shuts-papers_n_3605266.html?utm_hp_ref=canada

#16 harboursnug on 07.16.13 at 5:00 pm

Ya !!

Garth vs Bob

Let er rip, let’s go 12 rounds !!

#17 craig on 07.16.13 at 5:16 pm

The Bow River has been flooding since 1897. The local and provincial Gov’t did nothing to remove the risk but they did hire consultants in 1973.

The recommendations included clearing trees etc which damaged the view and beauty of the area so local residents voted to live with the risk of floods.

There ya go.

#18 craig on 07.16.13 at 5:19 pm

Kind of like New Orleans. Only as safe as your weakest levee.

#19 45north on 07.16.13 at 5:28 pm

The American: (yesterday) 45North, a slow melt in Canada is wishful thinking. The crash itself is at the very beginning stages. Although the crash will be slower in nature than what happened in the U.S., it will not be as slow as what many Canadian economists would like to predict or convey to the masses. A primary contributing reason to the slower crash in Canada is immense lack of transparency to data, readily available at consumers’ fingertips.

that is what I think, here’s Garth with a little sarcasm:

the Calgary Herald dug deep on this story. It interviewed not just one realtor, but three

One day we are going to look back and realize that we have been mislead.

#20 Mike T on 07.16.13 at 5:35 pm

‘Does anyone else think it is perverse that rising house prices is seen as good news?’

I would say it depends on your perspective

remember also that realors have a legally binding obligation to represent sellers in the best possible light regardless of real market conditions

that is why they tell you it is either a good time to buy, or a really good time to buy

whatever….karma will deal with those who made the deal with the devil

#21 Dad on 07.16.13 at 5:38 pm

Son, listen to your father.

I know that pretty little thing in the pink shirt wants to buy in that glittering glass eyesore in the sky above what used to be crackheads and junkies, but remember:

You pay, she play.

Call your mother.

#22 The Prophet Elijah on 07.16.13 at 5:42 pm

the Calgary Herald dug deep on this story. It interviewed not just one realtor, but three

One day we are going to look back and realize that we have been mislead.
———————————————————-
Get a rope.

#23 Roxy on 07.16.13 at 5:55 pm

The flood in Toronto was interesting, at least here in this Etobicoke neighbourhood. Home damage was spotty. When the special trucks came around to collect the damage from the storm thrown to the curb, some houses had damage while others had nothing. Our house had nothing even though we’ve never done anything special to seal our basement. Our neighbours threw out furniture and carpets and TV sets and books etc. The house on the corner that has been on the market for the past 8 months at $900K had piles of damaged stuff.

Someone should have gone around and taken note of which house had damage for when they all go on sale. Who wants to spend $900K on a house with a leaky basement when the house next door has nothing?

#24 bigrider on 07.16.13 at 6:00 pm

FYI – More than half of all realtors in Canada are of Italian decent. The rest are made of a combination of the various others.

Would that be so hard to believe ,when clearly the vast majority of all builders and construction workers ,say 90% or more , are of the same.

Me thinks no RE correction here. Too many Italian RE maniacs to soak up any and all supply…LOL

#25 CalgaryfloodBoom on 07.16.13 at 6:03 pm

#16

Garth vs. Calgary Bob T Update:

Okay Bob”the Truth” Trum. has wisely changed tactics by backing off the “Flood as Marketing Opportunity” currently being embraced by the Calgary real estate community (due the public blowback and obvious odiousness of said tactic, I’m assuming), He has however switched gears and gone back again to his favorite tactic: The Attack Garth bodyshot angle in latest blog commentary. Watch the low blows Bob, there’s penalties for that!

Once again Blob, you are welcome for the “new fans” clicking over to your blog from greaterfool nation. Maybe one of them will actually comment on you blog someday.(Not counting your own comments)

I’m doing all I can for you…really!

#26 TAD on 07.16.13 at 6:08 pm

We’ve really seen a “better to rent” attitude lately in ALberta with so much flooding and tax increases-it’s crazy. Do you realize in Edmonton & Calgary we pay more tax than in MAlibu or West Hollywood California? It’s ridiculous.

#27 Freedom First on 07.16.13 at 6:08 pm

I feel a genuine empathy for the flood victims in Alberta.

However, it is another reminder to me of why it is critical to follow the investing formula %’s Garth has outlined on his free blog. To have all, or too high a % of one’s net worth in one asset, is extremely dangerous. By doing this, a wide variety of things can happen in this world that can wipe your asset out and you won’t even see it coming. For many people world wide, it was their own personal “Housing Crash”.

Personally, I would never make myself vulnerable to one asset being able to financially wipe me out. You may feel differently, and while I feel bad for all victims, I do not wish to be one. The people with no empathy for the Alberta flood victims, and who publicly mock their loss and heartache, while trying to push their own financial agendas, shame on them. Freedom First.

#28 Joe on 07.16.13 at 6:18 pm

How can people/insurance companies call a disaster an act of God?
That indicates to me that there is a God.
I believe in God but it sure is a lame excuse, like swearing on the Bible in a court of law.
I’m sure happy I’m not the one who will sort this out in the end.

#29 Mikey the Realtor on 07.16.13 at 6:19 pm

Spoke to a realtor friend in Calgary a couple of days ago, he sees prices up 10-15% in the next 12 months, he says the phone has been off the hook since the floods.

#30 All hat. No cattle. — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate | The Affluent Boomer on 07.16.13 at 6:35 pm

[…] via All hat. No cattle. — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Es…. […]

#31 Bernard on 07.16.13 at 6:46 pm

Here is the difference. People in Calgary have jobs and money. House and Condo prices are lower than Toronto and Vancouver yet the economy is way better. The city is better, nicer, cleaner and is just beginning to turn into a true international destination. Vancouver and Toronto will bleed people while Calgary is going from 1 million to 2 million people. You can buy a nice condo in downtown for about 300k. You think in 5-10 years you will still be able to buy that condo for anywhere near that? Given inflation and the increase in population and the economy, no way. House prices in this city have nowhere to go but up. At least until they hit Vancouver and Toronto levels. Which we’re not even close to being there yet.

Don’t forget that in Toronto and Vancouver you have empty buildings purchased by Chinese investors while the citizens of those cities are prices out of the market. In Calgary you have this novel idea, the people who own the houses actually live in them. Calgary is not even close to what Vancouver and Toronto are. It’s like it’s own City-State that actually doesn’t suck. So yes I agree that the real-estate markets in Vancouver and Toronto are ready to blow up. They are thousands of miles away with their own micro economies. Calgary is quiet a bit different from those bubble zones.

Love your sarcasm. — Garth

#32 takla on 07.16.13 at 6:52 pm

Some people have no shame..im lumping these realestate selling vultures in with the likes of the world -wide central bankers,,,,no amount of inflicted missery can curtail thier need for profit.The Game never changes,,,,just the Players

#33 It seems that the flood in Calgary surfaced a lot of garbage -human garbage on 07.16.13 at 6:54 pm

The stats are out

http://recharts.blogspot.ca

heatmaps above stats below

Toronto SFH

Sold under:44
Sold over:14
Sold for asking:6

Average Detached 416:866326
Average Detached 905:598708
Average Detached GTA:665613
Average sale price today:764275
Average sold under:-1.3

Average DOM:18.42
Dollar Volume:48913650
Avg RE Comissions (5%):2445682
Avg RE Comission per transaction:38213
Avg Detached today:830497
Avg Semi today:607825

GTA SFH

Sold under:181
Sold over:22
Sold for asking:24

Average Detached 416:866326
Average Detached 905:598708
Average Detached GTA:665613
Average sale price today:539402
Average sold under:-1.87

Average DOM:26.11
Dollar Volume:122444264
Avg RE Comissions (5%):6122213
Avg RE Comission per transaction:26970
Avg Detached today:584174
Avg Semi today:430490

TO and GTA Condos

Sold under:103
Sold over:3
Sold for asking:13

Average 416:366532
Average 905:288604
AverageGTA:343546
Average sale price today:321781
Average sold under:-2.44

Average DOM:32.66
Dollar Volume:38292000
Avg RE Comissions (5%):1914600
Avg RE Comission per transaction:16089
Avg Asking price today:329380
Average Toronto Condos:339538
Average GTA Condos:281595

#34 Tony on 07.16.13 at 7:12 pm

Re: #4 stop lying on 07.16.13 at 4:29 pm

The All Star Game is on tonight.

#35 Alberta Ed on 07.16.13 at 7:14 pm

The CBC also regurgitated the same story, almost word-for-word, reinforcing its reputation for utter lack of credibility*. My BS meter got jammed in the red zone when I read that pitiful example of purported journalism. (*The Calgary Herald jettisoned any pretense of integrity ages ago, IMHO.)

#36 Tony on 07.16.13 at 7:15 pm

I remember the “good news capsule” on WUTV channel 29 every night and this sob story from all the backwoods hillbilly Calgary hicks would have made the “good news capsule”.

#37 reg on 07.16.13 at 7:19 pm

hmmm…we golf in a community that is directly
across from the Bowness flood plain and river, but high-up
on a very dry ridge. We saw first hand the devastation
the Bow caused and nobody with any sensibilities would
buy down in those communities along the banks of the Bow now.
As for the sales hmmm also. I have personally been
tracking the listings in one community unaffected
by the floods (SilverSprings) and only one home has
sold, all the others sit idle with price reductions,
range 420-530k so I question this info.

#38 CrowdedElevatorfartz on 07.16.13 at 7:22 pm

“…….Thomas Keeper of Tink International Real Estate……”

Tom Keeper of “T.I.R.E.” ?

As in ‘ We’re tired of the B.S. these hucksters are allowed to endlessly shovel out with no repercussions or lawsuits .

The facts Mr Keeper. Just the truthful facts.

#39 CrowdedElevatorfartz on 07.16.13 at 7:27 pm

@#31 Bernard

Just say no to drugs.
OR your psychiatrist needs to change your meds. Either way ,you’re still experiencing delusional urges to type total nonsense.
Stop it. Or I shall be forced to visit you in Cowtown and make you “ride the elevator” with me.
I’ll be the one in the black hat………..that smells…..really bad………

#40 Ben on 07.16.13 at 7:35 pm

Bernard – posting about demand without reference to the end of ZIRP => ZC (zero credibility)

#41 Ahead of the Curve on 07.16.13 at 7:40 pm

Ahhh those realtors. They seem to have a fiduciary duty to themselves to close as many deals as possible, the surprising part is that the media goes along with it.

Obviously adding a stressful situation on top of a calamity sells more newspapers, but one should expect a higher level of care from a news organization.

Then again, we are talking about Calgary!

#42 Spiltbongwater on 07.16.13 at 7:47 pm

If the cow was to scissor the horse, I might actually pay to see that.

#43 Jl on 07.16.13 at 7:50 pm

Garth,

You’re just as bad as the Calgary Herald. You criticize the Herald for interviewing 3 Realtors and generalizing City wide trends.

However you are happy to use the same 3 Realtors for this generalization:

“Calgary realtors. Callous, brash, opportunistic”

Herald: Bad for quoting 3 Realtors to make City wide statements on prices and sales activity.

Garth: Okay for quoting 3 Realtors to make City wide statement on the ethics and standards of 5,000+ agents.

Do you not see the inconsistency in your arguments??

Not when they said nothing which was not callous, brash and opportunistic, supported by the Calgary Real Estate Board. — Garth

#44 DreamingIntechniColour on 07.16.13 at 7:54 pm

Look at the size of Canada and the size of the USA – there are hundreds of millions yet to move here and thousands of communities that have not been built and populated in Canada like they have in the USA. We are 100 years behind and have a lot of catching up to do if we want to have reasonable and affordable housing prices and lots of jobs and industries across Canada like they do in most of the USA.

#45 Young Boomer on 07.16.13 at 7:59 pm

We moved to Calgary last summer and rent in Valley Ridge – higher community next to the Bow. We’ve followed the market and although the stories CREA puts out are nauseating, I have to say that since the flood we saw several houses that were on the market for quite some time in Eagle Ridge, Bel Aire, and the higher parts of Britannia now sell – including new listings. (All multi million dollar, desirable areas) The same with houses in this neighbourhood. However, we are very happy to be renting as this can’t last. As a commercial banker told my husband a few months ago, ‘everyone thinks there’s so much money being made here; but for every company that is doing well, another in the same industry is just hanging on.’

#46 TO and GTA Sales and stats All in one Heat maps for July 1 -July 15 on 07.16.13 at 8:01 pm

Someone asked me to post this data
Check these maps

http://recharts.blogspot.ca/2013/07/to-sfh-sales-and-stats-all-in-one-july.html

http://recharts.blogspot.ca/2013/07/gta-condo-sales-and-stats-all-in-one.html

I am having hard time with Blogger, it is not taking the third map (SFH for GTA). It seems to be too big and Blogger refuses to save it

#47 Smoking Man on 07.16.13 at 8:22 pm

#146 :):( Ying Yang on 07.16.13 at 3:06 pm

How was the smoke, I love cigs,,, ahh

Good to know my fan base has expanded to Hong Kong, have you to thank for that.

In another 50 years of this I might have 500 fans. :)

#48 Chickenlittle on 07.16.13 at 8:27 pm

So renters are all of a sudden interested in buying in a city that could leave you in financial ruin if another flood hits. Really!

Wow! Considering the amount of money people save in this country I hardly doubt that many people can just decide to buy a house one day like they would buy a new pair of shoes.

I also don’t know of too many people who can afford two properties at the same time.

I guess these RE agents are hoping for a RE boom like the mini baby boom that happened after the 2003 blackout. Blackout to baby boom is like flood to RE “horniness” for these guys apparently.

Housing purchases and spontaneity do not mix well. When you wake up from the night before and take a good, long, sober look at what you thought was a hot, sexy buy at the time, try not to scream too loud.

This is such BS.

#49 NewWorldPartyDogOrg on 07.16.13 at 8:28 pm

Realtors are bad, but they’re still peons compared to the government.

Nobody can manipulate the market like they can. According to The Atlantic, Canada has the “world’s biggest housing bubble”. Nobody could’ve create this without massive manipulation from the government:

http://www.newworldparty.org/2011/04/housing-most-manipulated-market-in.html

#50 observer on 07.16.13 at 8:46 pm

People are “STUPID and Gullible”

If your house got damaged. How long do you think it will take the insurance to process your claims?
(probably months!) So how the hell do these people get the cash to buy a new house)

And what percentage do you think they will cover?
Also how will it affect the price of your house and insurance rates next year.

EG,. You have a spank’n new car. Its get damage, (water damage same as structure damage to a car) .
How will that affect the resale value of your car. (HUGE). Even after repairs you have to tell the buyer it was stucturally damaged. Same thing with these houses.

Basically the use car dealers (the real estate agency) keeps on selling you a bag of lies and your stupid enough to believe without doing research

#51 PeterfromCalgary on 07.16.13 at 8:51 pm

I live in Bowness (an old neighborhood in Calgary) and my sewer backed up. I didn’t have any overland flooding. My insurance will help somewhat but they seem to be low balling my repair bill. It’s further complicated because I making improvements to the basement and am using a reputable and experienced but expensive home renovator.

Also insurance is based on historical costs and everyone who can repair a house is going to be paying major overtime to their employees making historical costs low by comparison.

Bottom line is I am going into debt to make things right. Last year I was debt free (including mortgage free). No more.

I am 47 so I can still recover but this is rather stressful.

#52 eddy on 07.16.13 at 9:18 pm

In Ontario they route weeping tile into the sump pump in the basement. Then it gets pumped back outside. In a power failure that wont happen. The City of Toronto doesn’t want our weeping tile water in the sewage system. An overflow pipe from the top of the sump pit to the bsmt floor drain would work

#53 eastvan on 07.16.13 at 9:22 pm

@ #31Bernard

Funny. Calgary is the only “international destination” I know where there is nothing to do after 10pm.

#54 Jenn on 07.16.13 at 9:23 pm

#49
My husband works in the insurance industry and many cheques have already been written to satisfy the damages. I was thinking along the line of perhaps because of the compensation, home owners were a bit more flexible with their selling price and therefore, houses were selling?? Maybe a few?

#55 Dean Mason on 07.16.13 at 9:29 pm

ING Direct’s 10 year fixed rate mortgage is 3.99%. I told you guys.It also raised it’s 5 year fixed to 3.39%,7 year to 3.69%.

#56 Saskatoon Land of the Living Dead on 07.16.13 at 9:38 pm

The problem with the society that we have this days lack of self accountability. In the field where I belong majority of the people that I’ve worked with blame the Government and the administration, but they lack to see the foresight that they are also one of the major contributor to the problem.

The amount of waste that I saw was phenomenal considering I came from a less prosperous place. Because it is tax payers money, and they think its free, they are not concerned if they waste the supplies or not. Every time there is an announcement about budget deficit they always blame someone else.

Not to mention the abuse of sick call and overtime. I won’t

We are in a society of extreme sense of entitlement that people here in Canada and also in the US thinks that we are entitled to all thing that they “WANT.”

It is normal to feel this way as long as the individual is putting all the effort and sacrifices and acknowledging self accountability for our every action and knowing the consequences of these actions.

Same thing with the housing market and the cost of living.

Read this article

http://ca.finance.yahoo.com/news/oh-canada-home-expensive-land-110000828.html

#57 AK on 07.16.13 at 9:38 pm

Bove: These Two Banks Can Double

#58 craig on 07.16.13 at 10:00 pm

Why are so many upset over RE agents lying? They’re salespeople – salespeople lie to close a deal.

I had a REA in my house a few weeks ago and I asked her about a house on my street that was up for sale and what the commission deal was that they struck with the listing agent.

She looked me straight in the eye and said 5%

That neighbour is a friend of mine – the deal was for 3.5%

Buyer be on your toes and do your homework.

Absolutely. Friends are snakes. — Garth

#59 Joe Calgary on 07.16.13 at 10:09 pm

I also heard the idea that the ppl who were displaced are just buying a new house while their house gets repaired from several ppl. I don’t know whether to laugh or cry. I think maybe 1 or 2 families did this an now every realtor in Calgary is repeating second, third and fourth hand information before it gets to Mario Toneguzzi.

#60 CalVulture on 07.16.13 at 10:13 pm

“areas hardest hit by the flooding, prompting some homeowners, whose properties will take at least several months to repair, to buy homes elsewhere in the meantime.”

Let me get this straight…
Your basement floods so you immediately rush out and buy another house because the repairs are going to take several months.

Who comes up with this nonsense.

Answer:
A realturd

Mr. Keeper
I don’t Tink so.

#61 bernard on 07.16.13 at 10:25 pm

I think some of you are underestimating the amount of money that’s in Calgary. People fresh out of school making 100k, professionals in their 30s making 250k, people working at mcdonalds and safeway making 60k. So much money in Calgary people buy houses like they’re another pair of shoes. Crash? Good luck. Real estate will never crash here for a simple reason. People just flat out don’t need to sell. They don’t need the cash, if prices crash they will just not sell their houses. Simple as that. If the market in Toronto or Vancouver drops %50 good luck getting a house in Calgary for %50 less. People will laugh you off their property. Money flows like water in this city. Remember that one fundamental factor before you comment on the real estate prices here

#62 Smoking Man on 07.16.13 at 10:26 pm

Shooting the breeze with my cuzins… Trying to find the name of the ship that our gramps was torpedoed by a u boat.

No luck, I’m thinking my grandmother killed him, caught him with a young hottest.. SHE would tied us up in the basement when we were bad, when we tried to run she had a wooden clog, would take aim and nail us in the back of the head.

One time a nabour, crazy maltezo called my dad a retard, I was like 16, told him to go F him self, my dad was damaged from the war. He came after me with chains, I ran to granny, she pulls out the rolling pin, goes after the alpha male of the community.. Chucks it at him, he out cold.

I spent the night tide to a polll in basment

She was a beauty… I miss her.

She made us all tough.. We are all zillionars

Oasis got his training from my grandfather’s shipping biz, what ever is an winki is B’s we know the story..

#63 TheCatFoodLady on 07.16.13 at 10:33 pm

It makes sense to me that if you lose your house in a flood or fear it’s going to be condemned, that you start calling REAs to see what the market is like out there; especially if you’ve been in your home for a long time & had no intentions of moving & this no real interest in following the market.

That’s one interpretation of ‘increased activity’ – phone calls to REAs.

Such ‘increased activity’ does not mean an increase in sales. Unless someone was well diversified already & had a fair whack of money they can liberate for a down payment, I can’t see a huge increase in sales. With prices running that high & other costs of living corresponding high, who has that sort of fiat available?

Sure, some will have the money but for REAs to fantasize that hundreds of displaced are going to walk in with frenzied offered & big certified cheques… I want some of what they’re smoking.

#64 Oceanside on 07.16.13 at 10:35 pm

#11 EdmontonJim on 07.16.13 at 4:46 pm
Does anyone else think it is perverse that rising house prices is seen as good news?
_____________________________________________
Such an obvious statement….Why do so many choose to ignore this?

#65 TurnerNation on 07.16.13 at 10:44 pm

…Then the cow said “Hey, buddy, I like your stile”.

#66 Alex K on 07.16.13 at 10:49 pm

#29 Mikey the Realtor
What’s the name of the movie?

#67 Andrew Woburn on 07.16.13 at 10:52 pm

A big thank you to East Van who wrote on on 07.14.13 at 5:39 pm

I beg, plead, cajole, implore all to read this very important report:

http://ftalphaville.ft.com/files/2013/01/Perfect-Storm-LR.pdf

The author is a researcher for a major financial house who has been published in the Financial Times and the Guardian. His main conclusion-

“Though our forecasts and those of Mr Lees may differ in detail, the essential conclusion is the same. It is
that the economy, as we have known it for more than two centuries, will cease to be viable at some point within the next ten or so years”

#68 Times Change on 07.16.13 at 10:53 pm

Its last chance to sell in Calgary.
This is a one horse town, when oil drops look out. Oil is only high now due to political tensions, there is ample supply especially in the US and North Americans are using less every year not more. Just watch BNN and listen to the analysts discuss how oil stocks are going nowhere. People are making average salaries in most cases, the average working person sees no money flowing.
My sympathies to the many people who have lost so much, losing a house is a severe financial loss for sure,

#69 John Prine on 07.16.13 at 10:56 pm

She looked me straight in the eye and said 5%

That neighbour is a friend of mine – the deal was for 3.5%

Buyer be on your toes and do your homework.

Absolutely. Friends are snakes. — Garth
____________________________________________

Like the neighbour with the F-350 that says he gets 22 mpg, friends can be fickle!

#70 Alex K on 07.16.13 at 10:58 pm

#31 Bernard
And how many years before Calgary is like NY City or Paris?
Stand up comedian by any chance?

#71 The Prophet Elijah on 07.16.13 at 10:59 pm

I went to an estate sale in Calgary this past weekend and the house had a sold sign. He said it sold in 4 days, I asked if they were Chinese buyers and he said yes. Maybe the Chinese are making there way here from Vancouver?? There already is a China town.
But one thing I’m learning about is how capital moves around between bonds, real estate, stocks and gold. Since real estate’s cycle is coming to an end it could be more likely Chinese are pulling out than pulling in.
Remember gold was at $1500+ for awhile before all the sudden it violently dropped to $1200. Same can happen to RE coming like a thief in the night, only time will tell.

#72 Bottoms_Up on 07.16.13 at 11:01 pm

Great contrast Garth, these realtor news pieces make me sick.

And thanks to the American for this:

New York lost 25%
Washington D.C. lost 26%
New Orleans lost 34%
Miami lost 47%

I would say that given these declines, and the fact that the US had teaser rates, rate resetting mortgages, and preyed on folks without jobs, that the declines in Canada will be less. So ballpark Toronto/Ottawa at 10%, Montreal at 20% and Vancouver at 30% over the next few years.

#73 45north on 07.16.13 at 11:13 pm

Saskatoon Land of the Living Dead: In the field where I belong

range, township, quarter section? We could visit you.

#74 JSS on 07.16.13 at 11:24 pm

#60 Bernard

LOL! What a joke!

#75 earlybird on 07.16.13 at 11:28 pm

Just crazy….The folks in the article had all their wealth in their home….sound familiar? There is a tonne of places to rent in Calgary, however it is a little harder for people with pets/children and people with wild expectations. Very wealthy folks along the river are not going to buy a mansion to bunk out for a few months….I cant believe they write this shit….

#76 Calgary renter on 07.16.13 at 11:46 pm

Bernard- are you kidding?

Suncor, Rogers, trans alta, purolator, CP, CN, Tervita are companies off the top of my head who had major layoffs in calgary over the past year. Maybe ask those people if they are buying houses like pairs of shoes?

The realtor hype over the past few days in calgary is disgusting. People losing their homes and realtors here are just trying to make their next buck.

#77 Grantmi on 07.17.13 at 12:06 am

Guilty, that’s not BS.

O well good luck walking street SMOKING MAN!!!!!

(bigot)

#78 Cici on 07.17.13 at 12:06 am

And that’s just one of the issues.

I heard on the radio this morning that some sort of buyout plan had been devised for the “flood victims” – but unfortunately the provincial “flood line” data hasn’t been updated since the 90s, so no one in High River is covered.

I guess that means that are no actual buyouts are occurring, and that those with flood-hit homes are being forced to repair the damage on their own dime, thereby effectively reducing the number of properties listed in the meantime and driving up demand.

OK, update. Just found an actual article to back up what I heard on the FM dial…very interesting: http://www.cbc.ca/news/canada/calgary/story/2013/07/16/calgary-high-river-flood-maps-confusion-ableg.html

#79 grampahindsight on 07.17.13 at 12:07 am

they said there was flooding in the community of High River …HELLLLOW ..High River !

#80 G_ortho on 07.17.13 at 12:15 am

http://business.financialpost.com/2013/07/16/david-rosenberg-alls-fine-on-the-canadian-homefront/

#81 Cici on 07.17.13 at 12:17 am

#24 bigrider

Oh, enough with the bullshit racism, thank you.

ALL Canadians are of “immigrant descent.”

Well, with the exception of the First Nations people.

#82 Bill Gable on 07.17.13 at 12:37 am

Taking advantage of these traumatized people is beneath contempt. Out of respect for Mr. Turner I think I best leave it that.
I feel deeply for the the folks in GTA and Calgary that have been swamped.

I hope there are brighter days ahead, and if you have any plans on making a move because of some of the garbage spewed by Realtors in your area – I know a Harley riding, bearded dude you should call first.

#83 Jane54 on 07.17.13 at 1:03 am

To 31 Bernard

Loved your comment about Calgary becoming an international destination. Why? I have been there and there is nothing. In fact this is the city where I took the tourist tour and then demanded and got my money back as there was nothing to see. The highlights were a closed Stampede ground and some 1920 housing stock being passed off a historic.

I shall think about Calgary as an international destination next month when I am in Italy. I’ll still be laughing.

#84 Saskatoon Land of the Living Dead on 07.17.13 at 1:03 am

@ Bernard

The reasons that you stated are the very same reasons that people here in Saskatchewan are saying.

They think that it was different here. Everybody wants to move here because of the Potash, Uranium, the Wheats, and the Pelicans.

They said “it was different here.” People like you is one of the good reason why this country is on the record breaking streak. Record House hold debt, lowest savings rate in all generations combine, and record home ownership rates. These metrics is enough to send chills to my bone.

Have you ever seen the personal finance of these people who owns >$500K houses, and >$90k cars, because I do.

Some of them our my close friends who had approached me to help them out to figure out on how to will be able to get rich thru investments. I told them getting rich is not borrowing more money and working less.

Getting rich is working more and saving more and borrowing less. Considering that these people although they are not the majority. I have 5 friends who live in one of the most expensive neighbourhoods in this City and mking more >$150k in salary and still struggle to save even a few hundred bucks a month. How much more the majority of those people who are not making that much but have the same lifestyle and pigging out on debt.

Consider that these is in the world where interest rate was at all time low. Imagine what will happen if the interest rate suddenly go back to 8%. It will not happen, we Canadians are bashing the Americans for their financial stupidity but the current generation are doing exactly what the Americans did before the collapse albeit worst because the household debt is kept marching forward together with the house prices. I’m not a doomer because I will loose more in the event of a meltdown, and I’m not praying for it because I believe there still a solution to these problem before its too late, but Canadians should wake up and start living in the reality.

IMHO

#85 herf on 07.17.13 at 1:06 am

#60 (Bernard)

I’m guessing that you have brown eyes.

#86 g on 07.17.13 at 1:07 am

“EG,. You have a spank’n new car. Its get damage, (water damage same as structure damage to a car) .
How will that affect the resale value of your car. (HUGE). Even after repairs you have to tell the buyer it was stucturally damaged. Same thing with these houses.”

A relative in Boston had her luxury car flooded in the parking lot at work.$20000 insurance claim later the leased car was kept for another year and then returned to the dealer(buyout plan was not even considered as you will always end up with future electrical problems).A couple of months later she went to another dealer to buy a slightly used car and was shown a similar car as her S80 Volvo that the salesman claimed had come in from a dealer in New York.She sat in the car and thought it was exactly the same as her previous leased and flooded vehicle, but this one didn’t have a rip in the seat her dog had caused.Upon closer inspection of the seat she could tell it looked as if it had been repaired.She then looked in the glove box and found an old gas receipt with yes,her name on it.
Apparently in some States vehicle flood damage does not have to be disclosed.

#87 Len on 07.17.13 at 1:27 am

I remember when I was house hunting in 2008. As you may recall, things were pretty bad in Calgary’s real estate market in 2008. Unless you were a buyer. Sales were down in the dumps, and there were plenty of listings, just no interested buyers. People were worried about the great recession, and the oil patch was bleeding jobs.

I called this person about a town house he was selling. He spoke with me for about 4 minutes, and told me the details. Old 1960s building. Redone by owner….

After I heard the particulars, I wasn’t interested. I thanked him and told him that I wasn’t interested.

Like a parasite, he latched on to me and said. “Wait. I’ve given you real estate advice. Even if you don’t buy from me, “I’ve spent time informing you about the market, and I will want a cut of the commission on whatever place you do buy. I have provided representation to you, and I demand to be compensated for my effort”.

He told me that he had my name (which had showed up on the call display) and my number, and that if I were to buy anything, he would know about it from CREB, and would be calling for his cut.

The guy was (and is) a creepy assed paraia.

Do you think anyone like this could really has a pulse on the millionaires of Calgary? Nah. Not a chance. Not a dude that writes down the names and numbers on his call display. He reminds me of Bob Truman (another Calgary realtor who will record what IP address you visit bobsrealestateblog.com from).

Nuff said.

This comment was edited. — Garth

#88 bob on 07.17.13 at 1:29 am

I don’t see the realtor’s being wrong.
Let’s do simple math as an example.
100 houses total.
10 for sale, all worth 1million each
flood damages 30% of them
70 houses dry, 30 houses with 250K of damage.

10 buyers
3 wet houses worth 750K
7 dry houses worth ??? not 1million, but more.

seems consistent to me.
Unless the # of buyers decrease by a certain percentage.

#89 Len on 07.17.13 at 1:30 am

And yes I know I spelled pariah wrong. I’m taking a page from the smoking man’s book.

#90 Dean Mason on 07.17.13 at 1:36 am

Talking about water.Check out the story about a decade long government mismanagement of water operation funds leaving an over $16 million debt left to the town of Evans, New York residents population of 16,356.

The water rates have doubled to tripled depending on the residents prior usage costing $300,$400,$500 a year more for water.Some familiar like in Toronto Miller’s doubling of water rates in 7 years and McGuinty’s 260% price increases of electricity in almost 10 years.

All of the Toronto’s NDP Mayor Miller,councilors and Ontario liberal McGunity government mismanaged money and we pay for it over and over.The only difference is we got hosed gradually but the residents of Evans,New York got a one time blast.New York and most of it’s cities,towns are Democratic not Republican.What a surprise!

#91 Debtfree on 07.17.13 at 1:39 am

Garth . Could you explain why Canada is the only country in the G8 that has no overland flooding insurance ? Why are we the tax payers ( harpos only concern lately ) on the hook for a bandaid for home owners . This is a rotten situation . If insurance were allowed . Which it is not . People would have to pay enough for it to dissuade them from buying or building on flood plains . If the government (us) had real skin in the game . Like rebuilding every time it floods on these thousands of flood plains that they have okayed for building . Would flood/slide mitigation not be push to the for front ?

#92 Freedom First on 07.17.13 at 2:17 am

#60 bernard

A fool and his money are soon parted. Everywhere. No exception. Sounds like you could be in big trouble.

#93 Bubu on 07.17.13 at 2:41 am

#26 TAD on 07.16.13 at 6:08 pm
“Do you realize in Edmonton & Calgary we pay more tax than in MAlibu or West Hollywood California? It’s ridiculous.”

S.Mandel announced today that the taxpayer will see a 5% hike next year in Edmonton.

I guess Malibu it is.

#94 willworkforpickles on 07.17.13 at 2:50 am

Calgary real estate agents are delusional in thinking a buying frenzy will happen there. None who are still committed financially to their wrecked homes will be out buying another one over this mess. Most don’t have the resources to buy and are now forced to rent until their damaged places are restored crimping their already extended budgets beyond the breaking point. These realtor clowns are dreaming up a cat 5 storm in blind stupidity inside their wicked greedy little minds without ever having given any of this any sober second thought it would appear.

#95 Tony on 07.17.13 at 3:25 am

Re: #60 bernard on 07.16.13 at 10:25 pm

Dream on, until we see the average days on the market fall below 20 it will still be a buyer’s market. Calgary is in a declining market where prices fall just like Edmonton is in.

#96 T.O. Bubble Boy on 07.17.13 at 7:11 am

@ #89 Dean Mason on 07.17.13 at 1:36 am
Talking about water.Check out the story about a decade long government mismanagement of water operation funds leaving an over $16 million debt left to the town of Evans, New York residents population of 16,356.

The water rates have doubled to tripled depending on the residents prior usage costing $300,$400,$500 a year more for water.Some familiar like in Toronto Miller’s doubling of water rates in 7 years and McGuinty’s 260% price increases of electricity in almost 10 years.

All of the Toronto’s NDP Mayor Miller,councilors and Ontario liberal McGunity government mismanaged money and we pay for it over and over.The only difference is we got hosed gradually but the residents of Evans,New York got a one time blast.New York and most of it’s cities,towns are Democratic not Republican.What a surprise!
—————-

Wow – talk about revisionist history!

What about the Ernie Eves / Mike Harris “open market electricity” plan that lasted maybe 2 months before public outrage had it killed? Rates had doubled overnight, and we were told that was the true cost of power… So, apparently doubling over 7-8 years is actually slowly paring down the losses vs. how you’re describing it.

You know what HAS doubled? The rates on the 407!!! Maybe Flaherty / Harris / Eves weren’t responsible for that scam either?

#97 T.O. Bubble Boy on 07.17.13 at 7:15 am

#60 Bernard seems to spew a lot of the same stuff that BPOE used to… maybe this blog’s most famous Vancouver/HAM pumper moved to Calgary?

#98 Rob on 07.17.13 at 7:31 am

Was first person to comment on the article and yhis is what I said

To me the solution is simple, borrow 250 grand to fix it, than another 100 grand to flood proof it, then sell it. 1 million less 350,000 equals 650,000 to retire on. Why else would you own a million dollar home except to sell it when u retire. Can be done with no tax payer money

#99 craig on 07.17.13 at 7:45 am

#31 Bernard

“The city is better, nicer, cleaner and is just beginning to turn into a true international destination.”

Nothing finer then walking through the streets of Calgary and tripping over road apples and slipping on cow dung.

#100 The Man From Nantucket on 07.17.13 at 8:06 am

#80 Cici on 07.17.13 at 12:17 am

….

ALL Canadians are of “immigrant descent.”

Well, with the exception of the First Nations people.

Admittedly, my education may be a touch outdated, but, isn’t the working theory that the “Natives” of the American continents actually made their way over by fording the Bering Strait?

If so, despite being here for 10,000 years longer than my family, they’re also descended from immigrants……

#101 jaguar on 07.17.13 at 8:09 am

#60-Bernard…..It is true that many people make a lot of money in Calgary, especially if they work in oil & gas But it is also true that many are leveraged. They cannot resist the big houses, big cars, …sorry make that big SUVs or big ugly pickup trucks. Big cookie cutter homes way out in suburbs like Kincora, Cranston, etc with 3 flatscreen televisions in every house, giant patio sets that look like someone moved the living room outside, etc. Everyone sucked in by the advertising industry convincing them that ‘more is more’. Conspicuous consumption on display everywhere. Everyone convinced that all this ‘stuff’ if bringing them contentment and happiness. Until one day they realize it is actually just the opposite. They are prisoners, trapped like gerbils on a treadmill, trying to keep up with their friends and neighbours in the accumulation of more ‘stuff’.
Rise up people..throw off your shackles. Live smaller, quieter, more meaningful lives. Really.

#102 gotthardbahn on 07.17.13 at 8:26 am

Hey Garth –

‘Calgary realtors. Callous, brash, opportunistic, Fox News trashy.’

Why the cheap shot at Fox News? You quoted the Calgary Herald, didn’t you?

Typical liberal.

#103 Craig on 07.17.13 at 8:37 am

Bernanke Seeks to Divorce QE Tapering From Interest Rates

Federal Reserve Chairman Ben S. Bernanke will have a chance to use testimony to Congress today to drive home his message that winding down asset purchases won’t presage an increase in the Fed’s benchmark interest rate.

Bernanke has said the Fed may start reducing $85 billion in monthly bond purchases later this year, assuming economic growth meets the Fed’s predictions. At the same time, policy makers’ forecasts have indicated the federal funds rate won’t rise until 2015, long after Bernanke’s second term ends Jan. 31.

http://www.bloomberg.com/news/2013-07-16/bernanke-seeks-to-divorce-qe-tapering-from-interest-rates.html

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

2015 in the US for interest rate rise (not).

2 years ago it was 2013

Last year it was 2014

Notice how he left himself an out;

” assuming economic growth meets the Fed’s predictions.”

They predicted 2.5 this year and missed that already, coming in at 1.8

OOPS

Trending to 2016….17…

#104 fancy_pants on 07.17.13 at 8:49 am

#60 Bernard – Money flows like water in this city.

Word in the Herald is this is especially true after a flood. cloudy with a chance of money isn’t absurd in this case. That there flood created a whole lot of employment.

#105 Dean Mason on 07.17.13 at 8:52 am

To T.O. Bubble Boy #95

You are comparing the 407 to water and electricity.The 407 is not even close to importance to water and electricity for Canadians.The 407 is one toll highway in all of Ontario compared to maybe 40,50 highways in Ontario.What a joke of a comparison.Mike Harris,Ernie Eves,Flaherty listened and backed off on electricity prices unlike McGunity,Miller who do what they want even after the public complaining.

Electricity prices still are rising at almost 10% a year and more damage is coming thanks to the Green Energy act.The 407 is the only rabbit you lefties can pull out of your hat.What about the $900 Ontario health tax,McGunity’s electricity smart meter,the City of Toronto Act giving Toronto new taxing power of 14 new taxes from Ontario Liberals and McGunity,eco fees on many products another tax for Ontario taxpayers.

Auto insurance rates one of the highest in North America thanks to McGunity’s policies,the debacle of property assessments in Canada with a freeze and then a huge jump after the election.What about McGunity lying not once but twice after each election that no new taxes and no increases in taxes.

Miller and McGunity more than doubling the city and province’s debt in 2 terms.The Mississauga Gas plant $600 million down the drain,the E health $1 billion dollar down the drain.Now with Metrolinx a McGuinty creation wants to put $1,000 to $1,300 a year of new taxes in Ontario for each person tolls,parking fees,sales taxes increases,employer payroll tax etc.

The only example you can give me is the 407.What a joke.

#106 Smoking Man on 07.17.13 at 8:57 am

Seams cad bond yields made a nice batman, reluctantly coming back down…

Let’s see what Prozac has to say at 10 am

My money is on talk to weaken cad dollar, that’s how I’m betting…

#107 gotthardbahn on 07.17.13 at 9:28 am

#103 Craig

Right on!

My view is that there will be no economic recovery to speak of in America until those two fraudsters – Ben Bernanke and Barack Obama – are gone, and that won’t be for some time yet. So lots more QE to come – sell those US Dollars!

Hey Garth -Check out this AM’s Housing Starts numbers in the US. Pretty dismal HUH, and that was for June, prime construction season.

Amazing what Fox News pixie dust will do. — Garth

#108 David Jensen on 07.17.13 at 9:34 am

US 10 year Treasury yield back below 2.5% this morning.

That brief interest rate scare created some great buying opportunities in Preferred’s, REIT’s and US REITS, but is fading back to the reality of a high debt, low growth world with China slowing, Europe comatose, Japan on life support, and the US GDP coming back to the 1% range.

Meanwhile, CDN Real Estate boards remain dillusional, trying their best to talk up an over-valued market.

Only unprecedented monetary policy keeps our collective debts from collapsing our standard of living.

#109 Dean Mason on 07.17.13 at 9:36 am

What about The H.S.T. creating 600,000 new jobs.That was another joke.What about McGuinty’s Greenbelt Act artificially pushing up land values and property prices in Ontario costing tens of thousands for a home buyer in Ontario.

Ontario’s personal amount is much lower than the federal amount and the income thresholds are much lower as well pushing Ontario income taxpayers in higher income tax brackets.This costing $350 to $1,000 a year more depending on your income.

The Ontario’s new 2.00% surtax on $500,000 income earners which could be RRSP’s,RRIF’s,capital gains etc. added to a person’s estate pushing it easily above $500,000.For example, a $650,000 taxable estate over would cost an extra $3,000 which is on top of already 47.72% income tax rate paid on incomes above $132,000 taxable income.

The elimination of labor sponsor tax credits of maximum $750.00 a year from Ontario and $750 maximum federal not eligible because Ontario cancelled it’s portion.

What about the 10 cents a liter extra 8.00% Ontario sales tax on gasoline.The Average a year of $2,000 gas consumption means about $150 a year in extra gas taxes for each Ontario driver.This is only what I can remember,there is more taxes,fees increases and added I can’t think of now.

#110 Daisy Mae on 07.17.13 at 9:54 am

“Calgary realtors. Callous, brash, opportunistic, Fox News trashy.”

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

And precisely why we don’t trust them, or even like them.

#111 :):( Ying Yang on 07.17.13 at 9:59 am

#47 Smoking Man on 07.16.13 at 8:22 pm
#146 :):( Ying Yang on 07.16.13 at 3:06 pm
How was the smoke, I love cigs,,, ahh
Good to know my fan base has expanded to Hong Kong, have you to thank for that.
In another 50 years of this I might have 500 fans. :)

The cigarette was good always smoke Export A Green here but when back in Hong Kong it was Dunhill. We both were born overseas but grew up here in Canada. Went back to university in Hong Kong. I stayed here my brother believes greater opportunities in Hong Kong. I like my personal freedom. My brother still can not wrap his head around your persona.

#112 Bernard on 07.17.13 at 10:03 am

It’s funny how many of you knock Calgary when everywhere else it’s considerably worse. Toronto and Hongcouver are overpriced and overpopulated. In Calgary you can still get all the advantages of a big city without the major headaches. Because everywhere else is worse, people are coming here in droves. They come here with jobs. It is common sense why real estate prices are rising and will continue to rise. Yes Calgary will crash and oil will become obsolete. Maybe in like 100 years. Just like people are predicting the US to crash. Not gonna happen anytime soon. Sure the Roman Empire crashed… after 500 years. I’m not saying things will last forever but it could still last much longer than our lifespans. Inflation alone will drive up the nominal price of housing. The problem with inflation is that wages often don’t keep up with price inflation. Therefore being priced out of the market is a real issue.

We also live in a new global economy. Our supply and demand is no longer restricted to Canada and Canadians. If a billion Chinese all of a sudden get sick of china and think Canada is a swell place to move to, they will squish us like the cockroaches that we are. Canada is ripe for a huge influx of immigration, jobs and rising real-estate prices. This mickey mouse talk about interest rates and debt levels are going to be meaningless in the long term.

#113 TnT on 07.17.13 at 10:18 am

The times have changed since the reform party and conservatives formed their alliance many years ago.

With Ontario and Quebec economies eroding, so does their political power.
The power elites from Calgary are cemented in the helm of Canadian politics and this has shifted the power out west.
The old elites from Ontario and Quebec have been usurped, eroded and on life support.
Ontario and Quebec’s infrastructure is decaying, eroding and corrupt with scandal and criminals from all levels of government.
For the rest of our lives we will see Calgary grow at the expense of Ontario and Quebec.

If you have kids, get them in a University out west to set roots. This will get them a head start on a bright future.

You people are so cute. — Garth

#114 Figmunt Sreaud on 07.17.13 at 10:29 am

Hi Garth,
I shared your last posting with a buddy living in Key West. I think you may be interested in his response. Here is the link:
http://boards.fool.com/i-had-to-chuckle-at-this-article-it-struck-a-true-30781747.aspx

Anyway, in case you can’t access it, here is my attempt at copy and paste:

I had to chuckle at this article. It struck a true major chord with me as the following was going down with me yesterday:

As you know, my wife and I rent this place for $1,350 a month. And we pay anywhere from $100 to $200 for all utilities, depending on the time of year.

I love it out here. I do all the yard work gratis, and with over two acres of land dotted with islands of palm trees, poincianas, mango trees, brazillian pepper trees, etc., cutting this yard is usually a two day process in humidity which soaks your shirt and jeans within 5 minutes.

I’ve also pointed out that there are three roads which lead into this property, and that when we first moved here, one of the roads flooded at high tides 3 times in the first year.

This year, two of the roads have flooded at high tides about 7 times.

(Last year, we had to spend $2,000 on a strut/engine block mount for our jeep which had rotted out from salt water splashing up on it.)

During the Housing Bubble, this place would have easily fetched $1,000,000.

That’s just 8 short years ago.

Today, my landlord and her partnerr are now in the market to sell her partner’s 50% share. Are you ready?

They are asking $150,000 for that 1/2 share. (Meaning, were they both ready to sell, the whole kit and kaboodle would sell for only $300,000.)

Now what that would get me is 1/2 ownership of land I love more than the house. But this land will soon be accessed by only one road. And within another decade or two, this land will flood constantly.

I did the math.

For just $150,000, I and my wife could stay put, we’d have access to my remaining landlord’s tools in her garage, meaning pneumatic anvil, compressor, torches, etc. We would also make some money off the tiny rent paid by a neighbor in the cottage next door ($750 a month).

But there are drawbacks: In 2005, Hurricane Wilma, a supposed “hundred year storm” brought four foot sea water into this home. Now all our outlets are at the 5 foot high mark. What isn’t mentioned is that Hurricane Georges, back in 1998 brought 2 feet of water into this same house.

Also, the state is finally running sewer lines into these homes back where I live. They are about 6 decades too late on this as septic tank leaks are one of the main reasons on shore waters have the constant ratings on fecal coli form bacteria in the water.

Well that and cruise ships dumping ballast, garbage, and supposedly “processed” sewage 3 miles off shore. But I digress.

Those sewer lines are being funded by a rise in real estate taxes.

But the lateral lines running through your yard and into your house are your responsibility. And the price tag is looking like $15,000 to $20,000 (or more) depending on the length of run.

Next up, and this is the biggie, insurance.

My landlord’s partner is selling out because she told my landlord, “This is all going to be underwater in a few decades. We won’t be able to afford insurance, and we won’t be able to sell when you can only get home by boat and your home has water at its front door.”

My landlord says her partner is “alarmist”. I tend to think her partner is the realist.

And because their insurance just went up . . . again . . . the insurance payments monthly for this place is now $1,100. (Which means were I to buy this sinking ship, I’d be shelling out $550 a month just on new insurance premiums alone.) And that is sure to spike more quickly now that scientists are shaking their heads at how fast the seas are now rising here.

Anyway, doing all the math, at $150,000 – which is cheap compared to what would have been a $500,000 buyout for a 1/2 share in 2008 – I and my wife would be losing money compared to our $1,350 a month no headaches rent. Rent means we don’t pay more for insurance, maintenance, taxes, and loss of land mass. If things get unbearable, we’re on a month to month lease, we pull up stakes, and move. Simple.

So my landlord’s partner is pushing the issue. She wants to cash out on her share of this property which she once looked at as her “retirement” nest egg, and which is fast becoming a ball and chain.

Yesterday, three Realtors came into our home to “stage” it. They moved around some furniture, asked me to box up some compact discs I was working on at a table, etc. In other words, pain in the a$$ photo session of my house, the cottage next door, and the land I was outdoors working on when they arrived.

As they started photographing outdoors, the skies opened up. We had a steady 30 minute monsoon deluge. Out in the back field, as usual, two huge lakes formed. Well, one lake was already there from salt water intrusion, and it steadily grows larger as the rains add water to the mix.

As the Florida weather does so often, the skies turned bright blue after the rain, the Realtors moved outdoors again for their shots, and then they talked amongst themselves, “We should allow this to dry up and then come back to take some shots of the land without these lakes.” One of them notices me bending over, picking up broken off palm fronds from the storm and asks, “Rock, when will this water recede enough for us to come back out and shoot some photos?”

I said, “If it doesn’t rain for the next three days, this one (the smaller lake) should be dried up but leave a muddy film on the grass. But that lake over there? That one used to dry up entirely after a couple weeks of no rain. Now it’s been like that and growing for over a year. We now have turtles and crabs living in that brackish water.”

This stopped them cold. Three well dressed Realtors in high heels, standing there, mouths agape, looking like “Sh1t, this sea level rise is going to kill our bread and butter.”

They didn’t say another word. They shook their heads, slowly, up and down, realizing what I was telling them was a layman’s observation which confirms what the “alarmist” scientists down here have been pushing for the past three years: Climate Change is taking the Florida Keys back into the ocean.

I wish you could have seen their faces as they drove out the back road, the one I told them not to use earlier because the salt water would splash up under their vehicles.

I finished cutting the lawn. I came inside. I sat in a tub filled with Epsom Salts and breathed in deeply as I soaked my aching muscles. And I thought, “The evidence is staring people in the face, and so few observe.”

After the bath, I watched “Chasing Ice “.

This one film confirmed why the water here is rising more quickly every year, in an exponential hockey stick fashion.

The wife and I might take another place down here to rent. But more and more, I keep dreaming of moving North, into a mountainous area where fracking and mountain top removal (for coal) is not allowed, where rivers are still clean and where you can actually eat the fish without worrying about Mercury poisoning or taint from the latest oil spill.

Where is that place?

My wife is Canadian and as Casey (on this board) and I continue to monitor the destruction of once pristine areas in Canada, it gives me pause and makes me wonder, “Is anyplace safe from the destruction of the Environment for a Loony or a dollar?”

What does one do when the regulations against Environmental degradation are written by and watered down by special interest groups who destroy land, water and air so that they can cash out and leave the spoils to those unfortunate enough to be locked into mortgages for homes and land which just happened to be in the way of a fracking rig or a coal mining operation which sprang up and made the water foul or carted off a scenic mountain top once covered in trees?

These are not the questions I ever thought I’d be making down here as I thought Key West had too many Progressive types thinking about the future. But alas, the moneyed interests have changed the town. Greed is killing what makes the Keys special. There’s no stopping the cruise ships, the cattle boats dumping hundreds of unsupervised tourists onto fragile reefs many of which look like moonscapes now, added to the encroaching sea level rise – all caused by Greed.

If anyone I know ever talks about buying a house anywhere in the Keys, they will get an ear full from me warning them about the folly of buying a house they won’t be able to pass on to their children.

Cheers,

F.S. – Calgary, Alberta

#115 Gyga on 07.17.13 at 10:38 am

#109
haha, this is Canada
they can do whaterevr they want, ships won’t say anything
McGuinty would be serving at least 10 years back in my country+taking away all personal funds
What a joke

#116 Gyga on 07.17.13 at 10:40 am

sheeps of course not ships))

#117 sciencemonkey on 07.17.13 at 10:44 am

@112 Bernard: I still don’t know how to what degree the factors of mass hysteria, cheap credit, population growth, and rich immigrants create and maintain unaffordable RE prices. You have a good point in that some of those factors may outscale others going forward, especially depending on our government’s willingness to whore out our country to the world.

I want our government to place limits on immigration and foreign RE purchases in order to maintain affordability for the average citizen. I don’t see why we have to compete globally for houses in the cities and country we grew up in.

Of course this totally depends on my vested interest in wanting to buy a house. Others will have conflicting vested interests. If you are a boomer with a big house looking for retirement money, it’s great that you can hoop a rich Chinese buyer. If you are in the government, you like the taxes and economic activity resulting from rich foreign buyers.

Who is right? I’m too much of a jaded relativist to say.

#118 Holy Crap Where's The Tylenol on 07.17.13 at 10:51 am

The infrastructure in Toronto is abysmal. Past pinko social handout mayors and councilors have left the city in shambles. They would rather create bike lanes, all day daycare, free clinics for the downtrodden self-destroying addicts and so on and so forth. Way too much freebie useless social stuff to discuss. The reality is that billions of dollars on future infrastructure investment will be required soon. Soon actually means yesterday. The scientific models predict more heat and more water. These two items are mutually exclusive to each other. Taxes in Toronto are insanely cheap. No one wants to pay for all of this infrastructure that we all know is necessary. Just who is going to pay is also not addressed (although you and I know it will be the taxpayer yet again). It is a slow death like ignoring a lethal disease. You can see and feel the symptoms but you do not treat them. The electrical system in the core is a disaster with the city allowing more building of condos they all require electrical power. Where does it come from? “The grid.” The grid is at its limits and the feeder network is seriously overloaded. You can tell this system is restricted when Toronto Hydro asks you to reduce your usage. The sanitary system is antiquated and decaying. No one wants his or her streets torn up for months at a time to lay down newer pipe. Infrastructure needs replacing. Roads, bridges, freeways, sewers, buildings all have a definite lifespan and all will eventually be replaced one way or another. If some one doesn’t act soon I foresee this city becoming a version of a post communist eastern block city with rotating blackouts on a regular basis and sewers overflowing to the point of no reclamation and treatment. Have fun swimming in Lake Ontario after you just crapped in it. At least you can go home to your fifty five-floor condo unit and take a shower. Oh sorry there’s no power so you have to walk up the stairs, oh sorry there’s no power to run the pumps at the water works. Have a cold beer then, oh sorry again no power. The disease was never treated sorry your dead!

#119 Spiltbongwater on 07.17.13 at 10:57 am

Toronto and Hongcouver
#112 Bernard on 07.17.13 at 10:03 am

With all due respect Bernard, I hope you get aids.

#120 bigrider on 07.17.13 at 11:01 am

http://watch.bnn.ca/#clip966808

The Greedometer is flashing extreme warnings signs for the S&P 500.

Is another stock market crash in the making?

You be the judge.

Sure, I’ll judge. No crash. — Garth

#121 Daisy Mae on 07.17.13 at 11:02 am

#94 willworkforpickles: “Calgary real estate agents are delusional in thinking a buying frenzy will happen there…”

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

Nothing more than the ‘power of suggestion’.

#122 Bottoms_Up on 07.17.13 at 11:18 am

#117 sciencemonkey on 07.17.13 at 10:44 am
———————————————–
You raise a valid and moral arguement for sure. Why should we have to compete with internationally-funded people for our own homes, especially when there is so much wealth out there, and corruption?

Should there be limits on how much real estate a foreigner is allowed to own here? But, I also wonder if the biggest impact is on upper-end homes, such as in Vancouver? It’s not like the Chinese are coming over here simply to buy 50 condo units to rent out to the average person? (or are they?) I also heard that some of these rich corrupt people buy their mistresses places abroad in which to live….talk about global infidelity….

#123 Bottoms_Up on 07.17.13 at 11:21 am

#105 Dean Mason on 07.17.13 at 8:52 am
———————————————
Our $900 health care tax would buy us 8 yearly visits to the doctor. Think about that one!

#124 Bottoms_Up on 07.17.13 at 11:24 am

#100 The Man From Nantucket on 07.17.13 at 8:06 am
————————————————-
But isn’t it ‘first-come, first served’? Yes we were all immigrants at some point…but being first and having done it thousands of years ago I think places Aboriginals in the ‘original owner’ category of this land.

#125 lawboy on 07.17.13 at 11:27 am

#3 -jwk –
…..

Who cares if your landlord is “covered” with insurance. What matters is if he is required to reimburse you for damages, under your lease. If he is, he pays. If he isn’t, he doesn’t. Whether he has insurance to help him pay is irrelevant.

#126 brainsail on 07.17.13 at 11:50 am

“Anatomy of One of Canada s Worst and Most Costly Natural Disasters

“Since 2007 the national government, led by Conservative Prime Minister Stephen Harper, has taken an average of three years to provide relief aid to flood-devastated communities, according to data gathered from Public Safety Canada press releases. This means that Albertans might have to wait until 2016 or 2017 to receive money through the Canadian Disaster Financial Assistance Arrangements program.”

http://news.yahoo.com/anatomy-one-canada-worst-most-costly-natural-disasters-100000473.html

#127 Bill on 07.17.13 at 11:59 am

1950s Bungalow across the street from me in Calgary (Acadia) went on sale a week ago for $485,000. I was shocked. I asked a friend of mine (who owns 3 properties in the city) what he thought the asking price was and his first guess was $350,000. Last night I noticed the sold sticker on the sign. I think this is what they call the euphoria phase.

#128 Serge on 07.17.13 at 12:06 pm

Monthly Volume History of Mortgage Applications is lowest in history
http://www.canequity.com/stats/canadian-mortgages/ontario/index.phtm

#129 AK on 07.17.13 at 12:10 pm

#60 bernard on 07.16.13 at 10:25 pm
“So much money in Calgary people buy houses like they’re another pair of shoes. Crash? Good luck. Real estate will never crash here for a simple reason. People just flat out don’t need to sell. ”
——————————————————————–
Right. They said the same thing back in 1984. You have a short memory, Dude.

#130 Seven Stars and Orion on 07.17.13 at 12:21 pm

The BOC warns about a choppy economy, but that story will get smothered with no rate change. Watch all the condescending jankhole realtors come on here and laugh at the renter class.

#131 craig on 07.17.13 at 12:26 pm

#118 Holy Crap Where’s The Tylenol

Please stop posting after smoking crack

Thank you in advance

#132 Bernard on 07.17.13 at 12:31 pm

@ #127 Bill

the house has nothing to do with the price, it’s the land. They’re not making anymore of it, people keep having kids and people keep moving here. Sure there’s land, if you want a 5 hour commute. Good locations in Calgary will always go up in value

#133 JE on 07.17.13 at 12:32 pm

I know of 3 people who have been displaced by flooding and have already purchased new multi million dollar homes. I know of other instances where sellers of multi million dollar homes out of the flood plain have raised their asking prices significantly. Many of the areas flooded are home to some of the wealthiest people in the country…you think they’re just going to sit around renting a 2 bedroom apartment?

I bet 5 of 10 most affluent areas of the city were flooded. This just drastically reduced inventory in the luxury market. What do you think will happen with less luxury homes for sale and more demand?

For those who don’t think Calgary is different…educate yourself on this great city and take an objective look. WE HAVE JOBS!

There are only 55 listings in Calgary which qualify as ‘multi-million dollar’ properties. You must be well-connected. — Garth

#134 Bernard on 07.17.13 at 12:33 pm

@ #129 AK

this isn’t 1984 with %20 interest rates and Calgary now is like 100x the city it was in 1984. It’s vibrant, it’s diverse, it’s welcoming, lots of different ethnicities, gay pride and people actually love our Mayor. How your Mayor in Toronto doing? LMAO

#135 broadway skytrain on 07.17.13 at 12:43 pm

#127 Bill on 07.17.13 at 11:59 am
1950s Bungalow across the street from me in Calgary (Acadia) went on sale a week ago for $485,000.
——————————————————-

vancouver still doing fine too.

‘recently a renovated East Vancouver home on East 23rd Avenue listed at $899,000 was flooded with seven offers – and eventually sold for $1.058 million, fully $159,000 over the asking price.’

—23rd ave is well outside of the desirable parts of east van imho.

and….”A new Royal LePage survey says that “standard, two-storey” detached homes on the city’s east side increased in value in the last year by 2.4 per cent – from $825,000 to $845,000 – while pricier units on Vancouver’s west side decreased by 3.1 per cent – from $1.6 million to $1.55 million.

GO EAST VAN!

and overall, sales in BC up for the 4th month…

Number of homes sold in B.C. rises
The number of residences sold in B.C. rose last month for the fourth month in a row. The B.C. Real Estate Association says 7,196 residential sales were recorded by the Multiple Listing Service in June, up 5.6 per cent over the same month last year. The total value of sales was up 11.9 per cent from the previous June, at $3.84 billion. The average price was $533,219, up six per cent from June 2012.

may be a forever long wait for prices to really make a move lower.

#136 broadway skytrain on 07.17.13 at 12:45 pm

vancouver has been in a euphoria phase since 1975 ;)

#137 daystar on 07.17.13 at 12:48 pm

#60 bernard on 07.16.13 at 10:25 pm

You make it sound as though Calgary real estate isn’t credit driven like the rest of Canada’s cities out there as Calgarians are immune to the need for credit, immune to interest rate hikes, immune to commodity downturns, immune to, well, everything (except the Chinese, naturally).

Interesting spin too, the converse of “this is the best place to live in the world” being “everywhere else is worse”. (kind of a psychological tell there, had to say it) Good luck with all that, Bernie. I bet folks thought they were safe in Jones town and Waco, y’know… until the next day. Beliefs, where will it all end… right, with the Chinese! lol!

When you find yourself as an equal to a China man/woman, you’ll be on your way. Until then, well… er…. uh… um….

Best of luck to ya Bernie! :)

#138 Happity on 07.17.13 at 12:54 pm

US housing starts down, permits down, 45%collapse in mortgage applications since May, etc.

Nothing to see here, move along, and believe in the boldly exclaimed US economic renaissance.

Resale prices up 12.2% in one year, sales back at 2008 levels, housing starts again above 1,000,000. Best worry about Canada, not America. — Garth

#139 craig on 07.17.13 at 1:09 pm

Talking out of both sides of his mouth! What a hoot. Read the last line;

“potentially increase purchases for a time.”

Tooo funny and that’s the first time he’s said that. I’m guessin’ he’s seen the current data that hasn’t be released and that it ain’t lookin’ good. So now he’s covering his A$$

Like I’ve said all along – QE is not going anywhere and in fact Mr B is hinting at increasing it.

WOW

“We’re going to be responding to the data,” Bernanke said today to the House Financial Services Committee. “If the data are stronger than we expect, we’ll move more quickly” to reduce purchases. If data “don’t meet the kinds of expectations we have about where the economy’s going, then we would delay that process or potentially increase purchases for a time.”

#140 screwed on 07.17.13 at 1:12 pm

BC is still the best place in Canada bar none. The summers here are spectacular.

People chose to live here as opposed to Cowtown or worse one of the Fort “hole in the ground” pity parlors shanty towns where guys live temporarily while the money is good.

I’d work in Cowtown if there was absolutely no work left in Vancouver. But by then I guess there’s not that much work in Cowtown either. I’m not independently wealthy to afford living in Vancouver without a paycheque like many here do. Old, new Canadians as well as perm. residents.

They chose to live in Vancouver to enjoy life. Must be nice. They’re my customers and though I’m often admittedly jealous of the benefits of their affluence, I don’t envy their lives.

#141 frank le skank on 07.17.13 at 1:25 pm

#112 Bernard on 07.17.13 at 10:03 am
If you base your financial decisions on the information provided in your post you should definetly get some sort of reputable financial advisor. After reading your comments, I would say you’re in your mid 20’s, recently graduated and probably work in the oil industry. Either that or a realtor!

#142 T.O. Bubble Boy on 07.17.13 at 1:37 pm

@ #105 Dean Mason on 07.17.13 at 8:52 am
To T.O. Bubble Boy #95

….
The only example you can give me is the 407.What a joke.
_____________

You must have missed my point on electricity then. When Ernie Eves rolled out “market rates” for Ontario Electricity, that doubled the price virtually overnight. That demonstrated how much the provincial government was subsidizing electricity at the time. Unless you are saying that rates have doubled AND the same subsidies are still in place, then an increase in rates may only show that the government was reducing how much it was subsidizing.

Anyway – I’m no McGuinty fan (the guy seems like the epitome of an empty suit), but trying to paint all government debts as caused by programs from the provincial liberals or David Miller is a bit silly.

#143 Smoking Man on 07.17.13 at 1:39 pm

As we are all obsessed with loot on this pathetic blog, each one spinning opinions based on our bets or lack there of.

I was out having a smoke, hot and humid as hell.. Made another amazing discovery, specific parts of female anatomy seam to have a better bounce on day like this.

It leaves me wondering, is the heat and humidity responsible for this phenomenon, or does the heat and humidity make me a more focused observer…?

Hum, better go out for another fix.

#144 broadway skytrain on 07.17.13 at 1:51 pm

#140 screwed on 07.17.13 at 1:12 pm
BC is still the best place in Canada bar none. The summers here are spectacular.
——————————
well , most are, with this year being the best we can remember since the 90’s. I guess it’s all that climate change! (better go run the truck for a while to help with next summer)

#145 Mike on 07.17.13 at 1:57 pm

Is the housing recovery real and sustainable in the US?
Maybe not so much …
http://finance.yahoo.com/blogs/daily-ticker/big-drop-housing-starts-suggests-more-shaky-recovery-161221944.html
“June housing starts fell 9.9% to an annualized rate of 836,000—the lowest level since August 2012 and far below what economists had expected…”

#146 Intuitive Missus on 07.17.13 at 2:01 pm

The Bank of Canada still has some concerns.

“The elevated level of household debt and imbalances in some segments of the housing market remain the most important domestic source of risk to the Canadian economy. In the past several months, there has been a constructive evolution of household sector imbalances. Nevertheless, despite the continued slowing in credit growth, the level of debt remains high. In addition, some of the latest data point to the risk of renewed momentum in the housing market in the context of continuing very low borrowing rates. This renewed momentum would produce a temporary boost to economic activity and inflation, but more importantly, it would exacerbate existing imbalances and therefore increase the probability of a more severe correction later on. Such a correction could have sizable spillover effects to other parts of the economy.”

This warning sounds remarkably familiar Garth.

They pay me by the word. Great gig. — Garth

#147 broadway skytrain on 07.17.13 at 2:10 pm

tourism revenue in van is over 10x that of calgary.

whenever someone moves from bc to alta (rarely by choice) we offer our heartfelt condolences.

van , on the other hand, is LOADED with ex-albertans.

#148 bigrider on 07.17.13 at 2:23 pm

Hey Garth, why did you censor my response to cici?

Nothing offensive at all in the post and rather humorous no?

No. — Garth

#149 steve p on 07.17.13 at 2:24 pm

those realtors need to read Bastiats essay “that which is seen and that which is not seen.

it should clear them up regarding disasters

#150 Bernard is a tool on 07.17.13 at 2:24 pm

Dear Bernard

You are a bigot and an uneducated idiot. The use of the word Hongcouver is offensive and racist and speaks volumes to your level of intelligence. Grow up!

It looks like you got the prescribed realtor training as you are resorting to spiting out the same old ridiculous arguments like; “It’s the land. They’re not making anymore of it”. Prices are not rising because there’s no more land being made, prices rise because Greater Fools like you continue to borrow money to buy houses you can’t afford.

I just drove through Calgary on the way home to Vancouver and there is LOTS of land that is not a 5 hour commute away. And by LOTS I mean 100,000,000s of acres.

The stretch between Calgary and Canmore for example has 1000’s of undeveloped land less than a hour away from Calgary. And besides, a 5 Hour commute to Calgary would have you living in Medicine Hat, Revelstoke or somewhere north of of Edmonton. You make no sense Bernard. Alberta’s urban centers currently only occupy less than 3% of the total land that makes up the entire Province of Alberta. There’s plenty of land for years to come…

Bernard… Please stop posting about stuff you clearly know nothing about.

#151 bigtown on 07.17.13 at 2:32 pm

People are not reading David Suzuki’s “CANADA IS FULL” comment the way it is intended. Living in the GTA where rental vacancy is 1% is only the start of what Mr. Suzuki implies. The GTA has major traffic jams. Most Canadians live next to the American border and are not willing to move to the far north. Most immigrants arrive and stay close to cities unlike when my dad arrived from the Ukraine and the officials put them on the train to Moose Jaw. The universities; the hospitals; the roads; the libraries all are at max. Is it time for a breather as Mr. Suzuki is suggesting?

#152 Holy Crap Where's The Tylenol on 07.17.13 at 2:49 pm

#131 craig on 07.17.13 at 12:26 pm
#118 Holy Crap Where’s The Tylenol
Please stop posting after smoking crack
Thank you in advance

Thanks for the advice Craig but I don’t smoke. I leave that up to the Smoking Man! He is the ultimate smoker here!
As for crack, I’m much too old for drugs but I am glad to hear that you love social programs and bike lanes. Enjoy, while you turn your pink fan and AC off to help Toronto Hydro.

#153 Arthur on 07.17.13 at 2:57 pm

#60 bernard

This post has kind of been beaten to death, but it is totally wrong. Maybe a few make the salaries quoted but it is no where near the average. $60K a year is about $30/hour. You aren’t getting that if you are working at MacDonalds, even in Fort Mac.

#154 TakingResponsibility on 07.17.13 at 3:22 pm

“Calgary realtors. Callous, brash, opportunistic, Fox News trashy.”

And then they “dress up” in cowboy costumes …. Ewwww. Gross.

Wannabe’s. Probably never threw a bale in their life.

Always brings to mind the visual imagery of that soft-bellied, pasty-faced Harper wearing a white “cowboy” hat. Puke.

But, oooh la la, sure do love lookin’ at the real ones!

: D

#155 broadway skytrain on 07.17.13 at 4:11 pm

what is up with the creepy new header , anyway?

sure is unpleasant to look at , the faces are not nice.

Thanks for the input. I think we need a straw poll on this, so further comments would be welcomed. — Garth

#156 CalgaryfloodBoom on 07.17.13 at 4:13 pm

Garth vs. Calgary Bob “The Truth” T.

Update #2

Today’s is a doozy folks!

According to Bob on Bob’s blog, Garth is all about Bob!

Except Garth doesn’t mention Bob in this blog, though it seems that Bob is DESPARATE to be mentioned on the Greatfool.ca

Why? For realtors being mentioned on Garth’s blog gives them some sort of weird street cred.

Please Bob, stop. Desperation is so embarrassing.

#157 craig on 07.17.13 at 4:18 pm

DELETED

#158 Keith on 07.17.13 at 4:24 pm

Garth it is obvious that every Italian is living rent free in Bigriders little mind and is so jealous of them that he has to resort to posting his silly BS here…but why do you allow his racist rhetoric to dirty this site? He adds nothing and it discredits the sites integrity?

#159 espressobob on 07.17.13 at 4:26 pm

#143 Smoking Man

Don’t worry dude,in fact there is a direct correlation between ‘heat & humidity’ and amazon behaviour. It’s better known as global warming.

Living in the GTA has its moments!

#160 bill on 07.17.13 at 4:34 pm

I am here for your advice so I am neither for nor against the new header Garth.it is your blog old son.
those are realtors right? taken at the moment they realize its Garth taking their picture…
have you been out on the new bike lately?you were a bit coy about its make and model…
did you forsake the motor company and buy a gsxr 1000?
that 6 cylinder uber tourer from bmw?
one of those can-am trikes…

You’re getting far too personal, dude. — Garth

#161 SM_YYC on 07.17.13 at 4:45 pm

Hi Garth – do you plan to do a Calgary gig sometime in the near future? i think this city needs a reality check given the current circumstances.

I will need bodyguards. Are you in? — Garth

#162 Money talks on 07.17.13 at 4:55 pm

Interesting ploy to sell condos in Winnipeg:

http://www.winnipegfreepress.com/local/buy-new-condo-pick-up-10k-215785151.html

#163 ozy - WHO CARES on 07.17.13 at 4:57 pm

WHO CARES – TREB SAYS 10% increased in Toronto Detached homes…july 2012 to july 2013…

i can see that 750000 become 820000 in our hood, so it’s not a lie

anyway, since the lower-middle class RE market did not tank – you’ll have to wait 2 more years for medium-upper one to crash…

i do not want to be in your shoes fellas! maybe is better for you (at least at this time in your life) to believe Mr. Turner version of the future and live worry free in rental…I think many aren’t ready for proud of ownership (get handy, fix stuff, make home depot your deluzxe destination, and work hand in hand with contractors for some projects to get respect and complete more projects for the price of one)… comment if you think is not true

#164 JUNO on 07.17.13 at 4:57 pm

#140 screwed on 07.17.13 at 1:12 pm :

Yes but BC also has the worst for child proverty.
Worst place to raise a family

And thier education sucks too

#165 Gyga on 07.17.13 at 4:58 pm

Garth is my hero

Pathetic. Go away. — Garth

#166 SM_YYC on 07.17.13 at 4:59 pm

@#162 SM_YYC
– sure i will bring a cricket bat :) if you sign my personal copy of money road

#167 Mike on 07.17.13 at 5:06 pm

I was going to comment on the pictures on the top of the page but … I held back comments.
Now that you asked for it, I think they are kind of creepy …
I’d rather use the picture of the three monkeys “see no evil, hear no evil, speak no evil”

#168 tyrone on 07.17.13 at 5:11 pm

#124Bottoms_Up on 07.17.13 at 11:24 am
#100 The Man From Nantucket on 07.17.13 at 8:06 am
————————————————-
But isn’t it ‘first-come, first served’? Yes we were all immigrants at some point…but being first and having done it thousands of years ago I think places Aboriginals in the ‘original owner’ category of this land.

I sort of agree with you, but original inhabitants (if there were any) who were displaced/enslaved/assimilated may not. :)

Either way, it seems somewhat silly to have more than one class of citizenship and associated rights.

#169 Spiltbongwater on 07.17.13 at 5:12 pm

Re. the header. I don’t know why there is a picture of Dzokar Tsarnaev picking his nose. Is there any back story about that?

#170 DM in C on 07.17.13 at 5:14 pm

Thanks for the input. I think we need a straw poll on this, so further comments would be welcomed. — Garth

+++

I thought it looked like an ad at first — now that I see it again, it looks like a druggie version of the kids game GUESS WHO

#171 Steve on 07.17.13 at 5:14 pm

Weird faces are attention getting, but a bit alarming. Could put some people off. Maybe only half of them should be such extreme poses…

#172 bill on 07.17.13 at 5:18 pm

Pardon me Garth.
I really like bikes as you may gather and was ,you know,just curious…

#173 Dean Mason on 07.17.13 at 5:28 pm

To Bottoms Up

Income taxes we paid for decades were already revenue to cover health care,education etc.The problem is that a big portion of Canada’s population use most of the government services and don’t pay much if nothing in income taxes.Personal income taxes account for 65% to 70% of all government revenue.

One day people are going to be tapped out and then reality will kick in that everyone must pay towards government services they use out of their own pocket and not subsidized and socialized by the 30% to 40% of Canadians that always pay for everything else as they have been doing for 30,40 plus years.

#174 craig on 07.17.13 at 5:36 pm

header; why are the vehicles going in opposite directions, on the same side of the road?

#175 Dean Mason on 07.17.13 at 5:39 pm

#142 T.O. Bubble Boy

If you look at the federal level and provincial,municipal level of Canada’s governments who has racked up most of the debt and who has been more years in power.The Liberals,NDP not the Conservatives.This is a fact.Look it up if you don’t believe me.

Also,most debt created by the left is for not productive,capital investment but social programs with a large amount of waste and corruption.As for electricity prices,McGuinty put a tax,fee what ever you call it for anyone that contracts with an energy marketer for electricity.It varies but it can be 5 to 7 cents extra per kilowatt.He does not want people to buy electricity from private sources,he wants big subsidized,green,global warming crap economics with Samsung and other programs that will increase electricity prices at least 3-4 times over the next 15-20 years.

You will see,Mike Harris and Ernie Eves are nothing compared to the tax,spend,debt master liberals,NDP McGuinty,Bob Rae tag team wrecking crew of our economy.

Look who put all these taxes,fees and other increases of cost of living making people’s lives more impossible everyday.Canadians forget and new suckers are born everyday so they do it over and over again.

#176 not 1st on 07.17.13 at 5:51 pm

pssst Garth, you can still go back and secretly edit your last 20 or so blog posts. We won’t tell anyone, promise.

http://www.canoe.ca/Canoe/Money/News/2013/07/17/20981061.html

Rates going nowhere. Prime rate, LOCs, Variables, Business loans all static.

You didn’t seriously expect a BoC rate hike, did you? Kinda irrelevant after mortgages increased, though. — Garth

#177 Jimmy on 07.17.13 at 5:59 pm

I read above the following: “Abusive,obscene or disrespectful commenters will not be published”

Is that just for show? A very large number of the comments here are abusive to realtors or calgarians etc including those made by the publisher

#178 Mike T on 07.17.13 at 6:00 pm

good post

you can tell how good the post is by the level of insanity in the comments section….quite insane today

if you are soliciting opinioons of the new header Mr Turner, this reader loves the blog and does not want to dis-respect the host, but I do not really care for it

also, all you rich Albertans, we are hurting badly in the Okanagan, housing in the toilet, come buy some please and spend your hard earned oil money in our towns and cities

#179 AK on 07.17.13 at 6:02 pm

#134 Bernard on 07.17.13 at 12:33 pm
“@ #129 AK

this isn’t 1984 with %20 interest rates and Calgary now is like 100x the city it was in 1984. It’s vibrant, it’s diverse, it’s welcoming, lots of different ethnicities, gay pride and people actually love our Mayor. How your Mayor in Toronto doing? LMAO
——————————————————————–

Interest rates were not 20% in 1984. But that’s a moot point anyway.

It’s going to be the $40.00 oil that’s coming up that will cause you the issues.

As far as the mayor goes, Calgary does have a better looking mayor. So you win with this point.

#180 screwed on 07.17.13 at 6:07 pm

#164/Juno
Yes but BC also has the worst for child proverty.
Worst place to raise a family

And thier education sucks too
*************************
I don’t pay attention to poverty statistics. Poor people prefer to live in BC apparently. The weather is better here.

Why is it the worst place to raise a family? It’s expensive for sure but the spending is at the discretion of every family. As long as private schools in Maple Ridge can charge $25,000 for annual tuition, it can’t be all that bad. Not that I could afford to send my kids there but that’s another story for another day.

Public education sucks pretty much everywhere. Public service sector unions have made it impossible to get real value for the cost of education.

BC has lots of red tape and that’s one of my biggest pet peeves here. But the quality of life is unmatched compare to the rest of the country. If we could rid us of the shackles of big government, this place would be a global business paradise.

#181 Canadian Watchdog on 07.17.13 at 6:12 pm

Ontario government studying a change to the minimum wage

The Ministry of Labour announced Wednesday that it had appointed a Minimum Wage Advisory Panel to study a change to the wage. Minimum wage is currently frozen at $10.25 in Ontario. With the exception of restaurant servers, students under the age of 16 and homeworkers, no labourer in the province can be paid less than minimum wage.

Taxation without represenation: inflate wages pushing incomes above next marginal tax bracket and voila, you've got more tax revenue! And $2.00/litre gas…

#182 NorthOf49 on 07.17.13 at 6:47 pm

Garth, I say lose the creepy header. The blog is pathetic enough without having to scare off my stupid relatives that I’m trying to convince to come here.

#183 T.O. Bubble Boy on 07.17.13 at 6:50 pm

@ #175 Dean Mason on 07.17.13 at 5:39 pm
#142 T.O. Bubble Boy

If you look at the federal level and provincial,municipal level of Canada’s governments who has racked up most of the debt and who has been more years in power.
__________________

Certainly not at the federal level, as the Harper/Flaherty regime have increased the size of government (and the debt) more than anyone else in history.

Is you have stats that prove otherwise, please do share the facts.

#184 Retired Boomer - WI on 07.17.13 at 7:16 pm

Garth, ignore #182.

Leave the “creepy header” as that poster calls it.

I imagine the characters depicted representing some of the more ‘colorful characters’ to be found here.

Gives this place an aura of class. All low of course, but a sense of class none the less. Keep the humor high brow.

#185 Heather Nova on 07.17.13 at 7:39 pm

Thanks for the input. I think we need a straw poll on this, so further comments would be welcomed. — Garth

I agree, the header is creepy and the people look like abusive, obscene, disrespectful, condescending, obnoxious, insane morons.

In other words, it’s perfect for this blog.

#186 my two cents on 07.17.13 at 7:45 pm

re:Thanks for the input. I think we need a straw poll on this, so further comments would be welcomed. — Garth

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

I also do not understand the weird collection of faces at the top. It seems to trivialize and cheapen the site, and does not seem connected to your content or mission.

If you’re seeking input I’d recommend getting rid of them.

#187 Dean Mason on 07.17.13 at 7:57 pm

TO T.O. Bubble Boy

Pierre Elliot Trudeau 16 year power trip increased the Canada’s debt by $116.70 billion from 1968 $11.3 billion to $128 billion in 1984.This is a 1,132.74% increase in 16 years or 11.32 times increased Canada’s national debt.The annual budget deficit went from $0.00 in 1968 to $25 billion in 1968.

Canada’s annual budget deficit is $26.20 billion today but 29 years ago a 25 billion annual budget deficit is equivalent to inflation adjusted dollars of $52.40 billion today.Higher unemployment,price and wage controls,Fidel Castro’s failed socialism admired by Trudeau,confiscatory taxes and deficit spending,National Energy Policy and social engineering is Trudeau’s legacy dividing western Canada and helping Quebec separatism.

He left Canada in a mess.Look at history and back it by facts not just talking points like you always do.

#188 Dean Mason on 07.17.13 at 7:58 pm

Correction Canada’s budget deficit hit $25 billion in 1984 from $0.00 in 1968.

The largest deficit in history was that of the Harper government. The previous record had been set by the Mulroney administration. — Garth

#189 Dean Mason on 07.17.13 at 8:22 pm

Give me the numbers.Just because you say it does not make it true.No other Canadian Prime minister increased Canada’s debt by 1,132% in 16 years.I gave the real numbers now give you guys give me your numbers based on real facts.

It’s not only the national debt,about 80% of all taxes that exist today are from Libearls,NDP Canada,province-wide.I know you guys don’t like this but this is history not a made up story.Under Mulroney inflation averaged 4.30% a year while under Trudeau it was 8.60% a year.Spending increased 15.50% a year under Trudeau,it increased 5.18% under Mulroney.

Under Mulroney the national debt doubled in 8 years but most of that was interest from accumulated debt Trudeau piled up 1,132% in 16 years.I can go on and on but you guys don’t like facts,you like ideas and opinions.

I was there. — Garth

#190 TurnerNation on 07.17.13 at 8:33 pm

Cager here, but, I think I see how it works.
Bikers never ask another the size of his displacement.

#191 Harry Wilson on 07.17.13 at 8:47 pm

Since you asked about your banner pic, I’ll tell you that since the change, I’ve been trying to think of a polite way to express my thoughts.

One thing to remember is that your regular visitors already have a good handle on who you are, but someone new to your site is about to form a first impression, and that banner picture is the visual equivalent of posting in all-caps. (You are under eighty, right?)

This becomes important when someone is considering a relationship with your financial advisor business. Anyone handing over the controls of their life’s savings is going to do some research on the people involved, and a Google search on ‘Garth Turner’ returns Greater Fool as its first result. Do you want this potential client’s first impression of you to be these faces?

I admit that the previous banner pic was not the best shot of you; it looked too much like a stereotypical photo of a politician. The shot below your blog archive list is much better; it looks like a smart brother-in-law whose financial advice would be worth listening too.

As someone who spent some years working in commercial photography, I may be a little too anal about photos on the web, but a picture is worth a thousand words. Make sure they are words that you would be proud to be quoted on, and associated with.

On a somewhat related note, I must say I have great admiration for the photo on the Turner-Tomenson site. Someone researching financial advisors will have seen fifty identical sites and fifty smiling heads in front of blank walls. Your shot would certainly get their attention and set you apart from the herd; kudos to the photographer and graphic designer. Not only would I trust these guys with my money, but if they were behind me in a back-alley knife fight, I would fear no man.

#192 Alberta Guy on 07.17.13 at 8:55 pm

Thanks for the input. I think we need a straw poll on this, so further comments would be welcomed. — Garth

I say lose the creepy factor.

#193 bill on 07.18.13 at 2:32 pm

#191 TurnerNation on 07.17.13 at 8:33 pm
good one man!